30-year mortgage rates rise - When will they fall? | Today's mortgage and refinance rates, May 20, 2026

Mortgage interest rates rose according to Bankrate data. The average rates for 30-year fixed, 5/1 ARMs and jumbo loans jumped.

Rates are likely to stay high until some actual resolution comes in Iran. Recent Consumer Price Index (CPI) data showed that inflation rose to 3.8% annually in April — its highest level in almost three years. Climbing inflation, mostly due to rising gas prices stemming from the war in Iran, is likely to sideline the Fed and could even result in a rate hike this year.

Markets are now pricing in a 30% probability of a [Federal Reserve] rate hike by year-end, and until oil stabilizes and the Iran conflict resolves, there is no data on the horizon that gives the bond market permission to move rates lower,” says Nicole Rueth, market leader at the Rueth Team of Movement Mortgage.

Rates accurate as of 05/20/2026.

The average rate you'll pay for a 30-year fixed mortgage today is 6.58 percent, an increase of 0.13 basis points over the last week. This time a month ago, the average rate on a 30-year fixed mortgage was higher, at 6.32 percent.

At the current average rate, you'll pay $76.48 for every $100,000 you borrow. That's up $1.03 over what it would have been last week.

The average 15-year fixed-mortgage rate is 7.26 percent, up 1.42 basis points over the last week.

Monthly payments on a 15-year fixed mortgage at that rate will cost approximately $109.61 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 5.79 percent, up 0.16 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 5.79 percent would cost approximately $70.33 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 6.67 percent, up 0.08 basis points from a week ago. Last month on the, the average rate on a jumbo mortgage was lower, at 6.48 percent.

At the current average rate, you'll pay $0.63 per month in principal and interest for every $100,000 you borrow. That's up $0.63 compared with last week.

The average 30-year fixed-refinance rate is 6.70 percent, down 0.04 basis points from a week ago. This time a month ago, the average rate on a 30-year fixed refinance was lower, at 6.63 percent.

At the current average rate, you'll pay $70.33 per month in principal and interest for every $100,000 you borrow. That's up $0.16 over what you would have paid last week.

Get a better rate and improve your borrowing power by doing the following:

• Grow your credit score: Paying down debt, making all payments on time and putting a stop on new debt will help you boost 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: It pays to shop around mortgage offers because rates and fees can vary so much by lender. By comparing offers from different lenders, you could save thousands of dollars.
• Lock your rate: Seize the moment and lock your rate when you get a good offer. 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.

Locking your mortgage rate can provide some certainty in an uncertain mortgage market. 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.

After an early-year decline, mortgage rates pivoted and headed back up in March. 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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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.