Mortgage rates for May 22: Rates spike to two-month peak

The average for a 30-year fixed-rate mortgage catapulted to 6.90% this week, the highest since the banking crisis in March brought potential homebuyers some relief, according to Mortgage News Daily. If you can stomach the higher monthly payments on a 15-year mortgage, they’re offering the best rates these days, averaging 6.25%. The average rate on a 30-year jumbo mortgage, meanwhile, is 6.55% and the average for a 5/1 ARM sits at 6.55%.