Mortgage Rates Today, Friday, May 22: Moving Up

Mortgage interest rates rose today as progress toward a deal to end the Iran war appeared to stall.

The average interest rate on a 30-year, fixed-rate mortgage rose to 6.45% APR, according to rates provided to NerdWallet by Zillow. This is five basis points higher than yesterday but two basis points lower than a week ago. (See our chart below for more specifics.) A basis point is one one-hundredth of a percentage point.

P.S.: We’ll be out of the office on Monday in observance of Memorial Day, and markets will be closed, too. And as per always, there’s no trading — and we don’t update mortgage rates — on the weekends.

🤓 From the Nerds: Kate on Rates

The next major data drop that the Nerds are looking toward is the Personal Consumption Expenditures Price Index (PCE), which the Bureau of Economic Analysis is scheduled to release on May 28. This contains the Federal Reserve’s preferred inflation measure, and will likely sway mortgage rates.

The further inflation rises above the Fed’s target of 2%, the harder it will be for incoming Fed chair Kevin Warsh to push for a rate cut. If inflation grows too high, we might even be looking at the possibility of rate hikes in the fall.

Refinancing might make sense if today’s rates are at least 0.5 to 0.75 of a percentage point lower than your current rate (and if you plan to stay in your home long enough to break even on closing costs).

With rates where they are right now, you may want to start considering a refi if your current rate is around 6.95% or higher.

There is no universal “right” time to start shopping — what matters is whether you can comfortably afford a mortgage now at today’s rates.

Rate locks protect you from increases while your loan is processed, and with the market forever bouncing around, that peace of mind can be worth it.

In addition to market factors outside of your control, your customized quote depends on your:

Even two people with similar credit scores might get different rates, depending on their overall financial profiles.

Maybe — but even personalized rate quotes can change until you lock. That’s because lenders adjust pricing multiple times a day in response to market changes.

About the author

Abby Badach Doyle has been writing about homeownership and mortgages for NerdWallet since 2022. Her work has been featured in outlets including The Associated Press, The Washington Post and The Seattle Times. From interactive tools to practical advice, Abby is passionate about making the homebuying journey less stressful — especially for first-time buyers.

As a reporter, she is interested in writing about innovative housing solutions (like co-living) and personal stories about how homeownership builds community and a sense of belonging.

Abby is also a musician, songwriter and producer who knows the challenge of balancing creative fulfillment with financial stability. In 2024, she produced a special episode of NerdWallet’s “Smart Money” podcast on how to navigate income swings in a creative career.

Abby is based in Pittsburgh, a city defined by working-class grit and neighborly spirit. When she’s not writing about personal finance, she’s at her urban homestead: playing fiddle, raising chickens and preserving the bounty from her garden.