Borrowers Face Rising Mortgage and Refinance Rates

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Mortgage interest rates have seen significant changes in recent months. Borrowers seeking affordable rates face challenges. Rates had previously dipped below 6% in 2025, then saw a brief drop back to this range in April. The trend has shifted again, with rates increasing. This situation adds urgency for borrowers to secure a mortgage interest rate lock.

Locking in current rates protects borrowers from potential future hikes. Many lenders provide the option to lower the locked rate if rates decrease before closing. Understanding the value of a rate lock involves researching available rates. Getting quotes from at least three lenders helps establish a baseline for comparison. This process starts with knowledge of current rates as of May 20, 2026.

Current Mortgage Interest Rates

According to Zillow, the average rate for a 30-year mortgage is 6.62% as of May 20, 2026. The median rate for a 15-year mortgage is now 6.12%. Both rates have increased from earlier this week and are significantly higher than earlier in 2026. If purchasing a home this spring or summer is a priority, locking in a rate might be beneficial. With a Federal Reserve rate cut unlikely and other upward pressures on mortgage rates, a lock could help manage future costs.

Current Mortgage Refinance Rates

Zillow reports the average refinance rate for a 30-year term is 7.05% as of May 20, 2026. The median rate for a 15-year term is 6.08%. These rates have risen considerably since earlier this year. On March 2, the rates were 6.47% and 5.48% for 30-year and 15-year terms, respectively. Even small differences can lead to substantial cost increases over the loan’s lifetime. If the current averages present a rate differential significantly lower than your existing rate, they warrant consideration.

The average mortgage rate for a 30-year purchase is 6.62%, and 6.12% for a 15-year option. The refinance rate averages 7.05% for 30-year and 6.08% for 15-year loans. All rates are notably higher than earlier in 2026.

Despite higher averages, shopping around enables borrowers to find more favorable rates. Extensive research may lead to securing a mortgage rate and term within budgetary constraints.