Today's national mortgage & refinance rates, May 12th, 2023 | Rates remain elevated. (2023)

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Mortgage interest rates moved in different directions this week, according to data compiled by Bankrate. Read on for a detailed breakdown of how different loan types moved.

The Federal Reserve has lifted rates 10 times in a row, most recently at its May 3 meeting. Rates now are at a 15-year high, but the consensus is that inflation is finally cooling and the central bank might halt raising rates.

”Mortgage rates have settled into a new normal of around 6.5 percent on a 30-year fixed-rate loan," says Lisa Sturtevant, chief economist at Bright MLS, a large multiple listing service in the Middle Atlantic region. ”With growing recession risks, we could see mortgage rates dip lower, but we will not be returning to the 3 percent level seen during the height of the pandemic."

Today's home loan rates
Loan termToday's RateLast weekChange
30-year mortgage rate6.84%6.79%+0.05
15-year mortgage rate6.13%6.15%-0.02
5/1 ARM mortgage rate5.79%5.80%-0.01
30-year jumbo mortgage rate6.87%6.85%+0.02

Rates accurate as of May 12, 2023.

The rates listed above are averages based on the assumptions shown here. Actual rates available across the site may vary. This story has been reviewed by Suzanne De Vita. All rate data accurate as of Friday, May 12th, 2023 at 7:30 a.m.

You can save thousands of dollars over the life of your mortgage by getting at least three rate quotes. Comparing mortgage offers from multiple lenders is always a smart move, but shopping around grew especially critical during the interest rate run-up of 2022, according to research by mortgage giant Freddie Mac. It found the payoff for bargain-huntng borrowers doubled last year.

"All too often, some homeowners take the path of least resistance when seeking a mortgage, in part because the process of buying a home can be stressful, complicated and time-consuming," says Mark Hamrick, senior economic analyst for Bankrate. "But when we’re talking about the potential of saving a lot of money, seeking the best deal on a mortgage has an excellent return on investment. Why leave that money on the table when all it takes is a bit more effort to shop around for the best rate, or lowest cost, on a mortgage?"

Mortgage interest rates

Today's 30-year mortgage rate moves higher, +0.05%

The average rate for a 30-year fixed mortgage is 6.84 percent, an increase of 5 basis points over the last seven days. A month ago, the average rate on a 30-year fixed mortgage was higher, at 6.89 percent.

At the current average rate, you'll pay a combined $654.59 per month in principal and interest for every $100k you borrow. That's an increase of $3.33 over what you would have paid last week.

15-year fixed mortgage rate moves down,-0.02%

The average rate you'll pay for a 15-year fixed mortgage is 6.13 percent, down 2 basis points since the same time last week.

Monthly payments on a 15-year fixed mortgage at that rate will cost roughly $851 per $100k borrowed. That's obviously much higher than the monthly payment would be on a 30-year mortgage at that rate, but it comes with some big advantages: You'll save thousands of dollars over the life of the loan in total interest paid and build equity much more rapidly.

5/1 adjustable rate mortgage eases, -0.01%

The average rate on a 5/1 adjustable rate mortgage is 5.79 percent, down 1 basis point over the last week.

Adjustable-rate mortgages, or ARMs, are mortgage loans that come with a floating interest rate. To put it another way, the interest rate can change periodically throughout the life of the loan, unlike fixed-rate mortgages. These loan types are best for people who expect to refinance or sell before the first or second adjustment. Rates could be materially higher when the loan first adjusts, and thereafter.

While borrowers shunned ARMs during the pandemic days of super-low rates, this type of loan has made a comeback as mortgage rates have risen.

Monthly payments on a 5/1 ARM at 5.79 percent would cost about $586 for each $100,000 borrowed over the initial five years, but could ratchet higher by hundreds of dollars afterward, depending on the loan's terms.

Jumbo loan interest rate goes up, +0.02%

The average jumbo mortgage rate is 6.87 percent, an increase of 2 basis points over the last seven days. A month ago, the average rate on a jumbo mortgage was above that, at 6.96 percent.

At today's average rate, you'll pay principal and interest of $656.59 for every $100,000 you borrow. Compared to last week, that's $1.33 higher.

Rate review: How interest rates have moved over the past week

  • 30-year fixed mortgage rate: 6.84%, up from 6.79% last week, +0.05
  • 15-year fixed mortgage rate: 6.13%, down from 6.15% last week, -0.02
  • 5/1 ARM mortgage rate: 5.79%, down from 5.80% last week, -0.01
  • Jumbo mortgage rate: 6.87%, up from 6.85% last week, +0.02

Interested in refinancing? See rates for home refinance

Today's 30-year mortgage refinance rate moves upward, +0.10%

The average 30-year fixed-refinance rate is 6.98 percent, up 10 basis points since the same time last week. A month ago, the average rate on a 30-year fixed refinance was higher, at 7.01 percent.

At the current average rate, you'll pay $663.96 per month in principal and interest for every $100,000 you borrow. That's up $6.70 from what it would have been last week.

Rate trends: Where are mortgage rates headed?

The days of sub-3 percent mortgage interest on the 30-year fixed are behind us, and rates have so far risen beyond 7 percent in 2022.

"Low interest rates were the medicine for economic recovery following the financial crisis, but it was a slow recovery so rates never went up very far," says McBride. "The rebound in the economy, and especially inflation, in the late pandemic stages has been very pronounced, and we now have a backdrop of mortgage rates rising at the fastest pace in decades."

Comparing mortgage options

The 30-year fixed-rate mortgage is the most popular loan for homeowners. This mortgage has a number of advantages. Among them:

  • Lower monthly payment: Compared to a shorter term, such as 15 years, the 30-year mortgage offers lower payments spread over time.
  • Stability: With a 30-year mortgage, you lock in a consistent principal and interest payment. Because of the predictability, you can plan your housing expenses for the long term. Remember: Your monthly housing payment can change if your homeowners insurance and property taxes go up or, less likely, down.
  • Buying power: With lower payments, you can qualify for a larger loan amount and a more expensive home.
  • Flexibility: Lower monthly payments can free up some of your monthly budget for other goals, like saving for emergencies, retirement, college tuition or home repairs and maintenance.
  • Strategic use of debt: Some argue that Americans focus too much on paying down their mortgages rather than adding to their retirement accounts. A 30-year fixed mortgage with a smaller monthly payment can allow you to save more for retirement.

That said, shorter-term loans have gained popularity as rates have been historically low. Although they have higher monthly payments compared to 30-year mortgages, there are some big benefits if you can afford the upfront costs. Shorter-term loans can help you achieve:

  • Greatly reduced interest costs: Because you pay off the loan faster, you’ll be able to pay less interest overall.
  • Lower interest rate: On top of less time for that interest to compound, most lenders price shorter-term mortgages with lower rates.
  • Build equity faster: The faster you pay off your mortgage, the faster you’ll own value in your home outright. That’s especially handy if you want to borrow against your property to fund other spending.
  • Debt-free sooner: A shorter-term mortgage means you’ll own your house free and clear sooner than you would with a longer-term loan.

What factors determine my mortgage rate?

Lenders consider several items when pricing your interest rate:

  • Credit score
  • Down payment
  • Property location
  • Loan amount/closing costs
  • Loan type
  • Loan term
  • Interest rate type

What comes next:

  • Getting preapproved for a mortgage
  • Steps in the mortgage underwriting process
  • How PMI could benefit homebuyers
  • What is a mortgage, and how do they work?
  • How to get the best mortgage rate
  • Calculator: How much house can I afford?
  • Mortgage lender reviews

Today's featured lenders, May 12, 2023

  • Movement Mortgage Review
  • AmeriSave Mortgage Corporation Mortgage Review
  • Anchor Home Mortgage Review
  • Wyndham Capital Mortgage Review
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