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Rates Just Took a Nasty Turn – Here’s What You Need to Know (May 13, 2026)

If you’ve been waiting for mortgage rates to cool off before refinancing your home, bad news: conventional rates are up across the board today. According to the latest data from the Zillow lender marketplace, both purchase and refinance rates saw significant jumps compared to yesterday.

Let’s cut to the chase. For folks looking to refinance, the 30-year fixed refinance rate climbed to 6.23% – that’s a noticeable hike. And it’s not just the 30-year. Nearly every loan type got more expensive overnight.

So, what’s going on? And more importantly, should you still pull the trigger on a refinance or wait it out? We’ll break it all down in plain English.

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Today’s Mortgage Rates (For Home Buyers):Mortgage Refinance Rates

Before we dive into refinance numbers, here’s where purchase rates stand on Wednesday, May 13, 2026, according to Zillow data. Remember, these are national averages:

Loan Type	Interest Rate
30-year fixed	6.26%
20-year fixed	6.22%
15-year fixed	5.76%
5/1 ARM	6.47%
7/1 ARM	6.30%
30-year VA	5.65%
15-year VA	5.23%
5/1 VA	5.15%

The biggest movers? The 20-year fixed shot up 16 basis points and the 5/1 ARM jumped 17 basis points. If you’re house hunting, today’s rates sting a little more than yesterday’s.

👉 Learn more about how mortgage rates are determined

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Today’s Mortgage Refinance Rates (The Real Story):Mortgage Refinance Rates

Now for the main event – refinance rates. If you already own a home and were hoping to lower your monthly payment, today’s numbers aren’t pretty. Here’s the latest from Zillow for May 13, 2026:

Loan Type	Refinance Rate
30-year fixed	6.23%
20-year fixed	6.24%
15-year fixed	5.66%
5/1 ARM	6.12%
7/1 ARM	5.94%
30-year VA	5.60%
15-year VA	5.21%
5/1 VA	5.26%

A few things to notice:

• Refinance rates are now higher than purchase rates for many loan types (though not all). That’s unusual – typically, refis cost a bit more, but the gap has widened.
• The 20-year fixed refi rate (6.24%) is actually higher than the 30-year refi rate (6.23%). That’s a head-scratcher, but it happens when markets move fast.
• VA loans still offer the lowest refi rates, with the 5/1 VA at just 5.15%. If you’re a veteran, that’s your best bet.

Pro tip: These are national averages. Your actual rate will depend on your credit score, home equity, location, and lender. Shop around!

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Use This Mortgage Calculator Before You Do Anything:Mortgage Refinance Rates

Don’t guess your monthly payment – crunch the numbers first. Bookmark the Yahoo Finance mortgage payment calculator to see how different rates and loan amounts affect your wallet.

The calculator lets you factor in:

• Private mortgage insurance (PMI) if you put down less than 20%
• Homeowners association (HOA) dues if applicable
• Property taxes and home insurance

A $300,000loanat6.23$300,000loanat6.231,845**. At 5.66% (15-year fixed), that jumps to about **$2,475\ast \ast permonth\text{–}butyou\text{’}llsaveover$2,475∗∗permonth–butyou’llsaveover100,000 in total interest. Trade-offs, people.

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30-Year vs. 15-Year Refinance: Which One Makes Sense Now?

Let’s talk real talk. With rates climbing, your decision between a 30-year and 15-year refinance matters more than ever.

30-Year Fixed Refinance – The Safe Bet

• Pros: Lower monthly payments, predictable rate for three decades.
• Cons: Higher interest rate (6.23% today) and you’ll pay way more interest over time.
• Best for: Homeowners who need cash flow flexibility and plan to stay put for 5+ years.

15-Year Fixed Refinance – The Wealth Builder

• Pros: Lower rate (5.66% today), pay off your home twice as fast, save tens of thousands in interest.
• Cons: Monthly payments are significantly higher.
• Best for: Homeowners with stable, high income who want to own their home free and clear by retirement.

Example: On a $250,000loan,the30-yearrefiat6.23$250,000loan,the30−yearrefiat6.231,537/month. The 15-year at 5.66% costs ~$2,062\mathrm{/}month\mathrm{.}Thatextra$2,062/month.Thatextra525/month saves you about $110,000 in total interest over the life of the loan. Not chump change.

👉 Should you get a 15-year or a 30-year mortgage? Compare side-by-side here

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Adjustable-Rate Mortgages (ARMs) – A Risky Gamble Right Now?

ARMs like the 5/1 and 7/1 are supposed to offer lower intro rates than fixed loans. But today? That’s flipped. According to Zillow, the 5/1 ARM refinance rate is 6.12% – higher than the 30-year fixed refi rate (6.23%? Wait, no – 6.23% fixed vs 6.12% ARM, actually ARM is slightly lower. Let me correct: 6.12% ARM is lower than 6.23% fixed. So ARMs still have a tiny edge.)

But here’s the catch: After the intro period (5 years for a 5/1 ARM), your rate can adjust annually. With rates trending up, you could get hammered later. Only consider an ARM if you’re 100% sure you’ll sell or refinance again before the adjustment period kicks in.

👉 Learn more: Adjustable-rate vs. fixed-rate mortgages

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Frequently Asked Questions (Because We Know You’re Sweating)

What’s the 30-year refinance rate right now?

As of today, May 13, 2026, the national average 30-year refinance rate is 6.23% according to Zillow’s lender marketplace. But your local rate could be higher or lower – for example, mortgage rates vary by state, with high-cost cities often seeing higher rates.

Are mortgage rates dropping?

Not today. Rates are on the rise after a brief dip. Remember, at the end of March, the 30-year fixed touched nearly 6.50%. Then rates dropped almost half a point. But compared to yesterday? Everything’s up. The 20-year fixed jumped 16 basis points – that’s a big one-day move.

How do I get the lowest refinance rate?

Same playbook as when you bought your home:

1. Boost your credit score – even 20 points can shave 0.25% off your rate.
2. Lower your debt-to-income ratio (DTI) – pay down credit cards and avoid new loans.
3. Consider a shorter term – 15-year refi rates are lower than 30-year (5.66% vs 6.23%).
4. Shop at least three lenders – rates vary wildly.

One more thing: Refinance rates are often higher than purchase rates, but that’s not a law of nature. If you have strong equity (20%+) and excellent credit, you might snag a deal.

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The Bottom Line for American Homeowners:Mortgage Refinance Rates

Look, nobody likes seeing rates jump. Today’s 7-basis-point hike on 30-year refinance rates (that’s the “7” in our headline) is a gut punch if you were on the fence. But don’t panic. Rates are still far below the 7-8% range we saw in late 2023. If you can lock a 30-year refi at 6.23% and shave $200 off your monthly payment, that’s real money in your pocket.

The smart move: Run your numbers through the Yahoo Finance mortgage calculator. If your break-even point (closing costs divided by monthly savings) is under 24 months, go for it. If not, wait for the next dip – but don’t hold your breath. Rates are volatile.

Data source: Zillow lender marketplace, May 13, 2026. National averages rounded to nearest hundredth.