Homebuyers currently face higher mortgage rates compared to earlier in 2026. This increase provides a challenging environment for borrowers. Stability in rates can offer a baseline for comparison. However, consistent high rates might not be favorable for those looking to refinance.
In early May, mortgage interest rates have risen compared to April’s figures. The rates dipped below 6% for 30-year terms last month but rose again following a Federal Reserve meeting on April 29. There are factors that could lead to a decrease in rates later in May, such as the upcoming inflation reading from the Bureau of Labor Statistics.
Current Mortgage Interest Rates
As of May 8, 2026, the average interest rate for a 30-year mortgage is 6.37%, according to Zillow. The median rate for a 15-year mortgage is 5.75%. These are higher than the rates offered in early March when the average 30-year term rate was 5.75%, and the 15-year rate was 5.25%. Despite these average rates, researching various options can lead to finding a rate half a percentage point below what is typically offered. Online platforms list rates, lenders, and terms in one place, making it easier to begin the mortgage shopping process.
Current Mortgage Refinance Rates
The refinance rate for a 30-year mortgage averages at 6.60% as of May 8, 2026, while the 15-year term rate stands at 5.67%. For those with rates over 7% from previous year climates, refinancing now might be beneficial. Those with rates over 6% looking to shorten their payoff timeline may also benefit from refinancing into a 15-year term at the current rate. Accounting for refinancing closing costs is crucial, as is determining the length of time you plan to keep the home to justify the refinance.
The Bottom Line
As of May 8, 2026, the average mortgage rate for a 30-year term is 6.37%, and 5.75% for a 15-year term. Mortgage refinance rates are slightly higher at 6.60% for 30-year and 5.67% for 15-year options. Despite these increases, they could still be feasible for some buyers and owners. It’s essential to calculate monthly payments and consult directly with lenders, as they can provide insights and options not readily available online.
Edited by Angelica Leicht
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