Average 30-Year Mortgage Rate Falls to 6.25% on May 11

Mortgage interest rates keep changing even without a Federal Reserve meeting. Borrowers face that situation this May as other factors, including Tuesday's inflation report, take center stage. The prior report showed a rate increase, so any drop would help. A sharp decline could prompt lenders to cut rates without waiting for the Fed.

Rates have improved from May 2025 offers and from May 2024 as well. Shoppers who compare online lenders can often lock in a rate about half a percentage point below average. To find the best deals as of May 11, 2026, borrowers should check current standings.

The average rate on a 30-year mortgage stands at 6.25% as of May 11, 2026, according to Zillow. The 15-year average is 5.75%. Both dipped a bit from recent days but remain above the 5.99% and 5.50% seen in mid-April. Borrowers can buy points to shave around 50 basis points off these averages. That upfront fee to the lender might pay off if it enables homebuying. Lenders can explain point options and whether they fit a borrower's needs.

Refinance rates average 6.57% for 30-year terms and 5.59% for 15-year terms on May 11, 2026, per Zillow. Experts often advise refinancing if the new rate sits a full percentage point below the current one. A half-point drop can still make sense based on savings. Closing costs on refinances can offset some benefits from lower rates, though.

Average purchase rates hit 6.25% for 30-year loans and 5.75% for 15-year loans as of May 11, 2026. Refinance medians are 6.57% for 30 years and 5.59% for 15 years. These figures come from Zillow alone. Borrowers seeking better terms should compare lenders, talk options and weigh points to get the right rate now.