Mortgage Rates Today: Zillow Says 30-Year Rate Holds at 6.37%
Mortgage rates today put the average 30-year loan at 6.37% on May 8, 2026, with the average 30-year refinance rate at 6.60%, according to Zillow. Borrowers weighing a purchase or refinance are still facing costs above the brief sub-6% dip seen in mid-April.
May 8 Rates at Zillow
6.37% is the average 30-year mortgage rate, while the median 15-year mortgage rate is 5.75%. Zillow also put the average 30-year refinance rate at 6.60% and the median 15-year refinance rate at 5.67%, giving borrowers a clear split between staying in a 30-year loan and moving to a shorter term.
5.75% was the average 30-year mortgage rate in early March 2026, and the 30-year figure briefly dipped under 6% in the middle of April. That move shows how quickly borrowing costs have shifted over a short stretch, even before the latest reading on May 8.
April 29 Fed Pause
April 29, 2026 brought another Federal Reserve rate pause, but mortgage rates in early May 2026 were still higher than they were in April. The gap matters because borrowers who waited for easier financing saw the market move back up instead of extending the mid-April break lower.
Half a percentage point is about how much below average shopping around has been shown to land in mortgage pricing. That leaves a practical path for borrowers who can compare lenders, especially because rates are known to change daily and the spread between average pricing and what a borrower actually gets can be meaningful over the life of the loan.
Refinance Decisions in May
7% is the line where borrowers may find refinancing beneficial now, while those above 6% may find value in moving into the 5.67% 15-year refinance rate. Closing costs still have to be counted in either case, and a refinance is generally not worth it if the homeowner will not stay in the house long enough to recover those costs.
5.25% was the average 15-year mortgage rate in early March 2026, compared with 5.75% for the 15-year rate on May 8. For borrowers comparing terms, that change leaves shorter loans still cheaper than 30-year financing, but no longer at the levels seen at the start of March.
May 2026 still has items on the calendar that could push rates lower again, including the next inflation reading from the Bureau of Labor Statistics as early as next week. For borrowers, the immediate step is simple: compare lenders now, then weigh whether the rate savings are large enough to clear closing costs before any new data hits the market.
