With the Federal Reserve choosing to keep interest rates on hold last week, its third such freeze in 2026, borrowers may understandably think that their window of opportunity to lock in a low interest rate may have closed. And that could be a realistic concern for homebuyers and owners looking to refinance, especially after rates here briefly dropped below 6% in mid-April. But there are still items that can cause mortgage rates to decline again, perhaps even this May. While the Fed will remain out of consideration this month (the central bank doesn't meet again until June), improvements with inflation, for example, could help. And the next inflation report is just days away from being released.

At the same time, mortgage rates are still marginally improved from where they were one year ago and even lower than they were the year before that. And with some time spent shopping around online today, borrowers may still be able to find the purchase or refinance rate they need to support their next steps. To better understand their options, however, it helps to first establish a baseline for where mortgage interest rates sit right now, as of May 7, 2026. That's what we'll examine below.

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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 7, 2026, according to Zillow. The median refinance rate on a 15-year term is 5.75%. Both rates are approximately the same as they have been in recent days, as the Fed's latest rate pause has had a chance to echo throughout the broader borrowing climate. 

That said, mortgage rates change each day. So even if these rates don't exactly fit your budget right now, they may in a few days or weeks, depending on how market conditions change. Keep an eye on rates, then, for an opportunity to act. And strongly consider shopping around for rates and lenders now anyway, that way you'll know which lender to use when rates inevitably decline again.

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What are today's mortgage refinance rates?

The average mortgage refinance rate on a 30-year mortgage is 6.43% as of May 7, 2026, according to Zillow. The median refi rate for a 15-year term is now 5.53%. While these may not be favorable for homeowners who purchased (or refinanced) a home in the ultra-low interest rate climate at the start of the decade, they may still represent significant savings for those who are currently paying 7% or more on their current loan. 

And while traditional wisdom dictates that a mortgage rate that's 1% lower than your existing one is worth pursuing, many borrowers may find relief with a rate that's even just half a percentage point below their current rate. Don't discount these options, then, without first taking the time to crunch the numbers to see what kind of savings you can actually secure.

The bottom line

The average mortgage interest rate for a 30-year mortgage is 6.37% as of May 7, 2026, and it is 5.75% for a 15-year alternative. The median refinance rate for a 30-year term, meanwhile, is 6.43%, and it's 5.53% for a 15-year loan. With these being averages from one source, however, borrowers who find these rates just slightly out of reach are encouraged to shop around anyway. With some time spent reviewing their options via an online marketplace, they may still be able to find a rate that fits their budget, allowing them to proceed with their homebuying or refinancing plans.