While mortgage interest rates this month may not start in the position many borrowers would prefer, they're still better than what they were in May 2025. And better than they were in May 2024, too. The average rate on a 30-year mortgage loan was 6.76% on May 8, 2025, according to historical data from FreddieMac. It was significantly higher on May 9, 2024, when the median was 7.09%. It was in mid-April, however, when mortgage rates for 30-year terms were under 6% again. They could fall back into the range this May, too, assuming certain conditions are met, or market conditions change to favor borrowers.

At the same time, while they may not be ideal, today's mortgage interest rates may already fit your budget. By locking one in now, you can confidently proceed with the homebuying or refinancing process without having to worry about any rate hikes, too. But is that really a smart move? Or should borrowers wait for the rate market to change again before acting? To better decide on their next step, it helps to know where mortgage interest rates stand as of May 6, 2026.

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What are today's mortgage interest rates?

The average mortgage interest rate on a 30-year mortgage is 6.37% as of May 6, 2026, according to Zillow. The median refinance rate on a 15-year term is 5.87%. As can be seen in comparison to the rates from recent years, the 30-year rate is noticeably lower. 

And while an approximate half a percentage point difference may not appear like much on paper, it can result in significant savings each month and particularly over the multiple years in which the loan will be repaid. It's also important to note that the 6.37% rate is one cited from a single source. With time spent shopping around and comparing offers online, borrowers may be able to find a materially lower offer.

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What are today's mortgage refinance rates?

The average mortgage refinance rate on a 30-year term is 6.72% as of May 6, 2026, according to Zillow. The average mortgage refi rate on a 15-year term is now 5.81%. These rates are also just one from one source, so borrowers who are encouraged by what's listed today should seriously consider shopping around elsewhere. 

That means exploring lenders besides just the one that currently services your mortgage, as you may qualify for a lower rate and better terms elsewhere. You won't know what your offers look like until you start doing your research. Fortunately, with online marketplaces listing rates, lenders, terms, closing costs and more, all in one easy-to-digest location, it's arguably easier than ever to do just that.

The bottom line

The average mortgage interest rate on a 30-year mortgage is 6.37% as of May 6, 2026, and it's 5.87% for a 15-year option. The median refinance rate on a 30-year term is 6.72%, and it is 5.81% for a 15-year alternative. These rates are a bit higher than they were in recent weeks, but they're still materially improved from what they were in recent years. With a good credit score, time spent comparison shopping and an informed approach, borrowers may still be able to find a rate that works for them now.