Mortgage Rates Hold Near 6.37% for 30-Year Loans After Fed Pause

The Federal Reserve kept interest rates steady last week, marking its third pause in 2026. Borrowers might worry that chances to secure low mortgage rates have passed, particularly after rates dipped below 6% in mid-April. Still, factors like cooling inflation could drive rates down again, possibly as soon as this May.

The next inflation report comes out in days, and the Fed has no meeting this month before June. Mortgage rates remain slightly lower than a year ago and even more so than two years back. Shoppers who compare options online may find suitable purchase or refinance rates.

As of May 7, 2026, Zillow reports the average 30-year mortgage rate at 6.37%. The median 15-year refinance rate sits at 5.75%. These figures match recent days amid the Fed's latest decision.

Rates fluctuate daily, so today's numbers might improve soon based on market changes. Borrowers should monitor them and compare lenders now to act when rates drop.

For refinances, the average 30-year rate is 6.43%, with the 15-year median at 5.53%, per Zillow. These may not beat rates from the decade's start but offer savings over 7% loans.

Conventional advice suggests refinancing at a 1% drop, but even a 0.5% cut can help. Borrowers should calculate potential savings before passing up options.

In summary, 30-year purchase rates average 6.37% and 15-year at 5.75%. Refinance averages are 6.43% for 30 years and 5.53% for 15 years. Shoppers should compare via online tools to find fitting rates for buying or refinancing.