Mixed news for prospective borrowers. While a lull in rate changes can be beneficial, recent increases in interest rates could affect refinancing options.
Sometimes, a lull in the mortgage interest rate climate can be a good thing for borrowers. With rates here known to change daily, stability when shopping around for rates and lenders can help borrowers neatly establish a baseline of offers to compare against.
But consistency when interest rates are elevated, as they've been in the opening days of May, may not be the type of stability many buyers and owners looking to refinance had in mind. Mortgage interest rates so far this month have been a bit higher than they were in April. In the middle of last month, for example, rates briefly dipped under 6% for 30-year terms.
A Federal Reserve meeting on April 29 , in which another rate pause was announced, however, quickly erased that momentum. At the same time, there are multiple items on the calendar that could cause mortgage rates to decline again this May. That could occur as early as next week when the next inflation reading is released by the Bureau of Labor Statistics.
To better determine the value of locking in a mortgage rate now – or waiting until this current volatility subsides – borrowers need to start with an understanding of where mortgage rates stand right now, as of May 8, 2026. See how low your current mortgage rate offers are here. What are today's mortgage interest rates? The average mortgage interest rate on a 30-year mortgage is 6.37% as of May 8, 2026, according to Zillow.
The median rate on a 15-year mortgage is 5.75%. That's approximately half a percentage point higher for both terms compared to what borrowers were being offered in early March. At that point, the average 30-year term was just 5.75% and the 15-year one was 5.25%. Still, these are averages cited from a single source, so it can still be worth researching all of your options.
Shopping for mortgage rates has been shown to result in a rate that's half a percentage point below average. And with online marketplaces listing rates, lenders, terms, and more all in one location, it's easier than ever to start the process. Compare your current mortgage options online today. What are today's mortgage refinance rates?
The average mortgage refinance rate on a 30-year mortgage is 6.60% as of May 8, 2026, according to Zillow. The median refi rate on a 15-year term is 5.67%. For the former option, then, borrowers with rates over 7% – which was common in the rate climate of 2023 and 2024 – may find it beneficial to refinance now.
But borrowers with rates over 6% who want to cut down their payoff timeline may also find it helpful to refinance into the 5.67% rate that the 15-year term comes with. That said, refinancing closing costs will need to be accounted for with either option. And, if you're not planning on keeping the home long enough to recuperate those costs, a refinance is generally not worth pursuing.
The bottom lineThe average mortgage rate on a 30-year mortgage is 6.37% as of May 8, 2026 and it is 5.75% for a 15-year term. The average mortgage refinance rate on a 30-year mortgage, meanwhile, is 6.60% and it's 5.67% for a 15-year alternative. While these options represent significant increases compared to what was available earlier this year, they may still fit the budget of select homebuyers and owners now.
Don't discount the rates, then, without first taking the time to crunch your monthly payments. Consider speaking with lenders directly, too, as they can often outline rates, terms and options that aren't always clearly outlined on their websites.
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