Average 30-Year Mortgage Rate Hits 6.37% on May 5, 2026

Homebuyers and refinancers searching for low mortgage rates have faced frustration in recent years, especially recent weeks. Rates dipped below 6 percent in March before surging by month's end due to overseas conflicts and market uncertainty. They fell briefly in April but climbed again last week after the Federal Reserve held interest rates steady for the third time in 2026. No Fed meeting is scheduled for May, so borrowers seeking relief must look elsewhere for now.

Rates could still drop, even this May. The Fed is just one factor among many that drive them. Borrowers weighing whether to wait or lock in now should check current levels as of May 5, 2026.

The average rate for a 30-year mortgage stands at 6.37 percent, according to Zillow. For 15-year terms, it is 5.87 percent. These figures mark an increase from recent months but align with historical norms. They remain better than early May 2025 levels and below May 2024 rates. Though not ideal, they may fit budgets and support buying plans. Spring offers plentiful inventory and favorable weather.

Refinance rates average 6.66 percent for 30-year terms and 5.62 percent for 15-year terms as of May 5, 2026, per Zillow. Savings depend on actual monthly payments, so borrowers should calculate them. Closing costs can offset gains from rates half a percentage point to a full point lower than current ones.