CNBC Select’s weekly mortgage rate snapshot: See your options today

Average mortgage rates remained relatively steady this week, after jumping to their highest levels since September 2025 the week prior.

The U.S. 30-year fixed mortgage rate averaged 6.53% during the week ending on May 28, according to the latest Freddie Mac Primary Mortgage Market Survey (PMMS). That's a 0.02-point increase from the week prior, after a 0.15-point jump the week before that. The 15-year fixed mortgage rate averaged 5.87%, 0.02 points higher than the week before.

"Pending home sales have increased three months in a row, indicating there's latent demand and homebuyers are ready to jump back into the market if mortgage rates decline," Freddie Mac's Chief Economist Sam Khater wrote in a press release.

Mortgage rates have been yo-yoing since the start of the Iran war in late February. They spiked in March, then fell for several weeks and have trended upward for the past month. While they're higher than what experts predicted at the beginning of the year, they're still down significantly year over year: The 30-year fixed-rate averaged 6.89% and the 15-year fixed-rate averaged 6.03%, per the PMMS.

Most homebuyers who take out mortgages have a 30-year fixed-rate or 15-year fixed-rate term. The mortgage rate will affect how much a homeowner pays monthly and how much they pay over the life of the loan.

Lenders set rates based on a variety of individual and economic factors, including inflation and the rate environment, as well as a borrower's credit score and debt-to-income ratio. While rates on debt like credit cards and loans move alongside the federal funds rate, mortgage rates are more closely linked to the 10-year Treasury yield.

The local and national housing market, government policy and the economy at large also impact rate pricing. In addition, a mortgage borrower's credit score, income and debt profile will affect the rate they are quoted.

Rates fell below the 6% mark in February for the first time since September 2022. It was a long-awaited drop that experts predicted would be psychologically significant enough for buyers waiting on the sidelines to reenter the market. Experts said this mark would likely spur activity in the housing market after a frosty year in 2025.

However, when the U.S. entered a conflict with Iran on Feb. 28, oil prices spiked, which forced rates up. Housing economists had predicted before the war began that rates would remain above or near 6.0% on average throughout this year, averaging at or just above 6% by year-end. Rates decreased modestly over several weeks after the hike.

In addition to market conditions and the economy, lenders use the borrower's financial profile to determine the rate of each mortgage.

While you can't control the economic environment, you can improve your chances of getting the best rate possible by doing a few things before applying for a mortgage.

Improve your credit score

In a lender's calculation, the higher your credit score, the more likely you are to pay your bills on time and vice versa. To account for risk, lenders charge higher mortgage rates to those with lower credit scores: an analysis of data by Experian from January 2025 showed that your rate could vary by more than half a point if you had a 620 credit score versus an 840 credit score.

Save for a larger down payment

Lenders also see borrowers who own more of their home outright as less risky, meaning if you save for a larger down payment, you could get a better rate. You also won't have to pay for private mortgage insurance if you put down at least 20%.

Pay down your debts

Lenders prefer a low debt-to-income ratio, and they'll charge a higher rate for those who carry more debt relative to their income. Paying down debts before you apply for a mortgage could help you get the best possible rate.

What is Freddie Mac's PMMS and why does Select use it?

At CNBC Select, we report on Freddie Mac's PMMS weekly. Freddie Mac — short for Federal Home Loan Mortgage Corporation — is a government-sponsored enterprise that buys mortgage loans from lenders so that they have enough liquidity to continue lending. It's one of the most significant players in the mortgage market.

It also dictates terms for conforming loans. Lenders use these terms to underwrite conforming mortgages so they can sell them to Freddie if they choose to. Its weekly average of 15-year and 30-year conventional, conforming loans is a retrospective look at thousands of mortgage loans signed across the country during any given week. It tells us where mortgage rates are trending and how market trends and current events have impacted the market.

Select likes to report on this number to show our readers who are existing or prospective mortgage borrowers looking for insights to help them with their finances understand where the mortgage market is trending, why that is and what that means for you.

At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every mortgage article is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of mortgage products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.

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