Mortgage Rates Diverge as 30-Year Fixed Falls to 6.27% on May 15

The average U.S. 30-year fixed mortgage rate fell 7 basis points to 6.27% on May 15, 2026, according to Zillow lender marketplace data, easing borrowing costs for homebuyers as rates remain just above 6%. The 20-year fixed rate declined 2 basis points to 6.17%, while the 15-year fixed rate rose 5 basis points to 5.72%. Zillow said the figures are national averages rounded to the nearest hundredth. Refinance rates also remained near current purchase-loan levels, though they are often higher. Freddie Mac’s latest weekly survey showed the average 30-year mortgage rate at 6.36% through May 13, down from 6.37% a week earlier and 6.81% a year earlier. The Mortgage Bankers Association expects the 30-year rate to stay near 6.30% through 2026, while Fannie Mae projects it will be slightly above 6% by year-end. Both forecasts point to limited rate movement in 2027.