Mortgage interest rates moved lower on May 23, 2026, with the average 30-year fixed rate falling to 6.34%, according to Zillow lender marketplace data. The 15-year fixed rate dropped to 5.90%, and the 5/1 adjustable-rate mortgage fell to 6.29%.

The declines were measured but broad: the 30-year fixed slipped 12 basis points from the prior day, the 15-year fixed fell 7 basis points, and the 5/1 ARM dropped 19 basis points. Those are national averages, rounded to the nearest hundredth, and they matter because buyers and homeowners deciding whether to lock a loan now are watching every tick in borrowing costs.

The 30-year fixed mortgage remains the standard choice for many homebuyers because it offers lower and predictable monthly payments. That stability usually comes with a tradeoff: the 30-year rate is typically higher than a shorter fixed term and also higher than the intro rate on a 30-year ARM. The 15-year fixed mortgage usually carries a lower interest rate, but it also means larger monthly payments because the loan is paid off over a much shorter period.

Refinance rates are part of the same picture, even though they are often higher than the rates borrowers get when they buy a house. That is not always the case, but it is common enough that homeowners comparing options need to look at both sets of numbers before deciding whether to refinance or stay put.

The move on May 23 came after all three benchmark rates were higher on May 22 by the same amounts they fell a day later, leaving borrowers with a slightly better snapshot heading into the weekend. For anyone tracking a purchase or refinance, the practical question is not whether rates moved by a few basis points, but how much that change alters a monthly payment over the life of the loan.

Use the mortgage calculator below to see how today's interest rates would affect monthly mortgage payments.