Mortgage and refinance interest rates today, May 8, 2026: Rates following bell-shaped curve this week

The 30-year fixed-rate fell by eight basis points to 6.18%, according to the Zillow lender marketplace. The 15-year fixed loan fell by two basis points to 5.57%, and the 20-year fixed loan backed off by eight basis points to 6.12%.

4 lenders dip below 6% APR: Weekly survey of mortgage lenders with the best rates

The direction of everything from gold and oil prices to mortgage rates has continuously reacted to the ever-developing news coming out of the Middle East. The bell-shaped curve of mortgage rates this week — starting low, rising mid-week, and then falling back down — is a prime example. It would be no surprise if tomorrow’s rate article talks about rates back on the rise.

In a statement, Hannah Jones, senior economic research analyst at Realtor.com, said, “…the path to lower rates runs squarely through the Persian Gulf right now.”

Current mortgage rates

Here are the current mortgage rates, according to the latest Zillow data:

30-year fixed: 6.18%

20-year fixed: 6.04%

15-year fixed: 5.57%

5/1 ARM: 6.15%

7/1 ARM: 6.11%

30-year VA: 5.70%

15-year VA: 5.28%

5/1 VA: 5.40%

Remember, these are national averages and have been rounded to the nearest hundredth.

Current mortgage refinance rates

These are today’s mortgage refinance rates, according to the latest Zillow data:

30-year fixed: 6.19%

20-year fixed: 5.98%

15-year fixed: 5.60%

5/1 ARM: 5.98%

7/1 ARM: 5.87%

30-year VA: 5.62%

15-year VA: 5.17%

5/1 VA: 5.32%

Again, the numbers provided are national averages rounded to the nearest hundredth. Mortgage refinance rates are often higher than rates when you buy a house, although that’s not always the case.

Dig deeper into the 7 home refinance options

Free mortgage calculator

Your mortgage rate plays a large role in how much your monthly payment will be. Use this mortgage calculator to see how your mortgage amount, rate, and term length will impact your monthly payments:

You can bookmark the Yahoo Finance mortgage payment calculator and keep it handy for future use, as you shop for homes and lenders.

How mortgage interest rates work

A mortgage interest rate is a fee for borrowing money from your lender, expressed as a percentage. You can choose from two types of rates: fixed or adjustable.

A fixed-rate mortgage locks in your rate for the entire life of your loan. For example, if you obtain a 30-year mortgage with a 6% interest rate, your rate will remain at 6% for the entire 30-year term unless you refinance or sell.

An adjustable-rate mortgage locks in your rate for a predetermined period and then adjusts it periodically. Let’s say you get a 7/1 ARM with an introductory rate of 6%. Your rate would be 6% for the first seven years, then the rate would increase or decrease once per year for the last 23 years of your term. Whether your rate goes up or down depends on several factors, such as the economy and housing market.

At the beginning of your mortgage term, most of your monthly payment goes toward interest. Your monthly payment toward mortgage principal and interest stays the same throughout the years. However, less and less of your payment goes toward interest, and more goes toward the mortgage principal or the amount you originally borrowed.

Determine whether an adjustable-rate vs. fixed-rate mortgage is better for you

Which mortgage term length should you get?

A 30-year fixed-rate mortgage is a good choice if you want a lower mortgage payment and the predictability that comes with having a fixed rate. Just know that your rate will be higher than if you choose a shorter term, and you will pay significantly more in interest over the years.

You may want to consider a 15-year fixed-rate mortgage if you aim to pay off your home loan quickly and save money on interest. These shorter terms come with lower interest rates, and since you’re cutting your repayment time in half, you’ll save a lot in interest in the long run. But you’ll need to be sure you can comfortably afford the higher monthly payments that come with 15-year terms.

Learn how to decide between a 15-year and 30-year fixed-rate mortgage

Typically, an adjustable-rate mortgage might be suitable if you plan to sell before the introductory rate period ends. Adjustable rates usually start lower than fixed rates, and then your rate will change after a predetermined amount of time. However, 5/1 and 7/1 ARM rates have been similar to (or even higher than) 30-year fixed rates recently. Before getting an ARM just for a lower rate, compare your rate options from term to term and lender to lender.

Are mortgage rates decreasing?

Yes, today they are. After the 30-year fixed hit a recent high near 6.50% at the end of March, as reported by Zillow, rates reversed course and dropped almost a half point by mid-April. However, the stock market remains volatile as the Middle East conflict drives inflation concerns and geopolitical unrest. As a result, we’ve seen an uptick in mortgage rates. That said, the 30-, 20-, and 15-year fixed rates are all down from the previous day.

Mortgage interest rates today: FAQs

What are mortgage interest rates doing today?

According to Freddie Mac, the average 30-year mortgage rate was 6.37% through Wednesday, up from 6.30% a week earlier.

How low will mortgage rates go in 2026?

According to April forecasts, the latest available, the MBA expects the 30-year mortgage rate to be near 6.30% through 2026. Fannie Mae predicts a 30-year rate just above 6% by the end of the year.

How low could mortgage rates go by 2027?

Mortgage rates are likely to remain little changed in 2027. The MBA forecasts 30-year fixed rates of 6.20% to 6.30% for most of 2027. However, Fannie Mae is more optimistic, predicting average rates will be 6.1% throughout 2027.