There was cautious optimism in the early days of 2026 that the interest rate cuts that marked the final months of 2025 would continue into the new year. While many didn't anticipate a rate cut from the Federal Reserve in January, borrowers were hopeful that additional cuts would be issued later in the year. But that hasn't happened so far and, in fact, with inflation now surging, a pause in the Federal Reserve's interest rate policy may only be broken when the central bank moves to increase rates – not cut them.

This is discouraging for a wide variety of borrowers, but especially so for homebuyers and homeowners looking to refinance. Both groups have been contending with elevated rates for years now, punctuated only by a brief and temporary decline in 2025. And while there have been times in recent months where borrowers could have secured a rate under 6%, that's largely changed now. Still, each borrower's financial circumstances are different, and some may still be able to fit today's rates into their purchase or refinancing plans. To better determine if it makes sense to act now, it helps to know where mortgage interest rates stand currently, as of May 21, 2026. 

See what mortgage interest rate offers you qualify for here.

What are today's mortgage interest rates?

The average mortgage interest rate for a 30-year mortgage loan is 6.62% as of May 21, 2026, according to Zillow. The average rate for a 15-year term is 6%. Both represent significant increases compared to what was available last month, for example. And they've also largely negated much of the improvement borrowers saw in 2025 when rates declined by approximately one percentage point. 

Still, these are just averages cited from a single source, and borrowers may be able to find more competitive rates by shopping around online now. But this process should start sooner rather than later, particularly for buyers hoping to find and buy a home this summer.

Shop for mortgage rates and lenders online today.

What are today's mortgage refinance rates?

The average mortgage refinance rate on a 30-year mortgage is 6.87% as of May 21, 2026, according to Zillow. The median refi rate for a 15-year term is 6%. These rates are also up from where they were in recent months, but if they represent a rate savings ranging from a half a percentage point to a full percentage point off of your current rate, they may still be worth pursuing. 

Homeowners should also investigate their 20-year mortgage refinance options, which may be able to offer a combination of an improved rate and an expedited payoff timeline, even if the latter may result in larger, condensed monthly payments.

The bottom line

The average mortgage interest rate on a 30-year mortgage is 6.62% as of May 21, 2026, and it is 6% for a 15-year option. The average refinance rate on a 30-year term, meanwhile, is 6.87%, and it is 6% for a 15-year alternative. All four of these rates are significantly higher than they had been in large parts of 2025 and even in the early months of 2026. So, for borrowers who need to take action now, it may make sense to explore their mortgage rate lock options carefully. By locking in one of today's rates, they can circumvent any rate hikes still potentially to come and, if rates reverse course, they can always float their current rate down to the new, lower one.