Current Mortgage and Refinance Rates on May 18, 2026

Today’s mortgage interest rates show a shift from what was available earlier this spring. Several factors influence these rates, interacting in complex ways. Despite the Federal Reserve keeping its benchmark rate steady since December 2025, recent rate increases have occurred. Overseas conflicts and rising oil prices have contributed to inflation, prompting lenders to raise rates offered to borrowers. This has resulted in an increase of over half a percentage point since early March. However, current rates are still lower than those witnessed in recent years, particularly in 2023 when rates peaked over two decades. Rates have since improved, potentially making them viable for some buyers or those looking to refinance existing loans.

Understanding current mortgage interest rates can aid borrowers in determining their next steps. As of May 18, 2026, average rates can be checked to assess qualifying options.

Current Mortgage Interest Rates

The average interest rate for a 30-year mortgage is 6.49%, while a 15-year term averages 6% according to Zillow. Both rates represent significant increases from those offered on March 2, which were 5.75% and 5.25%, respectively. Despite these increases, borrowers with strong credit can potentially secure better offers by researching options online. Finding a rate around half a percentage point below average is possible through various online platforms.

Shopping for rates online provides comprehensive information on rates, lenders, terms, and costs, streamlining the decision-making process.

Current Mortgage Refinance Rates

Refinancing rates also reflect the current market trends. The average rate for a 30-year refinance is 6.79%, with a 15-year refinance at 5.91%. While a 30-year option suits homeowners currently paying above 7%, a 15-year loan might appeal to those wishing to hasten their payoff, despite higher monthly payments. Calculating monthly payments and considering closing costs helps in evaluating the financial benefits of refinancing.

The average rate for a 30-year mortgage is 6.49%, and 6% for a 15-year, as of May 18, 2026. The median refinance for a 30-year is 6.79% and 5.91% for a 15-year.

These rates have increased since earlier in the spring but might still be affordable for some borrowers. Thoroughly assessing all options and consulting directly with lenders may reveal alternative choices not readily available online.