Mortgage interest rates are constantly evolving, even when there's no Federal Reserve meeting scheduled for the month to impact their movement. That's the reality that borrowers are facing this May, as other drivers will rise in prominence, including an inflation reading set to be released on Tuesday. Considering that the last report showed a surge in the rate, any reduction will be welcome. And, if it shows a significant decline, mortgage interest rates could drop as well as lenders don't need to wait for a Fed rate cut to reduce the rates they offer to borrowers.

At the same time, mortgage interest rates have improved compared to what many borrowers were being offered at this time in May 2025. And they're better than what they were in May 2024, too. With some time spent shopping around online, borrowers can still potentially secure a rate that's around half a percentage point below average. To better determine which lenders are offering value now, however, it helps to know where mortgage rates actually stand as of May 11, 2026. Below, we'll detail everything that borrowers need to know before getting started.

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What are today's mortgage interest rates?

The average mortgage interest rate on a 30-year mortgage is 6.25% as of May 11, 2026, according to Zillow. The average rate on a 15-year term is 5.75%. Both rates are a bit lower than they were in recent days, but still above the 5.99% and 5.50% they were listed at in mid-April. But if borrowers add mortgage interest rate points to these averages, they may be able to get a rate around 50 basis points below average. While that will require the payment of a fee to the lender, it could be a worthy exchange if the new, lower rate allows them to proceed with their homebuying plans. Consider speaking with a lender, then, who can clearly outline your mortgage point options and help you better determine if it makes sense for your situation.

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What are today's mortgage refinance rates?

The average mortgage refinance rate on a 30-year mortgage is 6.57% as of May 11, 2026, according to Zillow. The average mortgage refi rate on a 15-year mortgage is 5.59%. How do you know if these rates are worth refinancing into? Many experts say a refinance is generally valuable if you can move into a rate that's a full percentage point below your current one. But, if you can only secure a rate that's half a percentage point lower, that can also be worth pursuing, depending on the cost savings. That noted, don't discount the mortgage refinancing closing costs that will be associated with the loan, which can negate some of the savings you'd otherwise expect to receive with a lower rate.

The bottom line

The average mortgage interest rate on a 30-year mortgage is 6.25% as of May 11, 2026 and it is 5.75% for a 15-year term. The median refinance rate on a 30-year mortgage is 6.57% and it is 5.59% for a 15-year loan. These are all just averages from a single source, however, so borrowers who need rates a bit lower to justify an application are still encouraged to shop around, speak with lenders and consider the benefits of mortgage interest points, all of which can help them secure the rate they need right now.