With the next Federal Reserve meeting not scheduled until June 16, homebuyers and owners looking to refinance may understandably be under the impression that today's mortgage rates aren't likely to change anytime soon. That would be a mistake worth avoiding, though. In fact, not only are mortgage interest rates likely to change before then, but they're equally as likely to increase after consecutive inflation reports this week showed figures increasing, not declining. That can lead to an increase in mortgage interest rates as lenders respond to these changes, even with a paused Federal funds rate.

That noted, mortgage interest rates are still markedly improved from where they were in recent years, especially after they surged past the 7% mark in 2023. Mortgage rates improved by about a full percentage point in 2025 and, right now, they're still lower than they were at similar points last spring and in 2024. With multiple ways to secure a below-average rate, borrowers may still find that today's rates fit their budget and help them meet their goals, even if they're not ideal. To better understand the value of a purchase or refinance now, it helps to know where mortgage interest rates stand exactly as of May 14, 2026.

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What are today's mortgage interest rates?

The average mortgage interest rate on a 30-year term is 6.37% as of May 14, 2026, according to Zillow. The average rate for a 15-year term is 5.87%. While these are averages following this week's latest inflation news, borrowers shouldn't assume that they will remain at this level long-term. Mortgage rates are driven by a variety of factors, which is why they change daily. 

So, if these rates work for your budget and goals (or can if you tack on mortgage interest points), they can still be worth pursuing anyway. And a mortgage rate lock will help you secure today's rate without having to worry about any additional market conditions that cause it to rise further. And, if rates decline before closing, you may still be eligible to float it down to the new, lower option.

Learn more about your mortgage rate lock options now.

What are today's mortgage refinance rates?

The average mortgage refinance rate on a 30-year term is 6.73% as of May 14, 2026, according to Zillow. The median rate for a 15-year term is 5.81%. If these rates represent a savings between half a percentage point and a full percentage point off of your current one, they may be worth pursuing right now. 

If you're contemplating the 15-year option, however, be sure to understand the potential cost ramifications, as a condensed payoff timeline may result in a larger monthly payment, even with a rate that's considerably below your current one. And don't discount the refinancing benefits of a 20-year mortgage, which may offer a combination of a lower rate and an expedited term without condensing your payments too tightly at the same time.

The bottom line

The average mortgage interest rate on a 30-year mortgage is 6.37% as of May 14, 2026, and it is 5.87% for a 15-year alternative. The median rate for a 30-year refinance is 6.73%, and it is 5.81% for a 15-year term. With these being averages cited from a single source, however, borrowers are still encouraged to shop around to find a rate and term that can fit their budget. And with the addition of mortgage points, they may still be able to accomplish that goal, even if it comes with a higher upfront cost than it would have in a different interest rate climate.