Many companies featured on Money advertise with us. Opinions are our own, but compensation and
in-depth research determine where and how companies may appear. Learn more about how we make money.

Advertiser Disclosure

The purpose of this disclosure is to explain how we make money without charging you for our content.

Our mission is to help people at any stage of life make smart financial decisions through research, reporting, reviews, recommendations, and tools.

Earning your trust is essential to our success, and we believe transparency is critical to creating that trust. To that end, you should know that many or all of the companies featured here are partners who advertise with us.

Our content is free because our partners pay us a referral fee if you click on links or call any of the phone numbers on our site. If you choose to interact with the content on our site, we will likely receive compensation. If you don't, we will not be compensated. Ultimately the choice is yours.

Opinions are our own and our editors and staff writers are instructed to maintain editorial integrity, but compensation along with in-depth research will determine where, how, and in what order they appear on the page.

To find out more about our editorial process and how we make money, click here.

By Ian Salisbury
May 26, 2020
Getty Images

The U.S. economy may still be reeling from Coronavirus, but the housing market has proved surprisingly resilient — due, in part, to near-record low interest rates.

May is generally considered the height of the real estate market’s selling season. While the U.S. economy is only beginning to re-open, real estate brokers in many parts of the country, say it’s a sellers market, as inventory remains tight and low interest rates allow buyers to stretch budgets.

“It’s a perfect time for a seller to sell, as long as they are market ready,” broker Lisa Milkovich recently told SeattlePi.

“If it goes on the market, it goes away,” Nashville realtor told Craig Edwards told Fox 17 Nashville.

Average Mortgage Rates

The national average interest rate for a 30-year fixed-rate mortgage was 3.24% with 0.7 points paid, for the week ending May 21, according to Freddie Mac.

That’s just 0.01 percentage points above the all-time low of 3.23% set April 30.

A year ago the average rate was 4.06%. This year’s lower rates mean would-be home buyers can borrow more or, alternatively, save hundreds of dollars a year on mortgage payments. The monthly cost of a $250,000 mortgage at 4.06% is $1,202. At today’s average rate of 3.24% it’s just $1.087.

According to Freddie Mac the average rate for a 15-year fixed-rate mortgage was 2.7%, while the average rate on a 5-year adjustable-rate mortgage was 3.17%.

Today’s Mortgage Rates

Of course mortgage rates vary widely by location and personal factors like the type of home you plan to buy, your down payment and your credit score. Here are today’s advertised mortgage rates at some of mortgage industry’s largest lenders.

Quicken

Quicken, a non-bank lender based in Detroit, is the nation’s leading mortgage lender by dollar origination volume.

Mortgage rates advertised for May 26:

30-year fixed: 3.139%

15-year-fixed: 2.961%

(Quicken doesn’t advertise an five-year adjustable rate. Rates are APRs.)

Wells Fargo

Based in San Francisco, Wells Fargo has more than 7,000 locations.

Mortgage rates advertised for May 26:

30-year fixed: 3.236%

15-year-fixed: 2.700%

5-year ARM: 2.908%

(Rates are APRs.)

JP Morgan Chase

Based in New York, JP Morgan Chase has nearly 5,000 U.S. branches.

Mortgage rates advertised for May 26:

30-year fixed: 3.195%

15-year-fixed: 2.659%

5-year ARM: 2.831%

(Rates based on New York City zip code 10006. Rates are APRs.)

We also cover mortgage rates on a weekly basis with analysis of the latest numbers from Freddie Mac.

More from Money:

Best Mortgage Lenders of 2020

The Real Estate Market Is Hot Despite Coronavirus. Here’s How Homebuyers Can Still Get a Good Deal

Where Home Prices Are Heading in the Age of Coronavirus

You May Like

EDIT POST