Mortgage rates today — May 12, 2026

The average 30-year fixed mortgage rate is 6.49% on May 12, 2026, based on the latest industry rate data — up 7 basis points to start the week. The 15-year fixed is running around 5.80%. Rates ticked higher after news over the weekend that a proposed ceasefire in the Iran conflict was rejected, pushing bond yields and oil prices higher. Your actual rate will depend on your credit score, down payment, loan amount, and the lender you choose.

Today’s mortgage rates — May 12, 2026

Here’s where rates stand today, based on current market averages:

These are national averages — your actual rate depends on your credit score, down payment, loan amount, and lender. Rates are interest rates, not APRs.

What’s moving mortgage rates today

Rates didn’t creep higher in a vacuum. The main driver right now is geopolitical: the ongoing Iran conflict continues to keep oil prices elevated, and elevated oil prices feed inflation expectations. Inflation erodes the value of fixed-income bonds, so bond investors demand higher yields to compensate — and mortgage rates move in lockstep with those yields, particularly the 10-year Treasury.

Over the weekend, news broke that the U.S. rejected Iran’s counterproposal for a ceasefire. The mortgage-backed securities (MBS) market opened weaker on Monday as a result, and lenders raised rates accordingly. That dynamic is still playing out this morning.

A basis point is one-hundredth of one percent (0.01%). When you see rates described as up 7 basis points, that’s a move of 0.07% — meaningful in dollar terms over a 30-year loan, but not a cliff-jump.

The Federal Reserve has kept its benchmark federal funds rate on hold. It’s worth noting that the Fed doesn’t set mortgage rates directly — mortgage rates are set by the bond market. The Fed’s posture matters because it influences investor expectations about future inflation, but the day-to-day movement in mortgage rates comes from bonds, not Fed meetings.

For more context on the mechanism behind rate swings, see what determines mortgage rates and why mortgage rates are going up.

How today’s rates compare to recent weeks

Perspective matters when you’re deciding whether to act. Rates on the 30-year fixed hit approximately 5.99% in early May 2026 — a recent low point driven by a temporary ceasefire extension and steady improvement in the bond market. That was a meaningful window.

Since then, the rejection of Iran’s peace counterproposal pushed rates back up sharply. The 30-year fixed now sits about 0.50% above that early-May floor. Based on current market averages and the latest industry data, economists do not expect a rapid return to sub-6% territory unless the geopolitical picture changes materially.

The practical takeaway: if you were watching and waiting for rates to fall back to early-May levels, that window has closed for now. Rates remain well below the peaks seen in late 2023 and early 2024, but the near-term trend is higher, not lower.

For a longer-term view of rate behavior, see current mortgage rates.

What today’s rate means for your monthly payment

Here’s what the 30-year fixed rate of 6.49% translates to in principal and interest payments at three common loan amounts:

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 option carries a higher monthly payment but a significantly lower interest rate and dramatically less total interest paid over the life of the loan. If your budget can absorb the higher payment, the long-term savings are substantial.

Use the mortgage calculator to run your specific numbers — including down payment, loan amount, and local taxes and insurance.

Should you lock your rate now or wait?

This is the most common question buyers and refinancers face in a volatile rate environment — and there’s no universal right answer. Here’s an honest breakdown of both sides.

The case for locking now: Rates have risen roughly 0.50% in less than two weeks on the back of geopolitical news. That’s a significant move. War-related uncertainty tends to keep bond yields elevated until there’s a concrete resolution — and there isn’t one in sight. Locking protects you from further upside risk. Many lenders also offer float-down options that allow you to lock a rate and then move to a lower rate should it drop materially before closing.

The case for waiting: If the Iran conflict de-escalates, rates could pull back. Inflation data later this month could also surprise to the downside, giving the bond market room to improve. Buyers who locked in early May paid for the privilege of doing so — they got a rate that quickly looked expensive.

The right move depends on your timeline, your risk tolerance, and how far along you are in the homebuying process. If you’re under contract with a closing date approaching, locking soon makes sense. If you’re still shopping, you have more flexibility.

For rate lock guidance, see should I lock my mortgage rate.

How to get a lower mortgage rate today

The national average is just a reference point — your actual rate is influenced by factors you control.

Improve your credit score. Lenders price risk. A borrower at 760+ typically receives a meaningfully lower rate than a borrower at 680. Even a 20-point improvement in your score can change your rate tier. Check your report for errors before applying.

Increase your down payment. Putting 20% or more down eliminates private mortgage insurance (PMI) and often unlocks a lower rate tier, since lenders see a lower loan-to-value ratio as lower risk.

Shop multiple lenders. Rates vary by lender, and the first quote you receive is rarely the best available. See our guide to how to shop around for mortgage rates for a practical framework. You may also want to understand are mortgage rates negotiable — because in many cases, they are.

Better’s fully online platform lets you check current mortgage rates and get pre-approved in minutes, without a hard credit inquiry. If you’re considering refinancing, compare refinance rates alongside your current loan terms to confirm whether the numbers work in your favor.

Frequently asked questions

What is the mortgage rate today on May 12, 2026?

The average 30-year fixed mortgage rate is 6.49% as of May 12, 2026, based on current industry rate data. The 15-year fixed is approximately 5.80%, and the 5/1 ARM is around 6.30%. These are national averages — your actual rate will vary based on your credit score, down payment, and loan details.

Why are mortgage rates going up right now even though the Fed hasn’t raised rates?

The Federal Reserve’s benchmark rate and mortgage rates are related but not the same thing. Mortgage rates are driven by the bond market — specifically mortgage-backed securities and the 10-year Treasury yield. Right now, ongoing geopolitical tensions are keeping oil prices elevated, which raises inflation expectations, which pushes bond yields higher. That’s what’s driving rates up, independent of Fed action.

Rates went up this week — should I lock now or wait to see if they come back down?

It depends on your timeline and risk tolerance. Rates have moved up about 0.50% in less than two weeks on war-related news. If you’re under contract with a close date approaching, locking soon reduces your exposure to further volatility. If you’re still shopping, you have more flexibility. Many lenders offer float-down options that let you lock a rate and still capture a lower rate if conditions improve before you close.

I have a 680 credit score and 5% down — will I actually get the advertised rate?

Probably not the same rate as the national average headline, which typically reflects top-tier borrowers with 760+ credit scores and 20% or more down. At 680 and 5% down, lenders will price in additional risk, which usually means a rate 0.25% to 0.75% higher depending on the lender and loan type. The best way to find your real rate is to get pre-approved — it gives you a real number based on your actual profile.

How much does the 30-year vs. 15-year difference actually matter at today’s rates?

At current rates, the monthly payment on a $400,000 30-year loan at 6.49% is roughly $2,527 in principal and interest. The same loan over 15 years at 5.80% runs about $3,333 per month. The 15-year builds equity faster and costs dramatically less in total interest over the life of the loan. Use the mortgage calculator to run your specific scenario.

How does the Iran war affect my mortgage rate?

The connection runs through oil and inflation. Ongoing conflict keeps oil prices elevated. Higher oil prices increase the cost of shipping and manufacturing, feeding broader inflation. Bond investors demand higher yields to protect against inflation eroding their returns, and mortgage rates follow those yields higher.

Today’s rate environment is volatile and geopolitically driven. The 30-year fixed at 6.49% is meaningfully higher than where it sat just two weeks ago, and the near-term path depends on developments that are genuinely hard to predict. What you can control is your credit profile, your down payment, and how many lenders you compare.

The national average is a starting point — not your rate. The only way to know your actual number is to check.

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.