Today’s mortgage rates have increased, according to Freddie Mac. Since last week, the national average 30-year fixed mortgage rate has risen by seven basis points to 6.37%. The average 15-year rate is up eight basis points to 5.72%.
Mortgage rates have now inclined for two straight weeks. Both the 30-year and 15-year rates have hit four-week highs.
Obviously, no one likes to see higher rates. But in my decade of reporting on the housing market and mortgage rates, I’ve learned that — although interest rates are important —they are only one piece of the home affordability puzzle.
We should also consider other aspects of the housing market, such as home prices, inventory, and the amount of time properties stay on the market. When I bought my first house in 2022, these factors weighed more heavily on me than mortgage rates, which were rising at the time, by the way.
Let’s dive into how climbing mortgage rates will affect the spring housing market. May is peak homebuying season in many parts of the U.S., so is it still a good time to buy?
The spring housing market: beyond mortgage rates
Since the Covid pandemic hit the United States in 2020, the country has experienced a major seller’s market. Sellers have had much more power than homebuyers.
When I bought my house, this translated to entering a bidding war every time I submitted an offer on a house, paying significantly over asking price, and waiving all of the usual buyer’s contingencies. It was rough.
However, the housing market has started to self-correct since late 2025 and into 2026. So, even as mortgage rates remain over 6%, many homebuyers are in better positions than in the past several years. The housing market is beginning to resemble the pre-Covid market more closely.
Related: Redfin issues blunt warning about mortgage rates and housing market
Home prices soared for a few years, but as part of the market self-correction, prices are actually decreasing in parts of the U.S. The Realtor.com April 2026 Monthly Housing Report found that the median monthly list price per square foot decreased in 35 of the 50 largest U.S. metros.
The Realtor.com report also revealed that active and new listings each increased in April, both monthly and annually. Higher inventory means homebuyers have more options and less competition.
The Redfin Housing Market Tracker discovered that in the four-week period from April 6-May 3, listed homes stayed on the market for 43 days. The amount of time on the market has been steadily decreasing since late February.
This means homes are selling faster. As a homebuyer, you may need to submit an offer more quickly or craft a strategic bid to beat out the competition.
But 43 days is still almost twice as long as houses were staying on the market in 2022. Relatively speaking, buyers are still in a good spot.
How could today’s rates affect your mortgage payment?
Increasing mortgage rates can feel like the end of the world when you’re stressed about affordability. However, using real numbers can put the situation in perspective.
Using the Bankrate mortgage calculator, I’ve done the math to show you how current mortgage rates could affect your monthly payment toward the mortgage principal and interest. Let’s look at a 30-year fixed-rate mortgage.
According to Redfin data, the median sales price was $436,523 in March. So, let’s say you take out a $400,000 mortgage.
More on mortgage and mortgage rates:
- Housing market shift offers big opportunities in May 2026
- Berkshire Hathaway sends strong message about down payments
- How April Fed meeting impacts mortgage rates, housing market
Two weeks ago, the 30-year fixed mortgage rate was 6.23%, according to Freddie Mac. With a $400,000 mortgage loan and a 6.23% rate, your monthly payment would be $2,457.
Today’s 30-year rate is 6.37%. If you have a $400,000 loan with a 6.37% interest rate, your monthly mortgage payment would be $2,494.
Even though rates have increased for two straight weeks, you would only pay $37 more per month, or $444 per year. That might not be as stark a difference as you’d expect.
Keep in mind, this example only refers to your monthly payment toward the mortgage principal and interest. Expenses such as property taxes, homeowner’s insurance, mortgage insurance, and homeowners’ association dues can also make up your monthly payment. These numbers depend on where you live, though.
How to get a good deal on a house this spring
There are plenty of real estate factors you can’t control: market mortgage rates, inventory, home prices, and number of days on the market. Many of these depend on seasonality, the economy, or world events.
What about the factors you can control, though? What can you do to ensure you get the best possible deal when buying a home?
- Find a strong real estate agent. A Realtor who is familiar with your local real estate market will let you know what to expect during the house-hunting process and help you put together a competitive offer.
- Improve your financial profile. To snag a lower mortgage rate, you could boost your credit score, pay off high-interest debt, or save more for a down payment.
- Pay for mortgage discount points at closing. This can permanently lower your interest rate. Or consider a temporary buydown program, which provides a better rate for one to three years.
- Shop for mortgage lenders. By comparing three or four companies, you’ll discover which one offers the best combination of low rates and low lender fees. You can also search for lenders based on which type of mortgage loan you want or whether it has a temporary rate buydown program.
Related: Americans are losing money with this homebuying mistake
