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Published: May 27, 2020 4 min read
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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.

“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 have been able to secure rates below 3%.

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%. 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.


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:

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:

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:

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.)

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

Rates are subject to change. All information provided here is accurate as of the publish date.