What are today's mortgage interest rates: May 7, 2026?
Summary
As of May 7, 2026, the average interest rate for a 30-year mortgage is about 6.37%, while the average refinancing rate for the same term is 6.43%. These rates have stayed fairly steady recently after the Federal Reserve paused raising interest rates, but borrowers may still find better deals by shopping around.Key Facts
- The Federal Reserve paused interest rate changes for the third time in 2026 recently.
- Average 30-year mortgage interest rate is 6.37% as of May 7, 2026.
- Median refinance rate for a 15-year mortgage is 5.75%.
- Average refinance rate for a 30-year mortgage is 6.43%.
- Median refinance rate for a 15-year mortgage is 5.53%.
- Mortgage rates have slightly improved compared to a year ago but remain higher than rates earlier this decade.
- Inflation changes might cause mortgage rates to fall again in the near future.
- Borrowers are advised to shop around online to find the best mortgage rates available now.
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