How does a mortgage work?

A mortgage is a loan from a bank or other financial institution that helps a borrower purchase a home. The collateral for the loan is the home itself — that means if the borrower doesn’t make their monthly payments and defaults on the loan, the lender can sell the home and recoup its money. A mortgage loan is typically a long-term debt taken out for 30, 20 or 15 years. Over this time (known as the loan’s “term”), you’ll repay both the amount you borrowed as well as the interest charged for the loan. Learn more: What is a mortgage?

Should you lock in your mortgage rate?

A mortgage rate lock guarantees — with a few exceptions — that the interest rate offered to you will remain available for a set period of time. With a lock, you won’t have to worry if market rates go up between the time you find a home and close the sale. Most lenders offer a 30- to 45-day rate lock free of charge; often, you can pay a fee to extend the lock period. Some lenders also offer a “float down” option, which allows you to lower your locked rate if prevailing rates fall — though you’ll likely have to pay a fee for this perk, too.Learn more: What is a mortgage rate lock?

How much are closing costs on a mortgage?

The closing costs on a mortgage encompass all of the fees associated with the loan, including lender fees, like the origination fee — which typically equals 1% of the loan principal — and optional points. Closing costs also include third-party fees, like the cost of an appraisal and title insurance. All told, these usually run anywhere from 2% to 5% of the amount you’re borrowing, above and beyond your down payment.Learn more: Mortgage closing costs

Who are the best mortgage lenders?

The answer will be different for each individual borrower. It’s crucial to comparison shop: Do your research, read online reviews and don’t automatically disregard a lender just because you’ve never heard of it before. By the same token, you shouldn’t choose one just because it’s a big name brand. The best lender for you will be the one that offers you some combination of the lowest APR, terms that meet your needs and convenient and helpful customer service. Bankrate’s list of the best mortgage lenders in 2026 is a good starting point.

Current Mortgage Rates: Compare Today's Rates

Weekly national mortgage interest rate trends

Current mortgage rates

	30 year fixed	6.47%
	15 year fixed	5.82%
	10 year fixed	5.92%
	5/1 ARM	5.67%

For today, Tuesday, May 19, 2026, the current average 30-year fixed mortgage interest rate is 6.58%. If you're looking to refinance your current mortgage, today's current average 30-year fixed refinance interest rate is 6.71%. Meanwhile, today's average 15-year refinance interest rate is 6.05%. Whether you need a mortgage now or plan to get one in the next year or two, it’s crucial to compare offers. Bankrate can connect you with current offers on various types of loans, often well below the national average. We display the lender’s interest rate, APR (rate plus costs) and estimated monthly payment to help you more easily find the best mortgage for your needs.

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Bankrate's Mortgage Rate Variability Index

The Mortgage Rate Variability Index reads 3 out of 10 as of May 18, 2026, down slightly from 4 the previous week. Our index ranks variability from a low of 1 to a high of 10, with a higher reading reflecting broader fluctuations in loan offers.

What does that mean for you as a borrower? When the variability index shows a relatively low degree of volatility, as it does now, you might not find significant differences in mortgage offers from one lender to the next — but it’s still important to shop around. Rates have trended up lately but are staying relatively stable within that higher range.

As of last week, the average 30-year mortgage rate in Bankrate’s weekly survey was 6.46%, as markets digest the war in Iran and rising oil prices. The average rate has stayed below 6.5% since last August, and housing economists expect rates to stay above 6% for the rest of the year.

A closer look at this week’s index

Here’s how this week’s overall index reading of 3 breaks down by factor.

30-year rates post a score value of 0.15 out of 1. This means rates moved more last week than they did in just 15% of past weeks.
Treasury rates have a score value of 0.55 out of 1, meaning they moved more than in 55% of historical weeks.
Expert disagreement shows a score value of 0.34 out of 1. Experts are somewhat unsure if rates will go up or stay flat, and this level of disagreement outpaces that of 34% of historical weeks.

Learn more about Bankrate's Mortgage Rate Variability Index.

Ask the Experts

Experts expect mortgage rates to rise in the coming week

Ken Johnson

Walker Family Chair of Real Estate, University of Mississippi

"Unfortunately, the 10-year Treasury yield is up 17 basis points …. Thus, we can expect mortgage rates to rise in the coming week due to the noticeable increase in yield for 10-year Treasurys." - May 13

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Denise McManus

Certified Luxury Home Agent, APEX RESIDENTIAL Real Estate/Xpert Home Lending

“Mortgage rates are like a balloon right now — they’re not flying away, [and] they’re not dropping, either, but they are ready to pop …. Inflation is still too high, and the Federal Reserve isn’t ready to cut rates yet. There’s also pressure from global events, like rising energy prices, which can push rates up instead of down.” - May 13

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Sean P. Salter, Ph.D.

Associate Professor of Finance and Dale Carnegie Trainer, Middle Tennessee State University, Murfreesboro, TN

"This week’s news that last period’s inflation clocked in higher than target is not good news for consumers, and it’s not good news for anyone calling for the Fed to cut interest rates. With the ongoing conflict in Iran driving oil prices higher, inflation will likely continue to spike. I expect all interest rates to move higher over the next week, and I expect mortgage rates to be no exception." - May 13

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Product	Interest Rate	APR
30-Year Fixed Rate	6.58%	6.65%
20-Year Fixed Rate	6.44%	6.53%
15-Year Fixed Rate	6.71%	6.81%
10-Year Fixed Rate	5.87%	5.95%
30-Year Fixed Rate FHA	6.28%	6.33%
30-Year Fixed Rate VA	6.56%	6.61%
30-Year Fixed Rate Jumbo	6.73%	6.77%

Rates as of Tuesday, May 19, 2026 at 6:30 AM

Bankrate’s mortgage rates include national rate and APR averages; Bankrate Monitor (BRM) National Index rate averages; and “top offers”:
- National rate and APR averages: Displayed as daily and weekly averages, these rates and APRs are primarily collected from the 5 largest banks and thrifts across hundreds of markets in the U.S.
- Bankrate Monitor (BRM) National Index rate averages: Reported weekly, this long-standing survey collects rates from banks and thrifts across hundreds of markets in the U.S.
- “Top offers”: Displayed daily and weekly, these are an average of the rates listed first on our rate tables as advertised by our partners. The averages shown are based on the loan type and term selected.
You can compare national average mortgage rates to top offers to see how much you could save when shopping on Bankrate.

Learn more about how we collect, display and report mortgage rates.

Product	Interest Rate	APR
30-Year Fixed Rate	6.71%	6.78%
20-Year Fixed Rate	6.56%	6.65%
15-Year Fixed Rate	6.05%	6.15%
10-Year Fixed Rate	6.03%	6.10%
30-Year Fixed Rate FHA	6.64%	6.69%
30-Year Fixed Rate VA	6.54%	6.59%
30-Year Fixed Rate Jumbo	6.75%	6.78%

Rates as of Tuesday, May 19, 2026 at 6:30 AM

Bankrate’s mortgage rates include national rate and APR averages; Bankrate Monitor (BRM) National Index rate averages; and “top offers”:
- National rate and APR averages: Displayed as daily and weekly averages, these rates and APRs are primarily collected from the 5 largest banks and thrifts across hundreds of markets in the U.S.
- Bankrate Monitor (BRM) National Index rate averages: Reported weekly, this long-standing survey collects rates from banks and thrifts across hundreds of markets in the U.S.
- “Top offers”: Displayed daily and weekly, these are an average of the rates listed first on our rate tables as advertised by our partners. The averages shown are based on the loan type and term selected.
You can compare national average mortgage rates to top offers to see how much you could save when shopping on Bankrate.

Learn more about how we collect, display and report mortgage rates.

Why compare mortgage rates from multiple lenders?

Shopping for a mortgage without comparing lenders is a bit like accepting the first price you see on a house and hoping it’s fair. It might be, but you won’t know if you don’t do your research. And when you’re talking about a loan that can stretch 15 to 30 years, even small differences can snowball into thousands of extra dollars. In fact, shopping with multiple lenders can save you over $1,000 a year, according to research from Freddie Mac.

Mortgage rates depend on each borrower’s specific finances and each lender’s pricing strategy. The first offer you get might not be the best one available. Taking the time to compare multiple lenders helps you spot differences in interest rates, fees and APR, giving you a clearer picture of what you can expect to pay.

"Lenders base rates not just on your personal financial profile or the current market, but also on their business needs,” says Andrew Dehan, a senior analyst for Bankrate. “Like how a plumber will charge you more if they're busy, a mortgage lender moves their rates depending on the amount and type of business they have. That's why it's important to shop around, especially when rates and loan amounts are higher.”

Comparison shopping also builds confidence in your decision. When you see how offers stack up side-by-side, you’re less likely to overpay and more equipped to negotiate better terms. It turns the guesswork into strategy, helping you lock in a loan that fits your financial reality. “Even a seemingly small difference, like 0.25%, can be tens of thousands of dollars over the life of the loan," says Dehan.

How to compare mortgage rates

“When comparing rates, you need to look at both the interest rate and fees you're charged,” says Dehan. “For instance, one lender may quote you a lower rate than another, but it comes with buying mortgage points, which are an upfront fee you pay to buy down your rate.”

Here’s how to compare mortgage rates:

Get quotes from different types of lenders: You may find different costs from a local bank or credit union compared with a national bank or an online lender.
Consider APR as well as interest rate: Your interest rate is one cost of borrowing money, but your APR includes that as well as all the other fees associated with your loan, making it a more complete picture of the actual cost. Some lenders charge lower rates on mortgages, but higher fees counteract the savings.
Ensure you’re comparing the same loan type: If one rate is significantly higher or lower than another, make sure they’re for the same type of product. A conventional mortgage, for instance, won’t have the same rate as a government-backed product like an FHA or VA loan.

“In general, comparing annual percentage rates (APRs) is the best move,” says Dehan. Because these account for both interest and fees, they’re a better estimation of the total cost of borrowing.

How your mortgage rate is determined

The mortgage rate you’ll be offered depends on a number of factors — for example, your credit score and debt-to-income ratio, or the amount you owe in debt as compared to the amount you earn, have an outsized impact. So the rates you see advertised here might not match the exact rate you're offered.

The criteria that go into deciding your mortgage rate include:

The lender: Each lender is different, each with its own business strategies and risk appetite. Lenders set rates based on a wide variety of factors: outside economic factors, your personal finances, the price of the home being purchased and even their own supply and demand.
Your credit score and finances: The higher your credit score, and the higher your income compared to your debt, the lower the interest rate you’re likely to be approved for. That saves you money.
Your loan size and type: The size of your loan, your down payment amount and the type of loan all affect your mortgage rate. For example, making a bigger down payment typically earns you a lower mortgage rate, as it reduces the lender’s risk.
The overall economy: Broadly, mortgage rates are impacted by forces like the Federal Reserve, inflation and investor appetite.
Mortgage points: Also known as discount points, these are upfront fees you can pay to reduce your interest rate.

Learn more: How to get a mortgage

Different types of mortgage loans

There are many types of mortgages out there, and it’s important to understand them so you can choose the right one for your needs.

Purchase loans vs. refinance loans

Purchase loans are used to buy a home, while refinance loans replace your existing mortgage with a new loan, typically one with a lower interest rate or different term length. Refinance rates may be slightly higher, depending on market conditions and how much equity you have in your home.

Conventional loans vs. government-backed loans

Conventional loans are the most common type of mortgage, available from most lenders. They can have a fixed or an adjustable rate, and they can be either conforming or non-conforming — but they are not guaranteed or insured by the U.S. government.

Loans backed by agencies like the Federal Housing Administration (FHA loans), Department of Veterans Affairs (VA loans) and U.S. Department of Agriculture (USDA loans) typically offer more flexible qualification standards, like a lower minimum credit score requirement, whereas conventional loans often require stronger credit profiles.

Conforming loans vs. non-conforming loans

Conforming loans conform to criteria set by Fannie Mae and Freddie Mac. Non-conforming loans do not meet Fannie and Freddie’s requirements — jumbo loans, which are for amounts higher than the conforming limit, are a common example. Because they carry more risk for lenders, jumbo loans typically have stricter requirements and may come with higher rates.

Fixed-rate loans vs. adjustable-rate loans

Fixed-rate mortgages lock in your interest rate for the life of the loan, offering the benefit of predictable monthly payments that are easier to budget around. In contrast, adjustable-rate mortgages typically start with a lower introductory rate, then adjust periodically based on market conditions. This means your rate, and your payments, could rise or fall at various intervals over time.

Frequently asked questions

A mortgage is a loan from a bank or other financial institution that helps a borrower purchase a home. The collateral for the loan is the home itself — that means if the borrower doesn’t make their monthly payments and defaults on the loan, the lender can sell the home and recoup its money. A mortgage loan is typically a long-term debt taken out for 30, 20 or 15 years. Over this time (known as the loan’s “term”), you’ll repay both the amount you borrowed as well as the interest charged for the loan.

Learn more: What is a mortgage?
A mortgage rate lock guarantees — with a few exceptions — that the interest rate offered to you will remain available for a set period of time. With a lock, you won’t have to worry if market rates go up between the time you find a home and close the sale. Most lenders offer a 30- to 45-day rate lock free of charge; often, you can pay a fee to extend the lock period. Some lenders also offer a “float down” option, which allows you to lower your locked rate if prevailing rates fall — though you’ll likely have to pay a fee for this perk, too.

Learn more: What is a mortgage rate lock?
The closing costs on a mortgage encompass all of the fees associated with the loan, including lender fees, like the origination fee — which typically equals 1% of the loan principal — and optional points. Closing costs also include third-party fees, like the cost of an appraisal and title insurance. All told, these usually run anywhere from 2% to 5% of the amount you’re borrowing, above and beyond your down payment.

Learn more: Mortgage closing costs
The answer will be different for each individual borrower. It’s crucial to comparison shop: Do your research, read online reviews and don’t automatically disregard a lender just because you’ve never heard of it before. By the same token, you shouldn’t choose one just because it’s a big name brand. The best lender for you will be the one that offers you some combination of the lowest APR, terms that meet your needs and convenient and helpful customer service. Bankrate’s list of the best mortgage lenders in 2026 is a good starting point.

Next steps to getting a mortgage

Before you start applying for a mortgage, here are some mortgage resources to prepare you for the process:

How to improve your credit score to get a mortgage

Boosting your credit score can make it easier for you to get approved — with a lower interest rate.

How to save for a down payment

Saving the big chunk of cash you'll need upfront can be tough. These tactics help.

How to choose a mortgage lender

The path to a good loan begins with selecting the right lender.

Income requirements to qualify for a mortgage

Your income helps determine how much you can borrow.

Meet our Bankrate experts