--- title: Here are Today's Best Mortgage & Refinance Rates for May 27, 2020 description: Today's mortgage rates remain close to record lows. authors: - name: Leslie Cook role: Editor, Real Estate url: https://money.com/author/leslie-cook/ bio: Leslie Cook is Money’s lead real estate editor covering trends in the housing market, mortgage rates and real estate. She also writes about home renovation trends and tips. education: Bryn Mawr College, BA History certifications: Certified Personal Finance Counselor at_money_since: 2019 articles: 797 covers: - Mortgages - Banking - Credit - Economy and Politics - Housing - Identity Theft - Insurance - Loans - Personal Finance - Professional Services - Retirement - Taxes social: - https://twitter.com/LeslieLCook - https://www.linkedin.com/in/leslie-cook-9829b9198/ published: '2020-05-27T14:41:47.000Z' modified: '2024-01-10T15:41:33.000Z' section: Mortgages tags: - Apex39 - Guides - rates word_count: 480 canonical: https://money.com/todays-mortgage-rates-5-27-2020/ type: Article source: structured-blocks --- > **Disclosure:** We may earn a fee if you click on the links below. Compensation does not determine ranking. Not all brands are included. [Learn more](https://money.com/page/disclaimer/). ![Mortgage-rate-May-27](https://img.money.com/2020/05/gettyimages-96161917.jpg) The real estate market continues to recover from coronavirus-related lock-downs, as mortgage applications rose for the sixth straight week, helped by historically low mortgage rates and pent-up demand. On Wednesday, the Mortgage Bankers Association said home purchase applications rose 2.7% for the week ended May 22. They were up 9% year over year. Home buyers in some hot markets have been working around pandemic precautions, even bidding on homes [they haven't seen in person](https://money.com/how-to-buy-a-home-virtual-tours/). “The economic lockdowns - occurring from mid-March through April in most states - have temporarily disrupted home sales,” said Lawrence Yun, chief economist at the National Association of Realtors said last week. “But the listings that are on the market are still attracting buyers and boosting home prices.” Homeowners also continue to rush to refinance their existing mortgages, with applications for the week ended May 22 more than double the same week in 2019, according to the MBA. [Some borrowers](https://finance.yahoo.com/news/home-loan-rates-below-3-142000886.html) have been able to secure rates below 3%. ## Average Mortgage Rates [The national average interest rate](https://money.com/current-mortgage-rates/ "(opens new window)") 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](http://www.freddiemac.com/pmms/ "(opens new window)"). 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%. A homeowner with a $250,000 mortgage balance paying 4.06% on a 30-year loan could cut their monthly payment from $1,202 to $1,087 by financing at today's lower rates. (It is important to note that refinancing involves closing fees and will reset the clock on your mortgage, meaning you will have to make payments longer.) 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](https://money.com/best-mortgage-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 27](https://www.quickenloans.com/mortgage-rates?qlsource=nav "(opens new window)"): 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 27](https://www.wellsfargo.com/mortgage/rates/ "(opens new window)"): 30-year fixed: 3.226% 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 27](https://www.chase.com/personal/mortgage/mortgage-rates "(opens new window)"): 30-year fixed: 3.093% 15-year-fixed: 2.641% 5-year ARM: 2.821% *(Rates based on New York City zip code 10006. Rates are APRs.)* ```json { "@context": "https://schema.org", "@graph": [ { "@type": "BreadcrumbList", "@id": "https://money.com/todays-mortgage-rates-5-27-2020/#breadcrumb", "itemListElement": [ { "@type": "ListItem", "position": 1, "name": "Home", "item": "https://money.com" }, { "@type": "ListItem", "position": 2, "name": "Mortgages", "item": "https://money.com/mortgages/" }, { "@type": "ListItem", "position": 3, "name": "Mortgage Rates", "item": "https://money.com/mortgage-rates/" }, { "@type": "ListItem", "position": 4, "name": "Here are Today's Best Mortgage & Refinance Rates for May 27, 2020" } ] }, { "@type": "WebSite", "@id": "https://money.com/#website", "url": "https://money.com", "name": "Money", "publisher": { "@id": "https://money.com/#organization" } }, { "@type": "WebPage", "@id": "https://money.com/todays-mortgage-rates-5-27-2020/#webpage", "url": "https://money.com/todays-mortgage-rates-5-27-2020/", "name": "Here are Today's Best Mortgage & Refinance Rates for May 27, 2020", "isPartOf": { "@id": "https://money.com/#website" }, "datePublished": "2020-05-27T14:41:47.000Z", "mainEntity": { "@id": "https://money.com/todays-mortgage-rates-5-27-2020/" }, "inLanguage": "en-US", "breadcrumb": { "@id": "https://money.com/todays-mortgage-rates-5-27-2020/#breadcrumb" }, "dateModified": "2024-01-10T15:41:33.000Z" }, { "@type": "Article", "headline": "Here are Today's Best Mortgage & Refinance Rates for May 27, 2020", "articleSection": "Mortgages", "image": [ { "@type": "ImageObject", "url": "https://img.money.com/2020/05/gettyimages-96161917.jpg", "width": 2880, "height": 1920, "caption": "Mortgage-rate-May-27" } ], "author": [ { "@type": "Person", "name": "Leslie Cook", "url": "https://money.com/author/leslie-cook/", "@id": "https://money.com/author/leslie-cook/#author", "description": "Leslie Cook is Money’s lead real estate editor covering trends in the housing market, mortgage rates and real estate. She also writes about home renovation trends and tips.", "image": "https://img.money.com/2020/04/Money_Headshots_2025-46.jpg?quality=85&w=640&h=640&crop=1", "email": "leslie@money.com", "jobTitle": "Editor, Real Estate", "hasCredential": [ { "@type": "EducationalOccupationalCredential", "credentialCategory": "certification", "name": "Certified Personal Finance Counselor" } ], "alumniOf": "Bryn Mawr College, BA History", "sameAs": [ "https://twitter.com/LeslieLCook", "https://www.linkedin.com/in/leslie-cook-9829b9198/" ], "worksFor": { "@id": "https://money.com/#organization" } } ], "publisher": "https://money.com/#organization", "datePublished": "2020-05-27T14:41:47.000Z", "description": "Today's mortgage rates remain close to record lows.", "abstract": "Today's mortgage rates remain close to record lows.", "@id": "https://money.com/todays-mortgage-rates-5-27-2020/", "inLanguage": "en-US", "dateModified": "2024-01-10T15:41:33.000Z", "wordCount": 480, "keywords": [ "Apex39", "Guides", "rates" ], "about": [ { "@type": "Thing", "name": "Mortgage", "sameAs": [ "https://en.wikipedia.org/wiki/Mortgage" ] } ] } ] } ```