30-year mortgage rates decrease - When should you lock? | Today's mortgage and refinance rates, May 28, 2026

National mortgage rates were evenly split compared to a week ago, according to Bankrate data. Two loan products rose while two moved lower, reflecting a divided mortgage market.

Rates are still rising as the Iran War has no end in sight.Oil prices and bond yields have dropped a bit since the middle of the month, but they're still way up compared to the start of spring. Until there’s a resolution to the war, look for both inflation and mortgage rates to stay high.

“Inflation is still not fully behaving, and global tension continues to keep oil and bond markets on edge. That kind of uncertainty tends to keep pressure on rates, even when there are brief moments of relief,” says Denise McManus, global real estate advisor for APEX Residential.

Rates as of 05/28/2026.

The average rate you'll pay for a 30-year fixed mortgage today is 6.59 percent, an increase of 0.04 basis points over the last week. This time a month ago, the average rate on a 30-year fixed mortgage was higher, at 6.38 percent.

At the current average rate, you'll pay $76.56 for every $100,000 you borrow. That's up $0.32 than it would have been last week.

The average 15-year fixed-mortgage rate is 5.95 percent, down 0.01 basis points over the last week.

Monthly payments on a 15-year fixed mortgage at that rate will cost approximately $100.94 per $100,000 borrowed. That may put more pressure on your monthly budget than a 30-year mortgage would, but it comes with some big advantages: You'll save thousands of dollars over the life of the loan in total interest paid and build equity much faster.

The average rate on a 5/1 ARM is 5.77 percent, up 0.01 basis points over the last week.

Adjustable-rate mortgages, or ARMs, are mortgage loans that come with a floating interest rate. To put it another way, the interest rate can change periodically throughout the life of the loan, unlike fixed-rate mortgages. These types of loans are best for those who expect to sell or refinance before the first or second adjustment. Rates could be materially higher when the loan first adjusts, and thereafter.

Monthly payments on a 5/1 ARM at 5.77 percent would cost approximately $70.18 for each $100,000 borrowed over the initial five years, but could climb hundreds of dollars higher afterward, depending on the loan's terms.

The average jumbo mortgage rate is 6.71 percent, up 0.04 basis points from a week ago. A month ago, the average rate on a jumbo mortgage was lower, at 6.53 percent.

At the current average rate, you'll pay $0.32 per month in principal and interest for every $100,000 you borrow. That's up $0.32 from what it would have been last week.

The average 30-year fixed-refinance rate is 6.76 percent, unchanged 0.00 basis points from a week ago. A month ago, the average rate on a 30-year fixed refinance was lower, at 6.67 percent.

At the current average rate, you'll pay $70.18 per month in principal and interest for every $100,000 you borrow. That's unchanged $0.01 from what it would have been last week.

If you’re looking for the best deal on a new loan, here’s how to position yourself for the lowest possible rates:

• Grow your credit score: Limit your new debt and pay off existing debt to grow your credit score. A higher score will unlock a better rate, with the best rates going to those with a score of 780 or higher.
• Shop around: Apply with at least 3 different lenders to find the one with the best offer. By comparing offers from different lenders, you could save thousands of dollars.
• Lock your rate: Lock your rate to secure your offer and increase your predictability. This can help you take advantage of dips in the market. Ask your lender if they offer a float-down option, which will allow you to adjust your rate downward if market rates dip lower.
• Put more money down: A higher down payment lowers the loan amount, which means less risk for your lender. You’ll get a better offer due to this decrease in risk.

A rate lock can prevent your mortgage rate from rising and weakening your buying power. Many homebuyers choose to lock their rates after their offer on a home has been accepted, but you can lock sooner than that if you think rates will rise before you find a home. Before you lock your mortgage rate, ask your lender:

• How much does it cost to lock a rate? Many lenders offer free rate locks, but only for a certain time frame. Ask about any rate lock fees or lock extension fees.
• How long does the rate lock last? The typical initial rate lock lasts 30 to 60 days, though some lenders do 90-day initial locks. Beyond that, you’ll need to ask for an extension.
• If rates drop, will I be able to take a lower rate? Some lenders allow you to take a lower rate after you lock in, known as a float-down lock. If your lender offers this, be sure you understand the details, including if there’s an additional fee or rate change threshold.

The initial dip in mortgage rates at the start of the year was short-lived as rates reversed course by the end of the first quarter. The lowest rate for the year so far was 6.09% on February 18. Since then, rates have risen nearly 40 basis points and currently sit in the mid-6% range.

At the beginning of the year, Bankrate projected rates could fall as low as 5.7%. But no one had a war in Iran in the cards. This war has contributed significantly to rising oil prices and rising 10-year Treasury yields, which have driven rates up.

Where they’ll go the rest of the year depends on whether the war in Iran is resolved, as well as whether a slowing job market drives down housing demand.

Learn more: Bankrate’s weekly mortgage rate analysis

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• Compare current mortgage rates for today

The mortgage rates in this story are derived from our national rate and APR averages. Bankrate's mortgage rates include these 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 Bankrate's how we collect, display and report mortgage rates.