Mortgage rates today — May 11, 2026

The average 30-year fixed mortgage rate on May 11, 2026 is approximately 6.32%, and the 15-year fixed is averaging 5.65%, based on current industry data. The 5/1 adjustable-rate mortgage (ARM) is running around 6.41%. Rates have been holding in a relatively narrow band in the low-to-mid 6% range, as markets weigh persistent inflation concerns and ongoing uncertainty around Federal Reserve policy. Your actual rate will depend on your credit score, down payment, loan type, and lender — so while the national average is a useful reference point, it isn’t the rate you’ll necessarily be offered.

Today’s mortgage rates

The table below reflects current average interest rates across the most common loan types, based on industry data as of May 11, 2026. These are daily averages, not guaranteed offers — your rate will vary based on your financial profile and lender.

Example is for illustrative purposes only. Rates, payments, and total interest will vary based on credit profile, loan terms, and market conditions.

You can view today’s mortgage rates personalized to your loan profile on Better’s rate dashboard — no broker call or credit pull required to get started.

What’s moving rates today

Mortgage rates don’t move in isolation — they track closely with the yield on 10-year U.S. Treasury bonds, which responds to inflation expectations, Federal Reserve signals, and broader economic conditions.

As of May 11, 2026, inflation remains the primary force keeping rates elevated. Recent data and Fed commentary have reinforced that price pressures haven’t fully eased, which is limiting expectations for near-term rate cuts. With no Federal Reserve meeting scheduled for May, this week’s rate movement will be driven primarily by incoming economic data and bond market sentiment — including any developments related to global uncertainty, including the ongoing situation in the Middle East, which has been creating ripples in bond markets.

Industry economists broadly expect rates to remain in a 6.1%–6.4% range through the near term, with any easing more likely toward year-end if inflation data cooperates. Understanding why mortgage rates are going up or holding in any given week requires watching both the inflation picture and Fed communication. You can also read more about how economic conditions affect rates over different market cycles on Better’s resource hub.

How your rate is actually determined

National averages are useful for context, but the rate you’re offered will be specific to your financial profile. Lenders price risk — borrowers who present a lower likelihood of default typically receive lower rates. Several factors interact to determine where your rate lands.

Credit score. This is the single most significant individual factor. A borrower with a 760+ score will generally receive a meaningfully lower rate than one with a 640. Learning what determines mortgage rates at the borrower level is the most actionable place to start.

Loan-to-value ratio (LTV). The more you put down, the less you’re borrowing relative to the home’s value — and the lower the rate you’ll typically receive. Borrowers putting down less than 20% on a conventional loan also pay private mortgage insurance (PMI), which adds to the total monthly cost.

Debt-to-income ratio (DTI). Lenders evaluate how much of your gross monthly income goes toward debt payments. A lower DTI generally translates to better pricing and a stronger application overall.

Loan type. Conventional, FHA, VA, and jumbo loans are priced differently. A conventional loan within conforming limits will often price more favorably than a jumbo, and VA loans frequently offer competitive rates for eligible borrowers.

Loan term. 15-year fixed loans carry lower rates than 30-year fixed loans because the lender’s capital is at risk for a shorter period. The tradeoff is a higher monthly payment.

Knowing how these variables interact is one reason it pays to shop around for mortgage rates rather than accepting the first offer you receive. Even a 0.25% difference in rate can translate to tens of thousands of dollars over the life of a loan. Better’s rate tool lets you see your actual personalized rate online — not a national average — without any credit impact.

Credit score and rate impact

Your credit score has a direct and measurable effect on the rate you’re offered. The table below illustrates how score tiers typically affect pricing on a 30-year fixed conventional loan relative to the best-available tier.

Example is for illustrative purposes only. Rates, payments, and total interest will vary based on credit profile, loan terms, and market conditions.

If your score is below 680, steps like paying down revolving balances or correcting errors on your credit report could improve your position before you apply. If you want to know where you stand today, you can get pre-approved online — it won’t affect your credit.

30-year vs. 15-year fixed: which makes sense today

The 30-year fixed remains the most common mortgage in the U.S. because it spreads payments over a longer term, keeping monthly costs lower. The tradeoff is that you pay significantly more in total interest over the life of the loan.

A 15-year fixed loan carries a lower rate — currently about 0.67 percentage points below the 30-year — and builds equity much faster. The catch is a higher monthly payment, which can reduce how much house you qualify for.

Here’s an illustrative comparison using today’s approximate rates on a $300,000 loan:

Example is for illustrative purposes only. Rates, payments, and total interest will vary based on credit profile, loan terms, and market conditions.

The 15-year saves roughly $226,800 in interest in this scenario — but requires a monthly payment that’s about $608 higher. Whether that tradeoff makes sense depends on your income, budget flexibility, and how long you plan to stay in the home. Use Better’s mortgage calculator to run your own numbers at current rates. If you’re evaluating a refinance rather than a purchase, current refinance rates are available on the Better refinance dashboard.

Should I lock my rate now or wait?

Rate lock timing is one of the most common questions buyers have during the mortgage process, and there’s no universally correct answer. A rate lock typically lasts 30, 45, or 60 days and guarantees your interest rate while you complete the purchase process. If rates rise after you lock, you’re protected. If rates fall, you won’t automatically benefit — unless your lender offers a float-down option.

Many lenders offer float-down options that allow you to lock a rate and then move to a lower rate should it drop materially before closing. If this matters to you, ask about it specifically when comparing lenders.

With rates currently holding in a relatively narrow band and the near-term outlook for significant rate cuts uncertain, there’s no clear signal to wait. Buyers who attempt to time the market often find they’ve delayed a purchase without gaining a meaningful rate improvement. A more reliable approach is to understand whether mortgage rates are negotiable, compare at least two to three lenders, and lock when you have a rate your budget can comfortably support.

Frequently asked questions

What are mortgage rates today?

On May 11, 2026, the average 30-year fixed mortgage rate is approximately 6.32%, and the 15-year fixed is averaging 5.65%, based on current industry data. The 5/1 ARM is running around 6.41%. Your actual rate will depend on your credit score, down payment, loan type, and the lender you choose.

I have a 680 credit score — what mortgage rate can I realistically expect right now?

A 680 credit score typically places you in a mid-tier pricing bucket for conventional loans — you’ll likely pay 0.25–0.50% more than borrowers above 740. FHA loans may offer competitive rates at this score range, particularly with a lower down payment. The best way to find your actual rate is to get pre-approved — it takes about three minutes and won’t affect your credit.

Should I lock my mortgage rate today or wait to see if rates fall?

There’s no reliable way to predict short-term rate movements. If you’ve found a home and a rate you can comfortably afford, locking removes the risk of rates rising before you close. If you’re still in the shopping phase, it’s reasonable to wait — just understand that rates can move in either direction while you do.

I’m putting 5% down as a first-time buyer — will I get a higher rate than someone putting 20% down?

Generally, yes. A larger down payment reduces your loan-to-value ratio (LTV), which lowers the lender’s risk and typically results in better pricing. Borrowers putting down less than 20% on a conventional loan also pay private mortgage insurance (PMI), which is a separate cost on top of the rate. That said, the rate difference may be modest depending on your credit score and other factors — getting pre-approved is the most accurate way to see exactly where you’d land.

What is the difference between the interest rate and the APR on a mortgage?

The interest rate is the cost of borrowing the loan principal, expressed as a percentage. The annual percentage rate (APR) includes the interest rate plus lender fees — such as origination charges and mortgage points — rolled into a single annualized figure. APR gives a more complete picture of total loan cost and is most useful when comparing offers from multiple lenders.

How does inflation affect what I pay on a mortgage?

Mortgage rates track closely with 10-year U.S. Treasury yields, which respond to inflation expectations. When inflation is elevated or expected to stay high, bond investors demand higher yields to compensate — and mortgage rates follow. The Federal Reserve’s decisions on the federal funds rate influence inflation indirectly, which is why Fed commentary and meeting outcomes tend to move mortgage markets even when the policy rate itself doesn’t change.

Is a 15-year mortgage worth it at today’s rates, or should I stick with a 30-year?

At today’s rates, a 15-year fixed loan saves a substantial amount in total interest — roughly $226,000 on a $300,000 loan compared to a 30-year, based on current averages. The tradeoff is a meaningfully higher monthly payment. If your budget can support it and you plan to stay in the home long-term, the math generally favors the 15-year. If cash flow flexibility matters more, a 30-year with optional extra principal payments can offer a middle path. Use the mortgage calculator to model both scenarios with your actual numbers.

Rates have been in the 6% range for a while — is it worth buying now or should I wait for rates to drop?

That depends more on your personal financial readiness than on rate timing. Industry forecasts suggest rates are likely to stay in the 6%+ range through most of 2026, with only modest easing possible toward year-end. Waiting for a significant drop — to 5% or below — isn’t supported by current projections. Buyers who are financially ready and find a home that works for their budget are generally better served by acting than by waiting for a rate environment that may not materialize.

Whenever you’re ready to see what rate you’d actually qualify for, Better’s fully online process lets you check in minutes — no phone calls, no pressure.

Rates shown are daily average interest rates, not APRs, based on Better Mortgage data and are for informational purposes only. Rates are not guaranteed, may include borrower-paid or lender credits, and actual rates and terms vary by borrower and transaction. Comparison to industry average rates may not reflect individual borrower scenarios and is not a guarantee of lower rates or savings.