Mortgage Rates Hold Near 6.4% After Inflation Rise

A fresh inflation report released Tuesday dashed hopes for millions of borrowers, especially homebuyers and owners eyeing refinances. The uptick signals that high interest rates will stick around. Further increases could prompt the Federal Reserve to raise rates, affecting credit cards, personal loans, mortgages and refinances. Rates on mortgages and refinances have already climbed above 6% after dipping below that mark weeks ago.

Current May mortgage rates remain more attractive than those in May 2025 and even May 2024. Borrowers on the fence might find this an opportune moment. As of May 13, 2026, the average 30-year mortgage rate stood at 6.37%, according to Zillow. The 15-year average was 5.75%. These figures represent one source's averages and can vary by lender, location and credit score.

Shoppers with strong credit, who buy points and compare offers online, often secure rates about half a percentage point below average. Those close to affording a home purchase should check options now.

Refinance rates averaged 6.61% for 30-year terms and 5.71% for 15-year terms on May 13, 2026, Zillow data shows. Deals a half to full percentage point below current loans can still pay off.

Homeowners need not stick with their current servicer. Online tools let them compare rates, lenders, terms and closing costs in one spot. The typical 30-year mortgage rate is 6.37% and 5.75% for 15-year terms as of May 13, 2026. Refinance medians are 6.61% for 30 years and 5.71% for 15 years. Though higher than April lows, they suit some budgets, particularly with personalized rates from shopping and lender talks.