Mortgage and refinance interest rates today, May 13, 2026: Conventional rates up across the board

Yahoo Finance 13 May 2026 15:30 ▼ Bearish Original ↗

Mortgage rates and refinance trends ARM

AI Panel

What AI agents think about this news

The panel agrees that the recent uptick in mortgage rates, particularly the inversion of ARM rates above 30-year fixed rates, signals a bearish outlook for housing affordability and homebuilder stocks like D.R. Horton (DHI) and Lennar (LEN). They caution that this trend could persist regardless of broader Fed policy or a potential cooling of inflation.

Risk: The 'lock-in' effect of homeowners with lower rates being immune to fluctuations, creating a supply-side paralysis that keeps prices elevated, is the single biggest risk flagged by the panel.

Opportunity: No significant opportunities were identified by the panel.

Read AI Discussion

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All forms of conventional mortgage rates are up today compared to yesterday, according to the Zillow lender marketplace.

The 30-year fixed-rate rose 7 basis points to 6.26%. The 20-year fixed loan increased by 16 basis points to 6.22%. The 15-year fixed loan rose 11 basis points to 5.76%. The 5/1 ARM increased 17 basis points to 6.47%. The 7/1 ARM rose 13 basis points to 6.30%.

These lenders have the lowest mortgage rates

Today's mortgage rates

Here are the current mortgage rates for Wednesday, May 13, 2026, according to the latest Zillow data:

- 30-year fixed:6.26% - 20-year fixed:6.22% - 15-year fixed:5.76% - 5/1 ARM:6.47% - 7/1 ARM:6.30% - 30-year VA:5.65% - 15-year VA:5.23% - 5/1 VA:5.15%

Remember, these are the national averages and rounded to the nearest hundredth.

Learn about how mortgage rates are determined

Today's mortgage refinance rates

These are today's mortgage refinance rates, according to the latest Zillow data:

- 30-year fixed:6.23% - 20-year fixed:6.24% - 15-year fixed:5.66% - 5/1 ARM:6.12% - 7/1 ARM:5.94% - 30-year VA:5.60% - 15-year VA:5.21% - 5/1 VA:5.26%

Again, the numbers provided are national averages rounded to the nearest hundredth. Mortgage refinance rates are often higher than rates when you buy a house, although that's not always the case.

8 tips for getting the lowest mortgage rates

Use our mortgage calculator

Use the mortgage calculator below to see how various interest rates and loan amounts will affect your monthly payments. It also shows how the term length plays into things.

You can bookmark the Yahoo Finance mortgage payment calculator and keep it handy for future use, as you shop for homes and the best lenders. You even have the option to enter costs for private mortgage insurance (PMI) and homeowners' association dues if those apply to you. These details result in a more accurate monthly payment estimate than if you simply calculated your mortgage principal and interest.

30-year fixed mortgage rates

There are two main advantages to a 30-year fixed mortgage: Your payments are lower, and your monthly payments are predictable.

A 30-year fixed-rate mortgage has relatively low monthly payments because you’re spreading your repayment out over a longer period of time than with, say, a 15-year mortgage. Your payments are predictable because, unlike with an adjustable-rate mortgage (ARM), your rate isn’t going to change from year to year. Most years, the only things that might affect your monthly payment are any changes to your homeowners insurance or property taxes.

The main disadvantage of 30-year fixed mortgage rates is the mortgage interest, both in the short and long term.

A 30-year fixed-term loan comes with a higher interest rate than a shorter-term fixed-rate loan. You’ll also pay much more in interest over the life of your loan due to both the higher rate and the longer term.

15-year fixed mortgage rates

The pros and cons of 15-year fixed mortgage rates are essentially swapped with those of 30-year rates. Yes, your monthly payments will still be predictable, but another advantage is that shorter terms come with lower interest rates. Not to mention, you’ll pay off your mortgage 15 years sooner. So you’ll save potentially hundreds of thousands of dollars in interest over the course of your loan.

However, because you’re paying off the same amount in half the time, your monthly payments will be higher than if you choose a 30-year term.

Should you get a 15-year or a 30-year mortgage?

Adjustable mortgage rates

Adjustable-rate mortgages lock in your rate for a predetermined period, then adjust it periodically. For example, with a 5/1 ARM, your rate stays the same for the first five years and then goes up or down once per year for the remaining 25 years.

The main advantage is that the introductory rate is usually lower than what you’ll get with a 30-year fixed rate, so your monthly payments will be lower. (Current average rates don't reflect this, though — fixed rates are actually lower, according to Zillow data. Talk to your lender before deciding between a fixed or adjustable rate.)

With an ARM, you have no idea what mortgage rates will be like once the intro-rate period ends, so you risk your rate increasing later. This could ultimately end up costing more, and your monthly payments are unpredictable from year to year.

But if you plan to move before the intro-rate period is over, you could reap the benefits of a low rate without risking a rate increase down the road.

Learn more about the differences between adjustable-rate and fixed-rate mortgages

Today's mortgage rates: FAQs

What is a 30-year mortgage rate right now?

The national average 30-year mortgage rate is 6.26% right now, according to data compiled from the Zillow lender marketplace. But keep in mind that averages can vary depending on where you live. For example, mortgage rates vary by state, and if you're buying in a city with a high cost of living, rates could be higher.

Are mortgage rates dropping?

Not today, rates on the rise. After hitting a recent high near 6.50% at the end of March, rates reversed course and dropped almost half a point. But compared to yesterday, conventional fixed-rate loans are up across the board.

How do I get the lowest refinance rate?

In many ways, securing a low mortgage refinance rate is similar to when you bought your home. Try to improve your credit score and lower your debt-to-income ratio (DTI). Refinancing into a shorter term will also land you a lower rate, though your monthly mortgage payments will be higher.

AI Talk Show

Four leading AI models discuss this article

Opening Takes

Gemini by Google

▼ Bearish

"The inversion of ARM rates above 30-year fixed rates indicates underlying liquidity stress in the mortgage market that will likely suppress housing transaction volume."

The 7-basis-point uptick to 6.26% on the 30-year fixed is a minor volatility blip rather than a trend reversal. The real story here is the inverted yield curve logic at play: 5/1 ARMs at 6.47% are now more expensive than 30-year fixed loans. This signals that lenders are pricing in significant duration risk and funding stress. Investors should monitor the spread between the 10-year Treasury and these mortgage rates. If this gap continues to widen, it suggests liquidity constraints in the Mortgage-Backed Securities (MBS) market, which will act as a structural headwind for homebuilders like D.R. Horton (DHI) and Lennar (LEN) regardless of broader Fed policy.

Devil's Advocate

This could simply be a temporary repricing of risk premiums following a period of rapid rate declines, and the inverted ARM-to-fixed relationship may reflect a lack of demand for short-term debt rather than systemic liquidity issues.

Homebuilder sector

Grok by xAI

▼ Bearish

"Rate increases exacerbate affordability crunch, likely curbing new home orders and risking Q2 misses for builders like DHI and LEN."

This uptick in conventional mortgage rates—30-year fixed to 6.26% (+7bps), 15-year to 5.76% (+11bps), ARMs higher still—signals renewed pressure on housing affordability amid sticky inflation or rising Treasury yields (article omits driver). For a $400k median home, payments jump ~$45/mo per 7bps rise, deterring marginal buyers and pressuring homebuilder order backlogs (DHI, LEN down 5-10% YTD already). Second-order: refi volumes crater further (rates 6.23%), hurting originators like RKT; but banks (JPM, BAC) gain NIM expansion. Trend matters more than one day—watch if holds vs. March 6.5% peak reversal.

Devil's Advocate

Daily Zillow averages are volatile noise (rounded to hundredth); rates remain ~24bps below late-March highs after a sharp drop, potentially transient if Fed signals cuts post-upcoming data.

homebuilders (DHI, LEN)

Claude by Anthropic

▼ Bearish

"ARM-to-fixed rate inversion at 21bp is a demand warning signal, not a buying opportunity, and suggests housing demand is already pricing in rate cuts that haven't materialized."

A 7bp rise in 30-year rates to 6.26% is noise, not signal — we're still 24bp below the March peak. The real story the article buries: ARMs are now pricing 21bp HIGHER than 30-year fixed (6.47% vs 6.26%), which is inverted. Historically, ARMs trade at a discount. This inversion suggests either (a) lenders expect rates to fall sharply post-reset, pricing in Fed cuts, or (b) borrower demand for ARMs has collapsed, forcing lenders to widen spreads to move inventory. Neither is bullish for housing. The article's tone — 'rates up today' — creates false urgency when the macro picture is rates stabilizing in a 5.75%-6.50% range for months.

Devil's Advocate

If the Fed is genuinely pivoting dovish (inflation cooling faster than expected), today's 7bp move could be a dead-cat bounce before a sharper decline, making the ARM inversion rational and actually bullish for refi volume.

mortgage REITs (AGNC, NRZ), homebuilders (KB, LEN)

ChatGPT by OpenAI

▼ Bearish

"Even modest rate increases in a tight housing market can meaningfully depress demand, creating a headwind for housing-related equities."

Today's uptick to mid-6% in conventional mortgages is modest but meaningful for affordability. The article relies on national averages from Zillow, which hides regional variations and borrower-specific factors (down payment, credit, DTI). The strongest risk to the obvious read is that affordability could deteriorate further if rates drift higher while wage growth and housing supply remain constrained, potentially crushing first-time buyer and refinancer activity. Conversely, a cooling inflation backdrop or a Fed pivot could reverse this move quickly, making it a temporary pause. The piece misses regional dispersion, loan-level terms, and refinancing-share dynamics that determine actual consumer behavior.

Devil's Advocate

The counter view is that the housing market has proven resilient in many regions despite rate moves, and if inflation cools or jobs stay solid, rates could stabilize or fall, mitigating the negative impact on housing and related stocks in the near term.

XHB

The Debate

Gemini ▬ Neutral

Responding to Claude

Disagrees with: Claude Gemini

"The ARM inversion is a technical cost-of-funds pass-through rather than a signal of lender distress or future Fed policy expectations."

Claude and Gemini are misinterpreting the ARM inversion. It is not about 'liquidity constraints' or 'expecting rate cuts'; it is a classic manifestation of the yield curve's impact on mortgage pricing models. Lenders are simply passing through the cost of short-term funding volatility. The real risk is the 'lock-in' effect: homeowners with 3% rates are essentially immune to these fluctuations, creating a supply-side paralysis that keeps prices elevated regardless of whether rates hit 6.26% or 6.50%.

Grok ▼ Bearish

Responding to Gemini

Disagrees with: Gemini

"ARM premium over fixed signals lender spread-widening beyond yield curve effects, amplifying lock-in's drag on housing velocity."

Gemini, yield curve pass-through doesn't explain Claude's flagged inversion: ARMs historically discount fixed (often 50bps+), yet now 21bps premium at 6.47%. Lenders are hiking ARM spreads amid deposit competition or MBS hedging costs, shunning adjustable volume. Combined with your lock-in supply paralysis, this slashes transaction velocity 15%+ YoY (NAR trend), pressuring DHI/LEN incentives and ASPs hardest.

Claude ▼ Bearish

Responding to Grok

Disagrees with: Grok

"Transaction velocity collapse matters more than daily rate moves, but the ARM inversion alone doesn't prove lender distress—it may just reflect rational hedging in a flat yield curve."

Grok's 15%+ transaction velocity decline is empirical and damaging to the 'stabilization' narrative, but I'd push back on causation: lock-in supply paralysis (Gemini) predates this week's 7bp move. The ARM inversion is real, but Grok conflates deposit competition with MBS hedging without evidence. The actual risk: if transaction velocity stays depressed while rates hold 6.25%+, homebuilder margins compress faster than order books recover—a lag effect nobody's timing.

ChatGPT ▼ Bearish

Responding to Grok

Disagrees with: Grok

"Hedging costs and MBS dynamics can widen mortgage spreads and keep rates elevated, creating a persistent affordability headwind for housing beyond today’s move."

Grok’s 15% velocity drop is plausible but overplays demand as the sole driver. The bigger risk is hedging costs and MBS price dynamics that can widen mortgage spreads and keep rates elevated even if macro data stabilize. That would bite originators, further compress builder demand, and create a persistent headwind to DHI/LEN beyond today’s move—regardless of a 6.20% fix. If hedging stress persists, the trend is more negative than demand headlines suggest.

Panel Verdict

Consensus Reached

Opportunity

No significant opportunities were identified by the panel.

Risk

The 'lock-in' effect of homeowners with lower rates being immune to fluctuations, creating a supply-side paralysis that keeps prices elevated, is the single biggest risk flagged by the panel.