U.S. — The average interest rate on a 30-year fixed mortgage for home purchases declined to 6.627% on May 27, 2026, down from 6.683% the previous day, according to Zillow data provided to U.S. News.

The slight drop follows a period of volatility in mortgage markets after the April 2026 consumer price index report, released on May 12, showed annual inflation rising 3.8%—the highest increase since May 2023. That inflation report prompted a spike in mortgage rates earlier in the month.

Much of the inflationary pressure in early 2026 has been linked to rising oil prices, which can increase the cost of manufacturing and transporting goods. Higher inflation typically leads to higher interest rates as lenders adjust to maintain returns amid decreasing purchasing power.

On May 27, other purchase mortgage rates included 6.551% for a 20-year fixed loan, 5.784% for a 15-year fixed loan, and 5.656% for a 10-year fixed loan. Adjustable-rate mortgages showed higher averages: 6.773% for a 7-year ARM, 7.044% for a 5-year ARM, and 8.25% for a 3-year ARM. Specialized loan types averaged 6.477% for jumbo mortgages, 5.811% for VA loans, and 6.25% for FHA loans. Refinance rates on the same day stood at 6.733% for 30-year loans, 6.704% for 20-year loans, 5.758% for 15-year loans, and 6.357% for 10-year loans.

Sam Khater, chief economist at Freddie Mac, urged homebuyers to take advantage of even modest rate movements. "As rates fluctuate, aspiring buyers should remember that by shopping around for the best mortgage rate and getting multiple quotes, they can potentially save thousands," he said.

Freddie Mac has tracked weekly mortgage rates since 1971. The median rate over that period is 7.24%. Rates fell to a historic low of 2.65% in January 2021 before rising sharply, reaching nearly 8% in October 2023. The record high of 18.63% occurred in 1981.