Mortgage rates today, May 14, 2026

The 30-year fixed mortgage rate is 6.57% today, May 14, 2026 — up slightly from the prior day and at the highest level in six weeks. The increase follows a two-report inflation week in which both the Consumer Price Index and the Producer Price Index came in hotter than expected, pushing 10-year Treasury yields above 4.46% and pressuring lenders to reprice upward.

For buyers and homeowners tracking the market, the important context is this: even at today’s rate, the 30-year fixed is more than a third of a point lower than it was a year ago. Rates have improved — they just haven’t moved in a straight line.

Today’s mortgage rates

These are national averages — your actual rate depends on your credit score, down payment, loan amount, and lender.

What’s moving mortgage rates today

This was an unusually active week for inflation data, and both reports pushed in the same direction.

On Tuesday, the Bureau of Labor Statistics released April’s Consumer Price Index. Headline inflation came in at 3.8% year-over-year — up sharply from 3.3% in March and the highest reading in nearly three years. The primary driver was energy: elevated oil prices, hovering near $95 per barrel, have fed through to fuel, transportation, and goods costs across the economy. Core inflation, which strips out food and energy, also ticked up to 2.8% year-over-year.

Then on Wednesday, the Producer Price Index — which measures what businesses pay for goods before they reach consumers — showed an even larger surge in inflation than the CPI. While the underlying bond market recovered somewhat by end of day, lenders had already repriced, leaving the daily rate index at 6.57% for a top-tier 30-year fixed, up one basis point from the prior session.

The energy price connection

The link between geopolitical tension, oil prices, and your mortgage rate isn’t always obvious, but it’s real. Elevated energy costs push headline inflation higher. Higher inflation leads investors who hold bonds to demand better returns for the risk that inflation will erode the value of those bonds over time. When bond yields rise — particularly the 10-year Treasury yield, which is the most direct benchmark for mortgage pricing — lenders pass that cost on in the form of higher mortgage rates.

The 10-year Treasury yield closed above 4.46% this week, its highest level in months. That move is the mechanical reason rates are where they are today.

The Federal Reserve is currently holding its benchmark rate in a target range of 3.50% to 3.75%. There is no Fed meeting in May, and based on current market pricing, a rate cut is not expected in the near term. The central bank has signaled it needs to see sustained progress on inflation before moving, and this week’s data does not provide that.

How today’s rates compare

At 6.57%, the 30-year fixed is at a six-week high — but it’s worth putting that in context.

A year ago, the same loan was running roughly 0.35% higher. Earlier this spring, rates briefly dipped toward the low 6% range before geopolitical developments and a series of hotter-than-expected data prints pushed them back up. The current environment is volatile, with rates swinging by meaningful amounts within short windows in response to economic data.

According to recent forecasts from industry economists, the most likely scenario for the coming months is rates staying range-bound in the low-to-mid 6% range, with occasional moves in either direction depending on inflation data and any developments in ongoing international negotiations. A significant and sustained drop in oil prices — should geopolitical tensions ease — could create the conditions for rates to move lower. A continuation of the current energy environment or further inflation surprises would sustain upward pressure.

Should you lock your mortgage rate now?

If you are under contract and closing within the next 30 to 60 days, the case for locking today is straightforward. Rates are at a six-week high, there is no near-term policy catalyst that would drive them meaningfully lower, and the next scheduled Fed meeting is in June. Locking now eliminates the risk of a further increase before your closing date.

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. Ask your loan officer about the specific terms before making a decision.

If you are still early in your search — not yet under contract — the calculus is different. Rates could move in either direction over the next several weeks depending on upcoming inflation and jobs reports. Rather than trying to time the market precisely, most buyers are better served by understanding what rate they can actually qualify for based on their credit profile, and making their decision from there. Knowing current mortgage rates is a starting point, but your individual rate will depend on several factors specific to you.

How to get a lower rate than the average

The 6.57% figure is a national average for a top-tier borrower. Your actual rate can be higher or lower depending on four main factors.

Your credit score. Mortgage pricing is tiered by credit score. A score above 760 typically qualifies for the best available pricing. Scores below 700 can result in rates meaningfully higher than the average. If your score has room to improve before you apply, it may be worth the time. Understanding the minimum credit score for a mortgage for the loan type you’re pursuing is a useful first step.

Your down payment. A larger down payment reduces the lender’s risk, which can translate into better pricing. Conventional loans with 20% down typically offer better rate tiers than those with less.

Your loan type. As today’s table shows, FHA loans (6.02%) and VA loans (6.04%) are currently priced meaningfully below the conventional 30-year fixed — often by half a point or more for qualified borrowers. If you are eligible for a VA loan, it is almost always worth evaluating.

Comparison shopping. Rates vary by lender. Research consistently shows that borrowers who compare multiple lenders can find rates noticeably below average. Knowing how to shop around for mortgage rates before committing to a lender is one of the highest-value steps a buyer can take.

Better’s fully online process makes it easy to check your rate without a branch visit or a hard credit pull at the start — you can see what you actually qualify for in minutes. All rate and process claims align with better.com/claims.

Understanding the difference between pre-qualified vs. pre-approved is also worth knowing before you start. Pre-approval requires a soft vs. hard credit check — and the distinction matters for how your credit score is affected.

Why are mortgage rates rising even though the Fed hasn’t raised rates?

The Federal Reserve controls the federal funds rate — a short-term overnight lending rate between banks. Mortgage rates are primarily tied to the 10-year Treasury yield, which moves independently based on inflation expectations and bond market demand. When inflation rises, bond investors demand higher yields, and mortgage rates follow. The Fed’s actions influence this indirectly, but the 10-year Treasury yield is the more direct driver of what you pay on a 30-year mortgage.

What’s the difference between today’s rate and the rate I’ll actually get?

The rates in today’s table are national averages for well-qualified borrowers — typically someone with a credit score above 740, a 20% down payment, and a conforming loan amount. Your actual rate will be personalized based on your credit profile, loan size, property type, and the lender you choose. The best way to know your rate is to get pre-approved.

Is 6.57% a good mortgage rate right now?

In a historical context, rates in the mid-6% range are not unusually high — they are below the long-run historical average, which includes decades when rates were well above 8%. Relative to the past two years, though, 6.57% is elevated. Whether it’s the right rate for your situation depends on affordability, how long you plan to stay in the home, and what determines your individual mortgage rate.

Should I get an ARM instead of a 30-year fixed right now?

The 7/6 SOFR ARM is currently at 6.32% — about 25 basis points below the 30-year fixed. An ARM offers a lower rate for an initial fixed period, then adjusts annually based on market conditions. This can make sense for buyers who are confident they will sell or refinance before the initial period ends. It carries more risk for those planning to stay long-term. It is worth evaluating both options with a full understanding of how ARM adjustments work before deciding.

Could rates drop significantly before the end of 2026?

Possibly, but not by a large amount in the near term. Industry economists broadly project rates remaining in the low-to-mid 6% range for the foreseeable future. A meaningful drop would likely require a sustained cooling in inflation, a softening job market, or a de-escalation in geopolitical tensions that brings oil prices lower. Any of those could happen — but they are not certain. Planning your purchase around a specific rate forecast is risky. Planning around what you can afford at today’s rates is more reliable.

Are mortgage rates negotiable?

To a degree, yes. While lenders use standardized pricing grids tied to credit score, down payment, and loan size, the final rate you receive can be influenced by comparison shopping, lender credits, and discount points. Understanding whether mortgage rates are negotiable — and in what ways — is useful context before you start talking to lenders.

The bottom line on today’s rates

Mortgage rates are at 6.57% today — a six-week high driven by an unusually active inflation week. The near-term outlook is for rates to remain elevated unless inflation cools or geopolitical conditions shift.

For buyers, the most useful next step is not trying to predict where rates go from here. It is understanding what rate you specifically qualify for, getting pre-approved, and making a decision based on real numbers.

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.