Average 30-Year Mortgage Rate Hits 6.37% as of May 8, 2026

Mortgage interest rates in early May have held steady at elevated levels, offering borrowers a chance to compare offers but little relief from April's trends. Rates ticked higher this month after dipping below 6% for 30-year terms in mid-April. A Federal Reserve meeting on April 29 announced another rate pause, reversing that brief drop.

Several events this May could push rates lower, starting with next week's inflation data from the Bureau of Labor Statistics. Borrowers weighing a rate lock or delay need current figures as of May 8, 2026. The average 30-year mortgage rate stands at 6.37%, according to Zillow, with the 15-year median at 5.75%. Both mark a rise of roughly half a percentage point from early March, when 30-year averages hit 5.75% and 15-year rates reached 5.25%.

Shoppers can often secure rates half a percentage point below averages by comparing options. Online tools list rates, lenders and terms in one spot.

Refinance rates average 6.60% for 30-year mortgages and 5.67% for 15-year terms on May 8, 2026, per Zillow. Homeowners with rates above 7%—common in 2023 and 2024—may benefit from switching to a 30-year refi. Those above 6% seeking shorter payoffs could target the 15-year option. Closing costs apply either way, and refinancing rarely pays off without enough time in the home to recover them.

Current 30-year purchase rates average 6.37% and 15-year rates 5.75%. Refi rates are 6.60% for 30 years and 5.67% for 15 years. Though higher than earlier this year, they may suit some buyers and owners. Borrowers should calculate monthly payments and contact lenders for unlisted options.