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Today’s Mortgage Rates Decrease: May 28, 2026

By U.S. News & World Report

Today’s average interest rate on a 30-year purchase mortgage is 6.604%, according to Zillow data provided to U.S. News. That’s lower than yesterday, when rates were 6.627%. For refinancing mortgages, today’s 30-year rate is 6.694%, and the current 15-year rate is 5.728%.

Interest rates on home loans have risen since the beginning of the U.S. war in Iran. The Middle East conflict has put upward pressure on oil prices, which can make other items more expensive to manufacture and transport. Put simply, higher oil prices mean higher inflation — and higher inflation means higher interest rates.

In fact, mortgage rates spiked after April’s consumer price index report was released on May 12, showing inflation increased 3.8% annually — the highest rate increase since May 2023. Much of that inflationary pressure can be directly attributed to rising oil prices. Most experts expect mortgage rates to stay relatively elevated over the next few years, stuck above 6% for the 30-year fixed term. Although there’s always the chance that something unexpected could happen in the U.S. economy that could send rates tumbling lower, it’s unlikely that rates will fall below 3% or even 4% in the foreseeable future.

[Read: Best Mortgage Lenders]

Current Mortgage Purchase Rates

Here are today’s interest rates for conforming purchase mortgages by loan term:

— 30-year fixed: 6.604%

— 20-year fixed: 6.506%

— 15-year fixed: 5.751%

— 10-year fixed: 5.656%

— 7-year ARM: 6.711%

— 5-year ARM: 7.069%

— 3-year ARM: 8.25%

And here are the current government-backed and nonconforming mortgage rates by loan type:

— Jumbo: 6.496%

— VA: 5.807%

— FHA: 6.25%

Current Mortgage Refinance Rates

Here are today’s mortgage refinance rates:

— 30-year fixed refi: 6.694%

— 20-year fixed refi: 6.669%

— 15-year fixed refi: 5.728%

— 10-year fixed refi: 6.357%

Mortgage refinance rates tend to follow the same trends as mortgage purchase rates, although interest rates on a mortgage refinance are often a few basis points higher than on purchase mortgages.

[Read: Best Mortgage Refinance Lenders.]

Mortgage Rate Trends in 2026 So Far

Freddie Mac collects weekly mortgage rate data, which can help provide context for mortgage borrowers on how and why mortgage rates change over time. Since the mortgage giant began collecting data in 1971, the median mortgage rate is 7.24%.

The 30-year fixed rate fell to a historic low of 2.65% in January 2021, driving up demand for purchase and refinance mortgages. Since then, mortgage rates rose to nearly 8% in October 2023 before coming down to around 6.5% currently. Still, that’s nothing compared with the record high of 18.63% recorded in 1981.

You can use the interactive mortgage rates graph below to see how 30-year fixed interest rates have changed so far in 2026, per Freddie Mac data.

[CHART]

Mortgage Monthly Payment Calculator

Your mortgage interest rate is just one aspect of your monthly housing payment. You’ll need to carefully consider how your home’s purchase price will impact your budget so you don’t buy more house than you can comfortably afford.

The mortgage term — or the length of your loan — will also significantly influence your monthly payments. Most borrowers opt for a 30-year fixed mortgage, which can keep monthly payments affordable because they are spread over a long repayment term. But if you can afford the higher monthly payments of a 15-year mortgage, it can save you tens of thousands of dollars in interest payments over time.

You’ll also need to consider property taxes, home insurance, homeowners association fees and private mortgage insurance, if applicable. You can use the calculator below to run the numbers for your financial situation.

How to Shop for a Mortgage

The mortgage rates we display on this page are national averages from lenders as provided to U.S. News by Zillow, not necessarily the exact rate you’ll receive. Mortgage rates fluctuate throughout the day, and some lenders may be able to offer more favorable pricing for your situation than others.

“As rates fluctuate, aspiring buyers should remember that by shopping around for the best mortgage rate and getting multiple quotes, they can potentially save thousands,” says Sam Khater, chief economist at Freddie Mac, in a statement.

Here are a few tips to help you shop for the lowest mortgage rate possible for your financial situation:

— Get your finances in order. Collect the documents you’ll need to apply for a mortgage using this handy checklist. You should also check your credit score and get a copy of your credit report to see where you stand.

— Apply through three to five lenders. Be sure to consider different loan types (such as FHA versus conventional) as well as different types of lenders (like online lenders versus credit unions). Keep your rate shopping to a two-week window to minimize the negative impact to your credit score.

— Compare loan estimates. This document will outline the loan’s costs, including origination charges, lender credits, discount points, as well as the loan’s interest rate and annual percentage rate, or APR. The APR includes the interest rate as well as any fees, making it a holistic way to compare the cost of multiple loan offers.

Check out this sample loan estimate from the Consumer Financial Protection Bureau to get a better idea of what to expect when comparing loan offers.

More from U.S. News

4 in 5 Homebuyers Are Still Waiting for Lower Mortgage Rates

When Will Mortgage Rates Go Down? See the 2026 Forecast

Historical Mortgage Rates: See Averages and Trends by Decade

Today’s Mortgage Rates Decrease: May 28, 2026 originally appeared on usnews.com

As Chicago rethinks its monuments, an artist surrounds George Washington with ‘Other Washingtons’

By CNN
Chicago (CNN) — In Chicago, a lone statue of George Washington is now surrounded by “Other Washingtons,” which take the form of blue flags bearing the faces of Black Americans who bear the same last name. They include a range of notable figures and local heroes, such as the inventor George Washington Carver, Academy Award-winner Denzel Washington, architect Roberta Washington, and South Side school band leader Benjamin Washington.Who is worthy of a monument? That question circulated across the United States six years ago as the country reckoned with racial injustice in the aftermath of the killing of George Floyd, including who is represented by, or excluded from, our public symbols. Statues of controversial figures were vandalized and taken down, with more than 160 Confederate works removed from public spaces in 2020.Chicago has offered its own answer: to commission new monuments or respond to existing ones, based on internal research that found the city had gaps in representation of gender and race. This year, its Department of Cultural Affairs and Special Events (DCASE) is unveiling a spate of new artist commissions, called the Chicago Monuments Project.“Other Washingtons,” which opened on Thursday in Washington Park, on the city’s South Side, was conceptualized by artist and architect Amanda Williams and is the second so far to be completed. It asks community members to think of the Washingtons that matter to them, with flags and accompanying banners telling their stories and that will rotate out annually for three years.The project is meant to represent “a living archive,” said Kenya K. Merritt, a commissioner from DCASE, in a statement. It “can continue to grow, reflect community memory, and make space for stories that are less widely known.”The design is modeled after the flags that surround the Washington Monument in the nation’s capital, and the colors Williams chose — blue, cream, chocolate and salmon — reference a color palette developed by George Washington Carver, that the artist has explored as part of a larger body of work on the scientist.Depicting Washington on horseback during the Revolutionary War, the original monument has been there since 1904, and is actually a replica of one gifted to France. For a long time, the statue was fenced in after it was vandalized in June 2020. Monuments to Washington and other Founding Fathers were targeted by anti-racist protestors. Washington himself had hundreds of slaves at his home and plantation in Virginia. With the statue in Chicago located in a predominately Black neighborhood, Williams believes it doesn’t fully represent the community in which it resides.“How do you make the site relevant again?” That was the question on her mind when she received the commission, she explained in an interview at the opening event. “What does it mean to not touch him, but to make something that will maybe obscure him?”A monument to manyWilliams’ idea began to take shape with census research, finding that Washington has long been one of the top surnames almost entirely associated with Black Americans. In the 2000s, it reached the top spot, with around 90% of Washingtons identifying as African American. (In the 2020 census, the surname was outranked only by Pierre, though Washington is a much more common name.)It became clear to her then that she could monumentalize many Washingtons who might be more meaningful to passersby, from musicians and athletes to politicians and local heroes. In collaboration with the educator and nearby Englewood resident Candice Washington, who is curating the project, they launched a website to ask for collective input.“It allows the community to really take ownership,” Williams said. “They need to know these are their stories.”“Other Washingtons” is one of eight commissions planned across the city as part of the Chicago Monuments Project, which has received $6.8 million from the Mellon Foundation. Last month, markers around the city were completed to commemorate the victims of the Chicago Race Riot of 1919. Other commissions include a monument to honor Native voices, a sculpture of gospel singer and Civil Rights activist Mahalia Jackson, and a site to recognize the survivors who were tortured by the Chicago Police Department during the 1970s-1990s.But the initiative is bearing the fruits of its labor during President Trump’s second term, when the federal government, in contrast, has doubled down on honoring figures traditionally exalted in US history and is funding such monuments at a breakneck pace. The White House has announced a location for its long-planned National Garden of American Heroes, added sculptures of the Founding Fathers to a newly paved Rose Garden, regilded existing mythological statues by Leo Friedlander, and is pursuing a 250-foot-tall triumphal arch that would dwarf the Lincoln Memorial.Chicago mayor Brandon Johnson, who spoke at the opening of “Other Washingtons,” hopes that the city can set an example through the Chicago Monuments Project.“Through this initiative, Chicago sets a national model for how cities can invest in public art to preserve history, strengthen communities, and inspire real dialogue,” said Mayor Brandon Johnson in his public remarks. “‘Other Washingtons’ expands our understanding of our history and honors the many Washingtons who contribute and have shaped this city, and that will continue to inspire future generations.”At the event, some of those honored and their families were present. The local band leader Benjamin Washington was there, who Williams had not yet met. She ran up to introduce herself and shake his hand before speaking at the podium. After the remarks, different Washingtons smiled and took photos beneath their banners, wearing stickers that said “I’m a Washington.”“My name is Sonya Washington,” one woman said, pointing up to a banner as she introduced herself. “You can find me up there.”The-CNN-Wire™ & © 2026 Cable News Network, Inc., a Warner Bros. Discovery Company. All rights reserved.
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