Updated Weekly · Freddie Mac PMMS

Today's Mortgage Rates

Current average rates for 30-year fixed, 15-year fixed, and 5/1 ARM loans.

Last updated: May 14, 2026

30-Year Fixed

6.36%

Unchanged

15-Year Fixed

5.71%

Unchanged

5/1 ARM

5.66%

+0.09% from last week

Rate History — Past 12 Months

30-Year Fixed15-Year Fixed5/1 ARM

Source: Freddie Mac Primary Mortgage Market Survey (PMMS). Rates are national averages for conforming loans with 20% down and 740+ FICO. Updated every Thursday.

This Week's Commentary

All commentaries →

April 17, 2026

6.30%

-0.07% wk/wk

Read take →

Rates Finally Blinked. A Little.

The 30-year fixed fell to 6.30% this week, down seven basis points from last week's 6.37%. Small moves, but in the right direction for buyers who have been watching the 2026 rate story play out like a bad sequel to 2023.

Rate context

52-Week Range

5.22% – 7.04%

30-year fixed

Historical average

~7.7%

30-year fixed since 1971

All-time low

2.65%

Week of Jan 7, 2021

The 30-year fixed mortgage rate is the most widely used benchmark for U.S. home purchases. It reflects the cost of borrowing for a conventional loan over 30 years, assuming strong credit (740+ FICO), 20% down payment, and a conforming loan balance. Rates for individual borrowers vary based on credit profile, loan-to-value ratio, property type, and lender.

The 15-year fixed rate is typically 0.5–0.9% lower than the 30-year rate. Borrowers who choose a 15-year loan pay significantly less in total interest over the life of the loan, but have higher monthly payments.

The 5/1 adjustable-rate mortgage (ARM) offers a fixed rate for the first 5 years, then adjusts annually based on a market index. ARMs typically start with a lower rate than fixed-rate loans, making them attractive for buyers who plan to sell or refinance within 5–7 years.

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Frequently asked questions

What are today's mortgage rates?: As of May 14, 2026, the average 30-year fixed mortgage rate is 6.36%, the 15-year fixed rate is 5.71%, and the 5/1 ARM rate is 5.66%. These are national averages from Freddie Mac's Primary Mortgage Market Survey for well-qualified borrowers with 740+ FICO scores and 20% down payments. Your actual rate will depend on your credit profile, down payment, loan type, and lender.
How often do mortgage rates change?: Mortgage rates change daily, sometimes multiple times per day. They're driven by bond market movements, especially the 10-year Treasury yield. Freddie Mac publishes its widely cited PMMS average every Thursday, collecting lender data from Monday through Wednesday. Individual lenders adjust their rate sheets each morning and sometimes mid-day based on market conditions.
What affects mortgage rates?: Mortgage rates are influenced by the 10-year Treasury yield (the primary driver), Federal Reserve monetary policy, inflation expectations, the overall economy, and global demand for U.S. bonds. Your individual rate is also affected by your credit score, down payment, loan amount, property type, and whether the property is a primary residence. Rates can vary by 0.5% to 1%+ between borrowers based on these factors.
What's the difference between rate and APR?: The interest rate is the cost of borrowing the principal loan amount. The APR (Annual Percentage Rate) is a broader measure that includes the interest rate plus lender fees, discount points, and other costs spread over the loan term. The APR is always higher than the rate and is designed to help you compare the true cost of loans from different lenders. A loan with a lower rate but high fees may have a higher APR than a loan with a slightly higher rate but lower fees.
How do I lock in a mortgage rate?: You can lock a rate after you've applied for a mortgage and received a loan estimate. Rate locks typically last 30 to 60 days and guarantee your rate won't change during that period, even if market rates rise. Most lenders offer locks at no additional cost for 30-45 days. Longer locks (60-90 days) may cost 0.125% to 0.25% extra. If rates drop significantly after you lock, ask your lender about a float-down option — some offer one-time rate reductions.
Should I choose a fixed-rate or adjustable-rate mortgage?: A 30-year fixed-rate mortgage gives you predictable payments for the life of the loan — best if you plan to stay long-term or want certainty. A 15-year fixed gives you a lower rate and saves significantly on total interest, but has higher monthly payments. A 5/1 ARM starts with a lower rate for 5 years, then adjusts annually — it can make sense if you plan to sell or refinance within 5-7 years. In the current rate environment, compare the savings from an ARM's lower initial rate against the risk of higher payments after the fixed period ends.

Closing costs by state

Closing costs vary significantly by state — from transfer taxes to title insurance to attorney requirements. See what's typical where you're buying.

California Texas Florida New York Pennsylvania Illinois Ohio Georgia North Carolina Virginia New Jersey All 50 states + DC →

Related resources

Fair Loan Check — audit your Loan Estimate Mortgage costs guide (2026)Closing costs by state & fee type Are closing costs negotiable?How to negotiate closing costs First-time homebuyer closing costs

Rate context

52-Week Range

5.22% – 7.04%

30-year fixed

Historical average

~7.7%

30-year fixed since 1971

All-time low

2.65%

Week of Jan 7, 2021

Frequently asked questions

What are today's mortgage rates?

As of May 14, 2026, the average 30-year fixed mortgage rate is 6.36%, the 15-year fixed rate is 5.71%, and the 5/1 ARM rate is 5.66%. These are national averages from Freddie Mac's Primary Mortgage Market Survey for well-qualified borrowers with 740+ FICO scores and 20% down payments. Your actual rate will depend on your credit profile, down payment, loan type, and lender.

How often do mortgage rates change?

Mortgage rates change daily, sometimes multiple times per day. They're driven by bond market movements, especially the 10-year Treasury yield. Freddie Mac publishes its widely cited PMMS average every Thursday, collecting lender data from Monday through Wednesday. Individual lenders adjust their rate sheets each morning and sometimes mid-day based on market conditions.

What affects mortgage rates?

Mortgage rates are influenced by the 10-year Treasury yield (the primary driver), Federal Reserve monetary policy, inflation expectations, the overall economy, and global demand for U.S. bonds. Your individual rate is also affected by your credit score, down payment, loan amount, property type, and whether the property is a primary residence. Rates can vary by 0.5% to 1%+ between borrowers based on these factors.

What's the difference between rate and APR?

The interest rate is the cost of borrowing the principal loan amount. The APR (Annual Percentage Rate) is a broader measure that includes the interest rate plus lender fees, discount points, and other costs spread over the loan term. The APR is always higher than the rate and is designed to help you compare the true cost of loans from different lenders. A loan with a lower rate but high fees may have a higher APR than a loan with a slightly higher rate but lower fees.

How do I lock in a mortgage rate?

You can lock a rate after you've applied for a mortgage and received a loan estimate. Rate locks typically last 30 to 60 days and guarantee your rate won't change during that period, even if market rates rise. Most lenders offer locks at no additional cost for 30-45 days. Longer locks (60-90 days) may cost 0.125% to 0.25% extra. If rates drop significantly after you lock, ask your lender about a float-down option — some offer one-time rate reductions.

Should I choose a fixed-rate or adjustable-rate mortgage?

A 30-year fixed-rate mortgage gives you predictable payments for the life of the loan — best if you plan to stay long-term or want certainty. A 15-year fixed gives you a lower rate and saves significantly on total interest, but has higher monthly payments. A 5/1 ARM starts with a lower rate for 5 years, then adjusts annually — it can make sense if you plan to sell or refinance within 5-7 years. In the current rate environment, compare the savings from an ARM's lower initial rate against the risk of higher payments after the fixed period ends.