Homebuyers and owners looking to refinance are often encouraged to monitor the mortgage interest rate climate daily. That's because multiple factors influence mortgage rates, causing them to rise or fall each day. Unfortunately for borrowers in recent months, however, those factors have combined to result in a substantial increase in rates both for purchase and refinance loans. While the Federal Reserve has kept its benchmark interest rate on hold so far in 2026, inflation surged in March and April on the back of a rising oil price, overseas conflicts and geopolitical uncertainty. That all combined to drive mortgage rates up.

That said, there is no Federal Reserve meeting on the calendar this May to impact rates. And if borrowers have a good credit score and take the time to shop around and compare lenders and offers, they may still be able to find a rate that fits their needs. By establishing a baseline of three offers to compare against, borrowers can better determine their next steps (or lack thereof). To better determine the value of taking action now, it helps to know where mortgage interest rates stand as of May 19, 2026. That's what we'll outline below.

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What are today's mortgage interest rates?

The average mortgage interest rate on a 30-year mortgage is 6.50% as of May 19, 2026, according to Zillow. The average rate on a 15-year term is 6.00%. Each is up significantly, both compared to what they were earlier this month and what they were in April. On May 1, for example, these rates were averaging 6.37% and 5.75%, respectively. On April 21, meanwhile, these rates were just 5.99% and 5.50%. Against this backdrop and with the mortgage rate forecast highly uncertain now, borrowers who can afford today's rates, even if they're not ideal, should consider the merits of locking in a mortgage rate now. They could always float it down before closing – or refinance after the home has been purchased – but today's rates may not last much longer. And, if they rise, they could push borrowers out of the homebuying space for the foreseeable future.

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What are today's mortgage refinance rates?

The average mortgage refinance rate on a 30-year mortgage is 6.96% as of May 19, 2026, according to Zillow. The average rate on a 15-year refi term is now 6.17%. These, too, are considerably higher than they were in recent months (on April 21 they were 6.52% and 5.60%) and should be considered carefully by homeowners looking to lower their monthly payments or shorten their mortgage term. That said, if either represents an interest rate savings of half a percentage point to a full percentage point off of their current rate, it may still be worth pursuing.

The bottom line

The average mortgage rate on a 30-year mortgage is 6.50% as of May 19, 2026 and it is 6.00% for a 15-year term. The median refinance rate on a 30-year mortgage, meanwhile, is 6.96% and it is 6.17% for a 15-year option. All four of these rates are elevated compared to what they were earlier this year but these are just averages and borrowers who diligently shop around can potentially still locate affordable offers. And with online marketplaces listing rates, terms, lenders and more all in one place, it's arguably easier than ever to start your research online now.