Mortgages Move Up for Homeseekers: Mortgage Interest Rates for May 28, 2025

It’s been a bumpy few months for mortgage rates. Lingering inflation, the threat of a global trade war and growing recession worries have reduced affordable options for homebuyers.

For a 30-year fixed-rate mortgage, the average rate you'll pay is 6.99% today, up 0.07% over the last week. The average rate for a 15-year fixed mortgage is 6.21%, which is an increase of 0.08% compared to a week ago.

Given so much economic uncertainty, the Federal Reserve is adopting a wait-and-see approach when it comes to interest rate adjustments. After cutting borrowing costs three times last year, the central bank has held rates steady so far in 2025, extending its holding pattern for a third consecutive meeting on May 7.

If President Trump eases some of his aggressive tariff measures or if the ...