Hunting for low mortgage interest rates is an integral part of the homebuying and refinancing processes. But in recent years and recent weeks, in particular, it's often been a frustrating one. After mortgage rates briefly dipped below 6% in March, they surged again by the end of the month, largely based on overseas conflicts and market uncertainty. They declined briefly again in April but then rose once again last week after the Federal Reserve again elected to keep interest rates on pause, its third such freeze so far in 2026. And with no Fed meeting even on the calendar for May, borrowers hoping for relief from the central bank will need to look elsewhere for the time being.

But that doesn't mean that mortgage interest rates still can't decline. They can and potentially even this May, as rates are driven by a multitude of factors, of which the Fed is just a single one, even if it does play a critical role. To better determine if they should wait for rates to decline or if it's worth locking in a mortgage rate currently, borrowers need to know where rates stand as of May 5, 2026.

Start by seeing what your current mortgage rate offers look like here.

What are today's mortgage interest rates?

The average mortgage interest rate on a 30-year term is 6.37% as of May 5, 2026, according to Zillow. The average rate on a 15-year term is 5.87%. While these rates represent an increase compared to what was available in recent months, historically, they're about in line with what borrowers have been offered in the past. And they're still noticeably improved from where they stood in early May 2025. And below what they were in May 2024, too. So, while not ideal, these rates may still be able to fit your budget and allow you to proceed with your homebuying plans. And this time of year is one of the best times to do so, as inventory is normally plentiful and the weather is more accommodating than it would be at other times of year.

Learn more about your current mortgage options online today.

What are today's mortgage refinance rates?

The average mortgage refinance rate on a 30-year term is 6.66% as of May 5, 2026, according to Zillow. The average rate on a 15-year term is 5.62%. While these rates may not be materially lower than what you currently have, it's the actual savings that count. So don't dismiss either without first taking the time to calculate your new potential monthly payments with both options. But don't forget to account for mortgage refinancing closing costs, which can negate some of the savings you would otherwise expect to receive with a mortgage rate that's half a percentage point to a full percentage point below your current one.

The bottom line

The average mortgage interest rate on a 30-year mortgage is 6.37% as of May 5, 2026 and it is 5.87% for a 15-year term. The median refi rate on a 30-year term is 6.66% and it is 5.62% for those looking to refinance into a 15-year loan. While these rates may not be ideal, they can fit the budget for many borrowers now. At the same time, mortgage rates do change each day, sometimes in unexpected, positive ways. Continue to monitor the rate climate daily, then, and continue working on your credit score in the interim, so that you're prepared and qualified to lock in a new, better rate when it ultimately presents itself again.