Mortgage rates – Mortgage shoppers got a small break on fixed rates this Sunday, May 31, 2026, while 5/1 adjustable-rate mortgages jumped sharply. Zillow’s lender marketplace showed a 30-year fixed rate falling to 6.33%, a 15-year fixed rate holding at 5.79%, and a 5/1 ARM ris
On a quiet Sunday, the numbers that shape millions of monthly budgets moved just enough to matter—especially for people considering an adjustable-rate mortgage.
Zillow’s lender marketplace put the current 30-year fixed rate at 6.33%, down 3 basis points. The 15-year fixed rate stayed unchanged at 5.79%. But the 5/1 ARM tells a different story: it rose by 24 basis points to 6.45.
The message for borrowers is clearest in that contrast. Fixed rates edged lower, but 5/1 ARMs have been anything but steady. Over the last few weeks, the 5/1 ARM rates have shown significant daily volatility, with this latest increase fitting that pattern.
The same data also lists these national averages for mortgage purchases: a 20-year fixed rate at 6.26% and a 7/1 ARM at 6.17%. Rates for government-backed loans were also lower than conventional options today. with the 30-year VA rate at 5.80%. the 15-year VA rate at 5.43%. and the 5/1 VA rate at 5.68%. All figures are national averages and rounded to the nearest hundredth.
Refinancers looking for a break received one where fixed rates were concerned, too. Today’s mortgage refinance rates from the same Zillow data set showed the 30-year fixed at 6.28% and the 20-year fixed at 6.30%. The 15-year fixed refinance rate was 5.80%. The adjustable-rate picture remained mixed: the 5/1 ARM refinance rate was 6.21% and the 7/1 ARM refinance rate was 6.23%. VA refinance rates were 5.76% for the 30-year, 5.41% for the 15-year, and 5.47% for the 5/1 VA.
These refinance rates come with an important caveat. Mortgage refinance rates are often higher than rates when you buy a house, although that’s not always the case.
Still. even when readers have the right headline number. the real-world decision comes down to what the rate means over time. The average 30-year mortgage rate today is 6.33%. With a 30-year term—spanning 360 months—monthly payments generally land lower than they do with shorter loans. The average 15-year mortgage rate is 5.79% today. typically lower than the 30-year rate. but it comes with higher monthly payments because the loan is repaid over fewer years.
The difference can be stark in dollars. Using the example included in the Zillow material. a $300. 000 mortgage at a 30-year term with a 6.41% rate would put principal and interest payments at about $1. 878.48 per month. and would result in about $376. 254 in interest over the life of the loan. The same $300. 000 with a 15-year term and a 5.80% rate would raise the monthly principal and interest payment to about $2. 499.27. but total interest over the years would be about $149. 869.
That’s the fork borrowers face when comparing fixed-rate and adjustable-rate structures. With a fixed-rate mortgage. the rate is locked in for the entire life of the loan. and borrowers get a new rate only if they refinance. An adjustable-rate mortgage keeps the rate steady for a predetermined period of time. and then it changes based on factors such as the economy and the maximum amount your rate can change according to the contract. The material gives a concrete example: with a 7/1 ARM. the rate is locked in for the first seven years. then changes every year for the remaining 23 years of the term.
Adjustable rates often begin lower than fixed rates, but once the initial rate-lock period ends, the rate can move up. The recent market movement described today—especially the 5/1 ARM jumping by 24 basis points—lands squarely in the type of uncertainty borrowers are trying to anticipate.
A practical takeaway runs through the rest of the figures: the people most likely to secure lower rates tend to be those with higher down payments. excellent credit scores. and low debt-to-income ratios. Zillow’s guidance in the material is direct—if you want a lower rate. saving more. improving your credit score. or paying down debt before you start shopping can help.
It also advises against waiting for rates to drop as the primary plan right now. If borrowers are ready to buy, focusing on personal finances is presented as the more reliable route to lowering a rate.
For those shopping for a lender. the advice is to apply for mortgage preapproval with three or four companies and apply within a short time frame to produce more accurate comparisons and have less impact on credit score. When comparing lenders, the material stresses that borrowers shouldn’t look only at interest rates. They should compare the mortgage annual percentage rate (APR), which includes the interest rate, discount points, and fees. The APR, expressed as a percentage, is described as the true annual cost of borrowing money.
On forecasts, the material points to two expectations for the 30-year mortgage rate through 2026. May forecasts from the MBA expect the 30-year mortgage rate to be between 6.4% and 6.5% through 2026. Fannie Mae predicts a 30-year rate of 6.3% through the end of the year.
For borrowers deciding what today’s move means—especially for anyone weighing a 5/1 ARM—the message is simple and immediate. Fixed rates are drifting down in small increments. but the adjustable-rate category is moving fast enough that timing and risk tolerance are no longer abstract concepts. They show up in the daily changes. in the basis points. and in the question of whether you can live with the swings after the initial lock period ends.
mortgage rates 30-year fixed 15-year fixed 5/1 ARM 7/1 ARM VA mortgage rates refinance rates Zillow lender marketplace interest rates today
So fixed rates went down but ARMs went up… love that for people trying to buy a house 🙃
Is this just Zillow being weird? I saw something on TikTok like last week it was all different, so idk what’s real. Either way 6%+ is insane.
If 5/1 ARMs are jumping by 24 basis points, doesn’t that mean they’re about to spike every month after year one? Like is that what happens? My cousin said ARM rates are “safe” which… doesn’t sound safe now.
Wait, I’m confused—aren’t VA loans already lower so why is the 5/1 VA still 5.68? Seems like they’re still playing games. Also “national average rounded” makes it sound made up, like your actual rate could be way worse depending on the zip code.