A new month could offer many borrowers a fresh start. And that's exactly what borrowers need this May, especially homebuyers and owners looking to refinance their loans. Mortgage interest rates were volatile in April. They started the month high, briefly dropped below 6% and then surged again after the Federal Reserve elected to keep interest rates paused this week. At the same time, there is no Fed meeting on the calendar for May, removing a potent driver behind mortgage interest rates. And, depending on the results of this month's unemployment and inflation reports, there could even be reasons for rates here to decline again.

At the same time, waiting for mortgage interest rates to fall is always risky. And for borrowers who can float their rate down, it's not even necessary. Instead, locking one of today's imperfect rates may be the better move to protect against the market unknowns still ahead. To better decide on the value of a mortgage rate lock now, it helps to know where mortgage interest rates stand as of May 1, 2026. Below, we'll outline all of the numbers borrowers need to know to best determine their next move.

Start by seeing 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 1, 2026, according to Zillow. The average mortgage rate on a 15-year purchase term is 5.75%. While mortgage interest rates do change on a daily basis, these are probably the approximate rates borrowers can expect to be offered this month, now that the recent Fed rate decision has had a chance to echo through the wider market. That said, there are factors borrowers won't be able to account for that can also have an impact, as recent overseas conflicts have caused rates to rise even without a Fed action. In other words, if these rates are close to what you need to support a purchase, they may still be worth pursuing, if only to protect yourself from other items that could cause them to rise further out of reach.

Speak with a mortgage lender today who can review your options in detail.

What are today's mortgage refinance rates?

The average mortgage refinance rate on a 30-year mortgage is 6.51% as of May 1, 2026, according to Zillow. The median refi rate for a 15-year alternative is now 5.63%. With these averages, refinancing is likely to only benefit a small portion of homeowners. But you won't know if you fall into that category until you take the time to calculate the difference in monthly payment costs. Don't just look at the rate, however, as closing costs here will also need to be accounted for. And, if you're not planning to remain in the home long enough to recoup those costs, a refinance is generally best worth avoiding altogether. 

The bottom line

The average mortgage interest rate on a 30-year mortgage is 6.37% and it is 5.75% for a 15-year option, as of May 1, 2026. The median refinance rate on a 30-year term is 6.51% and it is 5.63% for a 15-year loan. So, while the month may not be starting in an improved fashion, borrowers shouldn't be discouraged. Rates here can and will change again next week and, with close monitoring of the market (and a good credit score), they may still be able to qualify for an affordable rate once the market turns over again.