Current mortgage rates are up, but lower than they were seven days ago. Rates are lower than they were in early 2025, when the average 30-year fixed-rate mortgage reached above 7%. But rates are still relatively high as fears around stubborn inflation have kept the Federal Reserve from lowering its benchmark rate so far this year.

Mortgage Research Center. For 15-year fixed refinance mortgages, the average rate is 5.51%, and for 20-year mortgages, the average is 6.36%. Related: Compare Current Refinance Rates 30-Year Refinance Rates Drop 1.

Mortgage lenders use these arrangements to manage the risk of offering fixed-rate loans. If a bank is going to lend you money for, say, five years at a fixed rate, it will often enter into a five-year swap to secure its own funding costs for that period.