Current Mortgage Rates May 2026 | As Low As 4.25%
Brian McKay
Brian McKay
Founder & Data Architect- Automated Online Rate Data Aggregation
- Location-Based Rate Tables
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Current 30-year fixed mortgage rates include OlyFed Olympia Federal S&L24081 Ne State Route 3, Belfair, WA, 98501A+5.0 ★Texas Ratio: 2.38% at 4.25%, Institution for Savings112 County Rd, Amesbury, MA, 01913A+5.0 ★Texas Ratio: 0.11% at 4.99%, Ontario-Montclair School Employees Federal Credit Union1520 N Palmetto Ave, Ontario, CA, 91762A+5.0 ★Texas Ratio: 0.39% at 4.99%, First Citizens Federal Credit Union1341 COVE RD, East Wareham, MA, 02538A+5.0 ★Texas Ratio: 2.23% at 5.00%, and Northfield Bank1 Hyatt St, Avenel, NJ, 07001A+5.0 ★Texas Ratio: 1.88% at 5.25%. Mortgage rates as of May 4, 2026 according to verified data from MonitorBankRates.
We compared 3,817 mortgage rates from 499 banks and credit unions across all 50 states to help you find the best 30-year fixed, 15-year fixed, ARM, FHA, VA, and jumbo mortgage rates.
Finding the lowest mortgage rate can save you thousands over the life of your loan. Whether you are purchasing a home or refinancing, comparing current loan options across top-rated lenders and national banks is critical. We empower borrowers with transparent financial health metrics — including A-F Safety Grades, verified Star Ratings, and Texas Ratios — so you can choose a stable, highly-rated institution with confidence.
Mortgage Rates reflect actual verified offers from lenders actively lending to borrowers nationally. Your final approved rate will depend on your credit profile, loan-to-value ratio, and daily market movements. Last Updated and Verified: May 4, 2026
Compare Mortgage Rates Today Across the United States
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Limited Special Offer
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Quoted rates include a 60 day rate lock. Maximum loan amount for a conforming loan is $806,500. Affordable Mortgage Program available for Residential First Mortgage loans for owner-occupied primary 1 to 2-family residences for those in Hunterdon, Mercer, Middlesex, and Union counties in New Jersey and Richmond and Kings counties in New York and either: (a.) are purchasing or refinancing a home in a low or moderate-income (LMI) census tract OR (b.) whose income is less than 80% of the county median income. Rates and terms are current as 11/24/25 and are subject to change at anytime without prior notice.
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Special mortgage offer! Rates as low as 4.99% (5.22% APR). Buy or refinance and save with 15-year, fixed-rate mortgages.
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Up to 30-year amortization. Closing costs = $1,600. APR calculated on loan amount of $100,000. Rates are subject to change. The APR may increase after consummation. Rates are not guaranteed until a formal lock is processed. Property insurance is required on all mortgages. No prepayment penalty. 5/1 ARM means that the first five years have a locked APR set at closing. The rate can then change by 1% after the first five years and every year after. The rate cannot increase more than 8% during the life of the loan.
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Rates include 50% rate discount on 5/5 ARM only
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$832,751 to $2,500,000
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$832,751 to $2,500,000
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Rates Effective: 04-27-2026; The annual percentage rates (APRs) for the 30 Year Fixed, 15 Year Fixed, and 5 Year adjustable rate loans are calculated based on a purchase of single family, owner occupied residence with a down payment of 25%, a loan amount of $412,500.00, and a property located in Multnomah County, Oregon.
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Banks and Credit Unions: If you need to update your rate data or request removal from MonitorBankRates.com, please contact us here.
National Mortgage Rate Trends
Weekly mortgage rate averages tracked across our database of verified mortgage rate quotes — updated every evening.
The national 30-year fixed average mortgage rate rose 0.019 points this week to 6.302%, according to MonitorBankRates trend data.
The national 15-year fixed average mortgage rate rose 0.012 points this week to 5.981%, according to MonitorBankRates trend data.
National Mortgage Rate Forecast — Next 12 Months
Where are U.S. mortgage rates headed through May 2027?
Based on Fed funds rate futures, 10-year Treasury yield path, and historical mortgage spread model. Not financial advice.
What Forecast Rates Mean for U.S. Home Buyers
Monthly principal & interest on U.S. median home of $303,400 with 20% down, 30-year fixed (U.S. Census Bureau)
| Scenario | Rate | Mo. Payment | vs. Today | % of Income |
|---|---|---|---|---|
| Today (National avg) | 6.302% | $1,503 | — | 22.3% |
| 6-Month Forecast | 6.302% (5.95–6.60%) | $1,503 | +$0/mo | 22.3% |
| 12-Month Forecast | 5.902% (5.55–6.20%) | $1,440 | -$63/mo | 21.4% |
Income column = annual mortgage payment as % of U.S. median household income ($80,734). Above 30% is generally considered cost-burdened.
MonitorBankRates Housing Affordability Index (MBR-HAI)
A daily-updated composite score measuring how affordable homeownership is nationally. Compiled by MonitorBankRates using housing and income indicators from the U.S. Census Bureau.
What the Score Measures
The MBR-HAI answers a single question: how affordable is homeownership today, relative to the national baseline? Scores update each morning, computed from rate data captured the previous night. The index reflects current homeownership conditions across all 50 states — not estimated rates, not rate sheet averages, and not survey data.
Today's national score of 100.7 reflects current homeownership conditions across the country. The score is positioned against a long-run baseline so readers can quickly gauge whether conditions are more or less affordable than the historical norm.
Scores update each morning, computed from rate data captured the previous night. Compiled by MonitorBankRates using housing and income indicators from the U.S. Census Bureau. Full methodology →
How Mortgage Rates Impact Home Affordability in the U.S.
National Housing Market Overview
The median owner-occupied home value in the United States is approximately $303,400, according to the U.S. Census Bureau. The 2026 FHFA conforming loan limit is $832,750 for most counties, with higher limits in designated high-cost areas.
National Homeownership Rate
Monthly Payment Estimates for U.S. Home Buyers
Based on a 20% down payment on the national median home value, a $240,000 loan at current national average rates:
| Interest Rate | Loan Term | Monthly Payment | Total Interest Paid |
|---|---|---|---|
| 5.802% | 30-year fixed | $1,409 | $267,065 |
| 6.302% Current Avg | 30-year fixed | $1,486 | $294,905 |
| 6.802% | 30-year fixed | $1,565 | $323,378 |
| 5.981% | 15-year fixed | $2,023 | $124,103 |
A 0.500% rate increase on a $240,000 loan adds roughly $79 per month and over $28,473 in total interest over 30 years. That’s why comparing verified rates from multiple lenders — using the table above — is one of the most impactful financial decisions a home buyer can make.
Compiled by MonitorBankRates using data from the U.S. Census Bureau and the Federal Housing Finance Agency. Monthly payments shown are principal & interest only.
U.S. Income & Housing Affordability
At a price-to-income ratio of 3.8x, the national housing market reflects moderate affordability pressure across most regions — though that average masks significant variation between high-cost coastal markets and more affordable interior metros.
What This Means for U.S. Buyers
With a national median household income of $80,734 per year ($6,728/month) and a median home value of approximately $303,400, a typical buyer financing at 80% LTV at current average rates would spend roughly 22.1% of gross monthly income on principal and interest alone. that falls within a manageable range, though taxes, insurance, and PMI will add to the true monthly cost.
Compiled by MonitorBankRates using data from the U.S. Census Bureau. Payment estimate assumes 80% LTV at current average rate; principal and interest only.
Full Cost of Homeownership in the U.S.
A mortgage payment is only part of what homeowners pay each month. Property taxes, insurance, and utilities add hundreds of dollars more — and the gap between owning and renting varies dramatically depending on where you live.
Owner vs. Renter Costs
Housing Cost Burden
Nationally, 28% of mortgage holders spend more than 30% of gross household income on housing — the federal threshold for “cost burdened.” For renters, that figure is 47.6%. Nearly one in four renters (24.1%) are severely cost burdened, spending 50% or more of income on rent alone.
These national averages mask significant geographic variation. In high-cost metros like Los Angeles, San Francisco, and New York, owner cost burden rates exceed 40-45% — well above the national norm. In lower-cost markets across the Midwest and South, the same income goes substantially further. Use the state and city pages to see how your specific market compares.
Compiled by MonitorBankRates using data from the U.S. Census Bureau.
Run the Numbers on Your Home Loan
Rates are only part of the equation. Use these calculators to translate current national mortgage rates into real numbers for your specific situation — before you talk to a lender.
Enter your loan amount, interest rate, and term length to see your estimated monthly principal and interest payment. Adjust any variable to model different scenarios — a larger down payment, a shorter term, or a rate a quarter-point lower than what you were quoted.
CalculateTell us your gross income, monthly debt obligations, and how much you have for a down payment. We’ll show you the home price range you’re likely to qualify for at current rates — so you can shop with a realistic number in mind rather than discovering your ceiling after you’ve fallen in love with a property.
CalculateEnter your current rate, remaining balance, and the rate you’ve been quoted to refinance. The calculator shows your new monthly payment, monthly savings, and the break-even point — the number of months it takes for your savings to cover closing costs.
CalculateBuying isn’t always the better financial decision. This calculator weighs the full cost of each path — mortgage payments, taxes, insurance, and maintenance against rent increases and the opportunity cost of a down payment — to show which option builds more wealth over your time horizon.
CalculateTypes of Mortgages Available Nationwide
Not every loan program is right for every buyer. Rates, down payment requirements, eligibility rules, and long-term costs vary significantly — understanding the differences before you compare lenders can save thousands over the life of your loan.
Fixed-Rate Mortgage
A fixed-rate mortgage locks your interest rate in for the entire loan term — your principal and interest payment on day one is identical to payment 360. That predictability is valuable for long-term financial planning, especially with current rates where locking in could protect against future increases.
Available in 10-, 15-, 20-, and 30-year terms. The 30-year minimizes monthly payments; the 15-year cuts total interest paid dramatically. The payment comparison table above shows exactly how those trade-offs look at today’s national rate levels.
Adjustable-Rate Mortgage (ARM)
An ARM offers a fixed introductory rate for an initial period — commonly 5, 7, or 10 years — after which the rate adjusts periodically based on a market index. The starting rate is typically lower than a comparable fixed-rate loan.
ARMs work best when you have a defined exit timeline. Rate caps govern how much the rate can move at each adjustment and over the life of the loan, so review those terms closely before committing.
FHA Loan
Backed by the Federal Housing Administration, FHA loans are built for buyers who don’t yet meet conventional loan standards. You can qualify with a credit score of 580 and just 3.5% down — and some lenders will consider scores as low as 500 with a 10% down payment.
FHA loans carry an upfront MIP of 1.75% of the loan amount plus an annual MIP of 0.15%–0.75% depending on term and LTV. For many first-time buyers, FHA is the fastest path to ownership.
VA Loan
Available to eligible active-duty service members, veterans, reservists, National Guard members, and qualifying surviving spouses. No down payment is required, there is no monthly mortgage insurance, and rates are generally competitive with — and often better than — conventional loan rates.
A one-time funding fee applies — 2.15% for first-time VA borrowers with no down payment — which can be financed into the loan.
Jumbo Loan
The 2026 FHFA conforming loan limit is $832,750 for most counties. Any mortgage above that threshold is a jumbo loan, falling outside Fannie Mae and Freddie Mac guidelines — meaning lenders carry the full risk and price it accordingly.
Jumbo underwriting is stricter: lenders typically require a credit score of 700+, substantial cash reserves, and a down payment of at least 10–20%. Rates may run slightly above conforming levels, though the gap narrows in competitive lending environments.
Methodology & Data Sources
Direct-Sourced & Verified Mortgage Rate Data: We aggregate mortgage and refinance rates nationwide directly from the official websites of lenders, banks, and credit unions using our proprietary rate aggregation technology and a dedicated team of rate updaters. Every rate displayed on MonitorBankRates.com is highly accurate and trustworthy.
Local, Regional, and National Coverage: Our systems constantly monitor the market to provide a complete picture of available home loan products across the country. We feature a comprehensive mix of institutions — from neighborhood credit unions and competitive regional banks to large national online lenders.
Daily Updates & Time-Stamped Accuracy: Our rate updaters verify and update mortgage rates daily. Because mortgage rates and APRs can fluctuate rapidly based on bond markets and economic conditions, every loan product features its own specific “last updated” date for full transparency.
Proprietary Lender Health & Safety Grades: Beyond tracking rates, MonitorBankRates evaluates the financial stability of every listed institution. Our Health Grades (A+ to F) and Star Ratings are composite metrics calculated using objective regulatory data — including the Texas Ratio — ensuring you are comparing rates from secure, reliable lenders.
Frequently Asked Questions about Mortgage Rates
What is a 30-Year Fixed Mortgage?
How does my credit score affect my rate?
What are closing costs?
Should I lock my mortgage rate?
What is an Adjustable-Rate Mortgage (ARM)?
What is a Jumbo Loan?
Do I need a 20% down payment?
What is the difference between Interest Rate and APR?
Can I refinance my mortgage later?
What is the national homeownership rate?
What is the median home value in the United States?
What is the median household income in the United States?
What percentage of homeowners are cost burdened nationally?
What is the median rent in the United States?
What are the best Mortgage rates nationally?
- OlyFed Olympia Federal S&L: 4.25% (30-Year Fixed (Affordable Construction Program))
- Institution for Savings: 4.99% (30 Year Fixed)
- Ontario-Montclair School Employees Federal Credit Union: 4.99% (30 Year Fixed Rate Mortgage)
- First Citizens Federal Credit Union: 5.00% (30-Year Fixed)
- Northfield Bank: 5.25% (30 Year Fixed Rate Affordable Mortgage)
Mortgage Rates by State
