Despite cautious optimism that mortgage interest rates would drop in May, many borrowers saw the opposite occur. An April inflation report showing the rate surging to its highest level in three years didn't help. Combined with concerns about overseas conflicts, a rising oil price and a late-April Federal Reserve meeting that hinted at higher rates for longer, homebuyers and owners looking to refinance had few affordable options to choose from.

But with the start of a new month just days away and a new inflation report expected for June 10, another Federal Reserve meeting later in the month (and a new Federal Reserve chairman), rates here could easily change again. And if there's a resolution to the war in Iran, the consequences could trickle down to the mortgage interest rate environment, too. 

That all noted, mortgage interest rates have already started to gradually improve over the past week, and they could now be low enough for some borrowers. To better determine their next steps, borrowers should know where mortgage rates stand now, as of May 27, 2026. Below, we'll break down everything that they need to know.

See how low your current mortgage rate offers are here.

What are today's mortgage interest rates?

The average mortgage interest rate on a 30-year mortgage is 6.49% as of May 27, 2026, according to Zillow. The average rate on a 15-year term is 5.87%. While these are significantly higher than they were in April, for example, they're also lower than they were toward the end of last week when they sat at 6.62% and 6%, respectively. 

And if borrowers take the time to shop around for lenders, they may be able to find rates that are even lower. Shopping for mortgage rates has been shown to result in a rate that's approximately half a percentage point below average. While that may not seem like a big difference on paper, it can add up to significant savings over the life of the loan. With online marketplaces listing rates, terms, lenders and more all in one place, it's easier than ever to get started right now.

Shop for mortgage rates and lenders online today.

What are today's mortgage refinance rates?

The average mortgage refinance rate on a 30-year term is 6.73% as of May 27, 2026, according to Zillow. The average refi rate for a 15-year term is 5.83%. These refi rates, too, are noticeably lower than they were on May 21, when they sat at 6.87% and 6%, respectively. 

Homeowners should also consider shopping around for mortgage refinance rates, as they don't automatically need to use their current mortgage lender. Instead, they should get rate quotes from three competitors and then return to their current mortgage lender to see if they can beat the rate or match the terms. But don't just compare rates, as the closing costs associated with each lender are also critical to account for and can make the difference in your ultimate decision as to who to utilize.

The bottom line

The average mortgage interest rate on a 30-year mortgage is 6.49% as of May 27, 2026, and it is 5.87% for a 15-year term. The median refinance rate on a 30-year term is 6.73%, and it is 5.83% for a 15-year alternative. While all four rates are higher than they were earlier in the spring, they're noticeably down from where they were earlier in May, and with some time spent shopping around now, qualified borrowers may still be able to find an imperfect rate that fits their budget. Consider, too, speaking with lenders directly as they may be able to present rates and options that aren't always neatly listed on their websites.