A rise in the latest inflation report, released on Tuesday, was not the news millions of borrowers were hoping for, particularly homebuyers and owners looking to refinance their loans. Higher inflation is likely to keep today's elevated interest rates on hold, and if it rises further, could even encourage an interest rate hike from the Federal Reserve. That will impact rates on everything from credit cards to personal loans and mortgage and mortgage refinance loans. And rates on the latter two are already higher than they were just a few weeks ago, when they briefly fell under 6%.

At the same time, mortgage interest rates this May are still more competitive than they were in May 2025 and even lower than they were in May 2024, so borrowers who have been waiting for a time to act may still find now an appropriate time to do so. To better understand the value of a purchase or refinance loan currently, it helps to first know where mortgage interest rates stand as of May 13, 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 6.37% as of May 13, 2026, according to Zillow. The average rate on a 15-year term is 5.75%. These are just averages from a single source, however, and they may look materially different depending on the lender you use, your location and the credit score you have at the time of application. 

With a good credit score, the addition of mortgage interest rate points and time spent shopping around online, you may still be able to find a rate that fits your budget. Shopping for rates, for example, has been shown to result in a mortgage rate around half a percentage point below average. So, if these rates are close to what you need to buy a home, consider researching your options online now.

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What are today's mortgage refinance rates?

The average mortgage refinance interest rate on a 30-year term is 6.61% as of May 13, 2026, according to Zillow. The median refi rate for a 15-year term is 5.71%. If either represents a rate that's a half a percentage point to a full percentage point below your current one, approximately, these can still be worth pursuing. 

Shopping for low mortgage refinance rates can also be worth doing for existing homeowners, as they don't necessarily need to use the lender that's currently servicing their loan. And with online marketplaces making it easier than ever to compare rates, lenders, terms and closing costs all in one location, borrowers can start this process online right now.

The bottom line

The average mortgage rate on a 30-year mortgage is 6.37% as of May 13, 2026, and it is 5.75% for a 15-year term. The median refinance rate on a 30-year term is 6.61%, and it is 5.71% for a 15-year option. While these are higher than they were at points in April, they may still fit the budget of select buyers and owners now, especially considering that they're just averages and that better rates may be available by searching around online. Consider speaking with lenders directly, too, as they can frequently outline different rates, terms and options that aren't always clearly listed online.