Mortgage Rates and Demand Fluctuate in May 2023.

Mortgage rates for 30-year terms remain unchanged at 6.5%, while rates for 20-year terms have fallen to 6%. Rates for 10- and 15-year terms have edged up, hitting 6% and 5.75%, respectively. Homebuyers looking to save the most on interest rates should consider 15-year terms at 5.75%. Meanwhile, mortgage refinance rates have held steady for 20- and 30-year terms, keeping the rates at 5.875% and 6.125%, respectively. Homeowners looking to refinance into a smaller monthly payment should consider 20-year terms over 30-year terms, as their rates are a quarter of a percentage point lower.