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By Kendall Little — Updated May 13, 2026 / 9:01 AM EDT — CBS News
If you’re shopping for a home or considering refinancing, it’s important to know current mortgage rates and what you can realistically qualify for. High rates and limited inventory can make finding an affordable home harder, but strong credit and careful planning can still get you a competitive loan.
Current average rates (national averages, May 13, 2026)
– 15-year mortgage: 5.75%
– 30-year mortgage: 6.38%
– 15-year refinance: 5.76%
– 30-year refinance: 6.70%
These are national averages. Your actual rate will depend on your location, credit history, loan type, down payment or equity, and other factors.
How to improve your chances of getting a good rate
– Strengthen your credit: Lenders reserve the best rates for borrowers with credit scores in the mid- to high-700s and above. Check your credit reports for errors and work to pay down balances.
– Pay bills on time: Consistent on-time payments are key to maintaining and improving your score.
– Avoid new credit inquiries: Don’t open new credit cards or take out other loans right before applying for a mortgage or refinance.
– Shop multiple lenders: Rates, fees and underwriting standards vary. Getting several quotes can reveal better options than your current lender offers.
– Compare loan offers carefully: Look beyond the nominal interest rate. Consider closing costs, points, and any lender fees that affect your total cost.
– Choose the term that fits your goals: Shorter terms (15-year) typically carry lower rates but higher monthly payments. Longer terms (30-year) usually offer lower monthly payments but higher total interest over the life of the loan.
– Lock your rate: After you accept an offer, lock the rate so it won’t increase before closing. Be sure you understand the lock period and any associated fees.
Why rates are higher than a few years ago
Federal Reserve actions to raise interest rates have made borrowing more expensive compared with the low-rate environment of 2020–2021. If the Fed pauses or lowers rates, mortgage rates could stabilize or fall, but timing and magnitude are uncertain.
Refinancing: what to check
– Compare the new loan’s interest rate, monthly payment and total costs (including closing costs and any fees) with your current mortgage.
– Calculate your break-even point: divide the refinancing costs by the monthly savings to see how long it will take to recoup fees.
– Consider the loan term: Refinancing into a longer term can lower payments but may increase total interest paid; refinancing to a shorter term can increase monthly payments while reducing interest over time.
Fees and closing costs
Fees vary by lender and loan type. Closing costs can significantly affect whether a refinancing or purchase offer actually saves you money. Ask for a written estimate of all fees and include them when calculating affordability and savings.
The bottom line
Mortgage rates are higher than in recent years, but buyers and homeowners still have opportunities to secure reasonable rates by improving their credit profiles, comparing multiple lenders, and carefully weighing loan terms and fees. Always calculate monthly payments and total costs before you lock a rate.
Edited by Matt Richardson
If you’re ready to move forward, shop multiple lenders and get personalized rate quotes to see the best options available to you today.