Mortgage rates have increased this week, according to Freddie Mac. The national average 30-year fixed mortgage rate rose by seven basis points to 6.30%, and the 15-year fixed rate is up six basis points to 5.64%.
Rates have been unpredictable in 2026. Looking at the Freddie Mac rate archives, interest rates decreased for four straight weeks until the U.S. and Israel attacked Iran at the end of February. Then, rates increased for five weeks.
Finally, mortgage rates fell for three consecutive weeks in April. But now … they’re back up.
A rate increase can feel frustrating for potential homebuyers, especially when it looks unlikely that the 30-year rate will drop (and stay) below 6%.
However, my years of reporting on the housing market and mortgage rates have taught me that current rates aren’t as bad as they might seem. The sub-3% rates during the peak of the COVID-19 pandemic make rates in the 6% range feel abysmal.
But by evaluating longer-term trends, we can put today’s mortgage rates in perspective.
Mortgage rates have decreased over the last year
According to Freddie Mac data, the national average 30-year mortgage rate is down 46 basis points since this week in 2025. A year ago, the rate was 6.76%, and now, the rate is 6.30%.
The average 15-year rate is down 28 basis points since this week last year. Going into May 2025, it was 5.92%.
So, the 30-year rate is almost a half-percentage-point lower than this time last year, and the 15-year rate is over a quarter-percentage-point lower. This means homebuyers are in a better position now than a year ago, at least when it comes to interest rates.
Related: How April Fed meeting impacts mortgage rates, housing market
The 30-year rate is also a little lower than the 52-week average of 6.39%. Over the last year, the average 30-year rate has climbed as high as 6.89%.
The average 15-year fixed rate has risen above 6% in the last year, hitting 6.03% twice in spring 2025. Unfortunately, the current 15-year mortgage rate is just over the 52-week average — the 52-week average is 5.63%, and the rate is 5.64% right now.
However, a 15-year rate that has basically been flat for the past year isn’t the worst news in the world.
“Stable rates can encourage buyers who have been on the fence to move forward, helping to support a steady, gradual housing market,” head of consumer lending at Bank of America, Matt Vernon, previously told TheStreet.
Historical mortgage rates put current ones in perspective
Freddie Mac started tracking interest rates in April 1971, so we have data from over 55 years. When we calculate the average 30-year fixed mortgage rate since 1971, the average is 7.69% — 1.39% higher than today’s rate.
Many people got used to rates that were in the 3% range in 2020 and 2021. But when we look at historical mortgage rates, today’s rates are better than they might seem.
More on mortgages and mortgage rates:
- National Association of Realtors reveals problem with housing market, affordability
- Dave Ramsey’s controversial message about home affordability
- Fannie Mae predicts shift in mortgage rates, home prices
Apart from the COVID-19 pandemic, the 30-year fixed rate has only fallen below 3.5% a handful of times since Freddie Mac started tracking rates, and it’s never stayed that low for weeks or months on end.
The highest weekly 30-year rate to date is 18.39%. This occurred in October 1921, during a recession. That year, the average annual rate was 16.64%.
Not only are today’s mortgage rates low compared to last year, but they’re low when we look at rates from over 50 years.
What do today’s mortgage rates mean for homebuyers?
So, mortgage rates are higher than many of us would like, but they look much better when we see the bigger picture. If you’re considering buying a home in 2026, what does this mean for you realistically?
- Consider whether you can afford to buy a house, regardless of today’s rates. Consider everything from the down payment to monthly mortgage payments. “Elevated home prices and limited housing supply continue to be the primary drivers of affordability challenges,” Vernon told TheStreet.
- Since the April Federal Reserve meeting, the CME FedWatch tool has predicted that the central bank will not cut the federal funds rate in 2026. This is one signal that mortgage rates won’t plummet this year.
- Rates will likely stay above 6% this year, so don’t waste your time trying to time the real estate market. Make your decision based on what you can afford and whether your lifestyle is conducive to homeownership, not on whether home loan rates are a few basis points lower one week.
