Today's Mortgage Rates on May 16, 2025: Stubbornly High Rates Weigh on Spring Homebuying

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.

The average interest rate for a standard 30-year fixed mortgage is 6.89% today, an increase of 0.06% over the last week. The average rate for a 15-year fixed mortgage is 6.04%, which is an increase of 0.02% from the same time last week.

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 ...