US mortgage rates climb as 30-year fixed hits 6.46%
The average 30-year fixed mortgage rate increased 12 basis points on Tuesday, while the 5/1 adjustable-rate mortgage surged nearly 40 basis points, according to the latest figures from the Zillow lender marketplace.
Average US mortgage and refinance rates moved higher on 26 May 2026, reversing a brief dip earlier in the week, according to data from the Zillow lender marketplace. The average 30-year fixed rate rose 12 basis points to settle at 6.46%, while the 15-year fixed rate increased by a marginal 1 basis point to 5.91%.
The most significant movement was recorded in the 5/1 adjustable-rate mortgage (ARM), which jumped 39 basis points to 6.68%. Refinance rates for 30-year fixed loans were recorded at 6.45%, maintaining a narrow premium over purchase rates. These figures represent national averages rounded to the nearest hundredth, though actual rates will vary based on borrower credit profiles and regional market conditions.
The uptick follows a period of slight easing earlier in the week, when mortgage rates inched lower following an upbeat jobs report that boosted bond markets. Despite the recent daily rise, the broader trend has seen rates drop by more than half a point since the end of the previous May. This decline has driven a substantial increase in refinancing activity, with applications rising more than 62% year-on-year.
Looking ahead, institutional forecasts suggest borrowing costs will remain elevated for the foreseeable future. The Mortgage Bankers Association (MBA) projects that 30-year fixed rates will remain near 6.50% through 2026 and hold that level for all of 2027. Fannie Mae offers a slightly more optimistic outlook, predicting average 30-year rates of 6.3% for the remainder of 2026 and near 6.20% for most of 2027.
The divergence between fixed and adjustable products highlights the complex environment for borrowers. While 15-year fixed loans remain cheaper in terms of total interest paid over the life of the loan, they require higher monthly payments. Adjustable-rate mortgages, which lock in rates for an initial period before adjusting annually, have seen their starting rates climb recently, reducing the traditional advantage of lower initial payments.
