Yes, mortgage interest rates are higher today, but only slightly. The average interest rate on a 30-year, fixed-rate mortgage is now at 6.43% APR, according to Zillow data provided to BW. This is a five basis point increase from yesterday, but still three basis points lower than a week ago. (Refer to the chart below for more details.) A basis point is equivalent to one one-hundredth of a percentage point.
Although the economy operates round the clock, markets are closed on weekends. Therefore, the rates you observe on Friday are unlikely to change significantly until Monday.
Average mortgage rates, last 30 days
🤓 Kate On Rates: May 28, 2026
📈 What influences mortgage rates?
This week, the focus is on the progress of peace negotiations in Iran. Inflation was already high before the conflict started on Feb. 28. Disruptions in oil shipments through the Strait of Hormuz have further exacerbated inflationary pressures. While a peace deal may not immediately resolve inflation, it could help ease the situation.
The recently released Personal Consumption Expenditures price index for April, the Federal Reserve’s preferred inflation measure, indicated a 3.8% annual inflation rate. This data will be crucial ahead of the next Fed meeting under incoming Chair Kevin Warsh next month.
With inflation rising again, the upcoming Fed meeting in June could become challenging. Minutes from the April meeting suggested growing concerns among officials about persistent inflation, raising the possibility of future rate hikes. Even the hint of a rate hike could drive mortgage rates higher.
Consider refinancing if today’s rates are at least 0.5 to 0.75 percentage points lower than your current rate (and if you plan to stay in your home long enough to recoup closing costs).
Given the current rate environment, it might be prudent to explore refinancing if your existing rate is around 6.88% or higher.
🏡 Should I start shopping for a home?
The right time to begin shopping for a home is when you can comfortably afford a mortgage at the current rates. Rather than worrying about missing out on lower rates in the future, focus on getting preapproved, comparing lender offers, and determining a monthly payment that aligns with your budget.
🔒 Should I lock my rate?
Rate locks shield you from rate hikes while your loan is processed, providing peace of mind amidst market fluctuations.
🤓 Nerdy Reminder: Mortgage rates can change daily, even hourly. If you’re satisfied with the terms you’ve been offered, don’t hesitate to move forward.
🧐 Why does the online rate differ from my quote?
It’s important to note that not every buyer’s circumstances will align with a customized quote. Market factors beyond your control, along with your individual financial profile, play a significant role in determining the rates you may receive. Even individuals with similar credit scores can end up with different rates based on their overall financial situation.
If you’re considering applying for a loan now, keep in mind that the rate you see today may not be guaranteed until you lock it in. Lenders adjust pricing multiple times a day in response to market changes, so personalized rate quotes can fluctuate until you finalize the terms.
About the author:
Abby Badach Doyle has been writing about homeownership and mortgages for BW since 2022. Her work has been featured in various outlets, including The Associated Press, The Washington Post, and The Seattle Times. Abby is dedicated to providing practical advice and interactive tools to help make the homebuying journey less stressful, especially for first-time buyers.
As a reporter, Abby is interested in exploring innovative housing solutions, such as co-living, and sharing personal stories about how homeownership can foster community and a sense of belonging. In addition to her work as a writer, Abby is also a musician, songwriter, and producer who understands the challenge of balancing creative fulfillment with financial stability. She produced a special episode of BW’s “Smart Money” podcast in 2024, focusing on navigating income fluctuations in a creative career.
Based in Pittsburgh, Abby is passionate about her urban homestead, where she enjoys playing the fiddle, raising chickens, and preserving the harvest from her garden when she’s not writing about personal finance.