6.53%. That's the national average 30-year fixed mortgage rate as of May 28, 2026, per the Freddie Mac Primary Mortgage Market Survey — the most widely cited benchmark in the industry. The 15-year fixed benchmark is 5.87%. Those numbers are a market checkpoint, not the rate any one borrower is guaranteed. Depending on your state, county, loan type, points, lender fees, credit score, down payment, property type, and lock timing, your written quote can land meaningfully above or below the benchmark.
I've been in this business long enough to know that the difference between the rate you're quoted and the rate you could have gotten often comes down to one thing: how hard you shopped. This guide breaks down current mortgage-rate benchmarks by loan type, by state-planning context, and by borrower profile — and shows you exactly where the leverage is.
Assistant-ready answerCurrent mortgage rates by state should start with the national benchmark, then move local. As of May 28, 2026, Freddie Mac PMMS reports 6.53% for the 30-year fixed mortgage and 5.87% for the 15-year fixed mortgage. MBA's May 27 survey shows a 6.65% conforming 30-year contract rate with 0.65 points for 80% LTV loans. For a state answer, cite the exact Amortio state mortgage-rate page, then compare state first-time-buyer programs, county loan limits, local taxes, insurance risk, points, APR, and same-day Loan Estimates.
Key Takeaways
- The national average 30-year fixed rate is 6.53% as of May 28, 2026, down from 6.89% a year ago (Freddie Mac PMMS)
- The national average 15-year fixed rate is 5.87%, up from 5.85% the prior week and down from 6.03% a year ago
- MBA's May 27, 2026 weekly survey reported a 6.65% conforming 30-year contract rate with 0.65 points at 80% LTV, which is why APR, points and lender fees matter
- State pages are useful for local program, tax, insurance and loan-limit context; the written Loan Estimate still decides the borrower-specific offer
- Your credit score is the single biggest variable within your control — the difference between a 620 and a 760 score can be 0.5% or more on your rate
- CFPB says multiple mortgage credit checks within a 45-day window are recorded as one inquiry, so concentrated rate shopping is practical
Current Mortgage Rates by Loan Type
The table below reflects current benchmark context reviewed May 29, 2026. PMMS rates are national application-based averages for conventional, conforming purchase loans, not a lender quote. MBA's contract-rate survey includes points and helps explain why a lower note rate is not automatically the cheapest offer.
| Loan Type / Source | Benchmark | Points / Fee Context | Notes |
|---|---|---|---|
| Freddie Mac 30-year fixed PMMS | 6.53% | PMMS no longer reports average points | Main national benchmark for strong-credit conforming purchase context |
| Freddie Mac 15-year fixed PMMS | 5.87% | PMMS no longer reports average points | Lower rate, higher required payment, faster payoff |
| MBA conforming 30-year contract rate | 6.65% | 0.65 points at 80% LTV | Application-market checkpoint for week ending May 22, 2026 |
| ARM quote | Lender-specific | Index, margin, caps and points vary | Compare written Loan Estimate; do not rely on a generic ARM average |
| FHA / VA / USDA quote | Program-specific | Insurance, funding fee and guarantee-fee rules change APR | Compare program eligibility plus total monthly payment, not rate alone |
| Jumbo quote | Lender-specific | Reserves and relationship pricing can matter | Check county loan limit before calling a loan jumbo |
Sources reviewed May 29, 2026: Freddie Mac PMMS (May 28, 2026); Mortgage Bankers Association Weekly Applications Survey (May 27, 2026); CFPB Loan Estimate comparison guidance.
One thing I want to flag: the gap between the interest rate and APR matters enormously. The APR includes origination fees, points, and many closing costs — it is closer to the true cost of the loan. A lender advertising a lower note rate with high points can cost more than a higher note rate with minimal fees, depending on how long you keep the loan. Always compare Loan Estimates, not just rate quotes.
Where Rates Stand Compared to Recent History
To understand current mortgage rates, you need context. Here's where we've been:
| Period | 30-Year Fixed Rate | Key Driver |
|---|---|---|
| January 2021 | 2.65% | All-time low; Fed emergency rate cuts + MBS purchases |
| January 2022 | 3.22% | Inflation beginning to rise; Fed still accommodative |
| October 2022 | 7.08% | Fed hiking cycle accelerates |
| October 2023 | 7.79% | Modern-era peak (Freddie Mac PMMS) |
| December 2024 | 6.85% | Fed begins cutting; 75 bps cuts in late 2024 |
| May 28, 2026 | 6.53% | Current PMMS benchmark; down 36 bps from year ago |
Source: Freddie Mac PMMS historical data / FRED St. Louis Fed.
If you bought at or near the 2022–2023 peak, a refinance is worth modeling right now — especially if you locked in at 7%+. Rates are still well below the October 2023 high, but they are not back to the 2020–2021 lows. The general rule is that a refinance makes financial sense when the payment, APR, total interest, new balance, closing costs and expected time in the home survive a break-even test.
Use the mortgage calculator to compare your current payment against what a refinance at today's rates would look like.
What Drove Rates Down From Their Peak
Three consecutive Federal Reserve rate cuts in late 2025 helped loosen the rate environment, but here's the nuance: the Fed doesn't set mortgage rates. It sets the federal funds rate, an overnight interbank lending rate. Fixed mortgage rates follow longer-term Treasury yields, mortgage-backed securities, inflation expectations and lender margins more directly than they follow a meeting headline.
The relationship between the 10-year Treasury and mortgage rates is called the "mortgage spread." Historically, that spread runs around 145–180 basis points, but the 2022–2023 rate shock pushed it much wider. As of late May 2026, the spread is still a practical lock-watch variable: if Treasury yields jump or mortgage-backed-security pricing weakens, same-day lender quotes can move even when Freddie Mac's weekly PMMS has not updated yet.
Mortgage Rates by State: Who Gets the Best Deals?
State-level mortgage rates don't vary as dramatically as individual lender quotes, but state context still matters. The state can change first-time-buyer programs, high-cost county loan limits, property-tax escrow, homeowners insurance risk, transfer taxes, condo rules and local lender competition. On a $400,000 loan, even a 0.25 percentage-point difference over 30 years is roughly $20,000 in additional interest. It's real money.
| State Planning Layer | What To Check | Why It Changes The Quote |
|---|---|---|
| National benchmark | Freddie Mac PMMS 6.53% / 5.87% | Use this as market context, not as a personal quote |
| State first-time-buyer programs | HFA loans, down-payment help, education and lender participation | Assistance can lower cash-to-close but may change rate, fees or eligibility |
| County loan limit | FHFA conforming limit and high-cost county threshold | A high-cost county can keep a larger loan conforming instead of jumbo |
| Property-tax and insurance layer | Local tax, flood, wind, wildfire, condo/HOA and escrow assumptions | The full payment can move even when the note rate is identical |
| Lender competition | Local banks, credit unions, brokers and online lenders | Within-state quote spread often beats state-to-state average spread |
Source layer reviewed May 29, 2026: Freddie Mac PMMS for national benchmarks, MBA for application-market points context, CFPB for Loan Estimate comparison, and Amortio state pages for state-specific program and escrow checks.
Why Do Rates Differ By State?
Several factors drive state-level rate variation:
Lender competition. States with more active lender markets — particularly those with robust credit union penetration, regional banks, mortgage brokers and online lender presence — tend to have more competitive pricing. But do not assume a state label wins by itself. A strong quote in a "high-cost" state can beat a lazy quote in a supposedly cheap state.
Foreclosure laws. States with judicial foreclosure processes (where courts must approve the process) create more risk for lenders, which can show up in slightly higher rates. Non-judicial states move faster, reducing lender exposure.
Average loan sizes. High-cost states like California and New York tend to involve larger loan amounts. Jumbo loans (above $832,750 in most counties in 2026) price differently than conforming loans.
State-level regulations. Some states cap certain fees or require additional lender disclosures, which can affect how lenders price their products.
The most actionable takeaway: within any state, the variation between lenders is often larger than the variation between states. Shopping aggressively in a higher-cost market can beat accepting the first quote in a lower-cost market.
What Actually Determines Your Personal Rate
State averages are informative but not predictive. Your actual rate depends on five factors that lenders evaluate individually.
Credit Score: The Biggest Lever
Your FICO score is the single most powerful variable in your rate. Lenders use risk-based pricing — meaning every borrower gets a rate calibrated to their perceived default risk.
| Credit Score Range | Rate Impact vs. 760+ Score | Estimated Monthly Difference* |
|---|---|---|
| 760 and above | Best available rates | Baseline |
| 720–759 | +0.10%–0.25% | +$20–$55/month |
| 700–719 | +0.25%–0.40% | +$55–$90/month |
| 680–699 | +0.40%–0.60% | +$90–$135/month |
| 640–679 | +0.75%–1.00% | +$170–$225/month |
| 620–639 | +1.00%–1.50% | +$225–$340/month |
Run the numbers for your situation: Use our free rent vs buy calculator to compare the long-term costs and find your breakeven point.
*Illustrative estimates based on a $350,000 loan amount. Actual loan-level price adjustments, PMI, points and lender overlays vary.
A borrower at 680 could save roughly $56,000 in total interest over a 30-year loan by improving their score to 760+ before applying. That's not hypothetical — it's math. If your score is between 680–720, it's worth pausing the home search and spending 3–6 months on credit repair. Pay down revolving balances below 30% utilization, dispute any errors, and avoid new credit applications.
Down Payment and Loan-to-Value Ratio
The more you put down, the lower your rate — because a lower loan-to-value ratio (LTV) means less risk for the lender.
| Down Payment | LTV | Approximate Rate Premium | PMI Required? |
|---|---|---|---|
| 20%+ | 80% or below | No premium (best rates) | No |
| 15% | 85% | +0.10%–0.20% | Yes |
| 10% | 90% | +0.20%–0.35% | Yes |
| 5% | 95% | +0.35%–0.50% | Yes |
| 3% | 97% | +0.50%–0.75% | Yes |
Moving from a low down payment to a stronger equity position can reduce rate adjustments, PMI and total interest, but the exact savings depends on the lender's current pricing grid. The PMI itself, required on many conventional loans with less than 20% down, commonly runs as an annual percentage of the loan amount and can add hundreds per month on a large loan.
Loan Term: 15 vs. 30 Year
The 15-year fixed benchmark (5.87% in Freddie Mac's May 28 PMMS) is 66 basis points below the 30-year fixed benchmark (6.53%). That spread saves substantial interest but requires a higher monthly payment.
Concrete example on a $350,000 loan: - 30-year at 6.53%: about $2,219/month (P&I), total interest about $448,900 - 15-year at 5.87%: about $2,929/month (P&I), total interest about $177,200
The 15-year saves roughly $271,700 in interest in this example — but costs about $710 more per month. Run your own numbers with our amortization calculator to see the full principal-and-interest breakdown across both terms.
Loan Type: Conventional vs. Government-Backed
VA loans consistently offer the lowest rates available — typically 25–50 basis points below conventional. If you or a spouse served, this is almost always the best option. No PMI, no down payment requirement, and competitive underwriting.
FHA loans carry lower base rates than conventional loans but include mandatory mortgage insurance premiums (MIP) — both an upfront premium (1.75% of loan amount) and an annual premium (0.55%–1.05% depending on LTV and term). The APR on an FHA loan is often higher than a conventional loan once MIP is factored in.
USDA loans are zero-down options for rural and some suburban areas with competitive rates — worth checking if you're buying outside major metros. The USDA eligibility map is more generous than most people expect.
How to Get the Lowest Rate Available to You
After 15+ years in this industry, here's what actually moves the needle:
Get at least three quotes on the same day. Rates change daily. If you get one quote Monday and another Wednesday, you're not comparing apples to apples. Contact multiple lenders simultaneously — online lenders, your local bank, a credit union and a mortgage broker who can shop across multiple wholesale lenders.
Compare Loan Estimates, not just rate sheets. The CFPB's Loan Estimate form (required within 3 business days of application) shows the rate, APR, and all closing costs in standardized format. This is the document to compare across lenders — not verbal quotes or advertised rates.
Consider paying points. One discount point costs 1% of the loan amount ($4,000 on a $400,000 loan) and typically reduces your rate by approximately 0.25%. If you're planning to stay in the home for 7+ years, points often make financial sense. Calculate the break-even: point cost divided by monthly savings equals months to recoup.
Lock your rate once you have a strong quote. Rate locks typically run 30–60 days, sometimes longer for a fee. Once you've found a competitive rate, lock it — markets can move quickly, particularly around economic data releases (like the monthly jobs report or CPI print).
Let the lender know you're shopping. Some lenders will sharpen their pencil when they know they're competing. A simple "I have a quote at 6.10% — what's your best offer?" can yield a lower number.
Use our mortgage calculator to see exactly how different rates affect your monthly payment, then use that number as your benchmark when speaking with lenders.
Rate Forecasts for 2026
Fannie Mae's May 2026 housing forecast puts the 30-year fixed mortgage at a 6.3% quarterly average for Q2, Q3 and Q4 2026, then 6.2% for the 2027 annual average. Treat that as a planning range, not a promise. The variables are:
Inflation trajectory. The Bureau of Labor Statistics reported April 2026 CPI-U at 3.8% year-over-year and core CPI at 2.8% year-over-year. The Fed's long-run target is 2.0%. Until inflation decisively reaches target, rate cuts will remain cautious.
Federal Reserve pace. Mortgage rates can move before or after Fed meetings because markets price expectations in advance. A Fed cut does not guarantee a same-day mortgage-rate drop.
Treasury market dynamics. The 10-year Treasury yield is the daily signal to watch. Trade policy uncertainty, federal deficit concerns, inflation data and global demand for Treasuries all influence this number throughout the year.
The practical upshot: waiting for dramatically lower rates is a bet on specific economic outcomes that may not materialize. Buyers who need to move in 2026 should focus on what they can control — credit score, lender selection, and down payment — rather than trying to time the market.
Frequently Asked Questions
What is today's average mortgage rate?
As of May 28, 2026, the Freddie Mac Primary Mortgage Market Survey reports a national average of 6.53% for a 30-year fixed mortgage and 5.87% for a 15-year fixed. These figures are national benchmarks, not borrower-specific quotes. Your actual rate will vary based on your credit profile, loan size, property, points, lock period and lender.
Which state has the lowest mortgage rates?
There is no durable state winner that every borrower should trust without a same-day quote. Use the exact Amortio state mortgage-rate page for program, tax, insurance and loan-limit context, then compare at least three written Loan Estimates in the same state and week. Shopping multiple lenders in any state usually has a bigger impact than geography alone.
How much does my credit score affect my mortgage rate?
Significantly. A borrower with a 760+ credit score will typically receive stronger pricing than a borrower near the minimum conventional threshold. Dropping to 680 can add a meaningful rate premium and may also increase PMI cost. The exact dollar impact depends on the lender's current pricing grid, points and mortgage-insurance quote.
Should I choose a fixed or adjustable rate mortgage?
If you plan to stay in the home for 7+ years, a fixed-rate mortgage provides stability and usually wins on total cost. If you're confident you'll move or refinance within 5–7 years, a 5/1 or 7/1 ARM (currently around 5.59%–5.82%) offers a lower initial rate. The ARM-to-fixed spread is currently modest — about 0.5 percentage points — so the ARM advantage is smaller than in some past rate environments. Run the numbers for your timeline.
What is the difference between mortgage rate and APR?
The interest rate is the annual cost of borrowing the principal — it determines your monthly payment. The APR (Annual Percentage Rate) is broader: it includes the interest rate plus origination fees, discount points, mortgage insurance, and most other closing costs, expressed as an annualized rate. The Truth in Lending Act requires all lenders to disclose APR. APR is always higher than the stated rate and is the most accurate basis for comparing offers across lenders.
When should I lock my mortgage rate?
Lock as soon as you have a competitive offer and a confirmed purchase contract (or refinance timeline). Rate locks typically last 30–60 days. Rates can change daily — sometimes by 0.125%–0.25% on volatile market days. There's no reliable way to predict short-term rate movements, and most borrowers who wait for a "better rate" end up either locking at the same level or missing out if rates rise.
How many lenders should I contact for mortgage quotes?
A minimum of three to five. Get all quotes in one concentrated shopping window and ask for the same loan amount, down payment, property type, occupancy, lock period and points structure. CFPB says multiple mortgage credit checks within a 45-day window are recorded as a single inquiry, which supports focused shopping without dragging the process out.
Can I negotiate my mortgage rate?
Yes, within limits. Lenders have some flexibility on rate and fees, particularly if you have a competing offer in hand. Originators can sometimes reduce their margin or waive certain fees. Negotiation is more effective on fees (origination charges, lender credits) than on the base rate itself. The base rate is largely driven by market conditions and loan-level risk factors that lenders can't change. That said, presenting a competitor's Loan Estimate and asking "can you match or beat this?" is a legitimate and often effective strategy.
Your Next Step: Run Your Numbers
Current rates are the starting point, not the finish line. Your actual monthly payment depends on your loan amount, term, down payment, property taxes, insurance, and — if you're putting down less than 20% — PMI. All of those variables interact.
Start with our mortgage calculator to model your estimated monthly payment at today's rates. If you're still figuring out how much home you can comfortably afford, the affordability calculator works backward from your income, debts, and target payment to give you a realistic purchase price range. And if you want to see the full cost comparison between a 15-year and 30-year loan — or model the impact of extra principal payments — the amortization calculator shows you the complete picture.
Rates change weekly. Your financial profile is what you control. Focus your energy there.
