Mortgage rates are influenced by various factors, including market conditions and your personal credit and financial situation. Mortgage rates change frequently, but you can minimize the fluctuations by requesting a rate lock.

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.

Mortgage Research Center. Rates averaged 5.84% for a 15-year financed mortgage and 6.78% for a 20-year financed mortgage.Related: Compare Current Refinance Rates 30-Year Refinance Rates Drop 1.17% At 6.