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Weekly national mortgage interest rate trends
Current mortgage rates
For today, May 8, 2026, the current average 30-year fixed mortgage interest rate is 6.33%. If you're looking to refinance your current mortgage, today's average 30-year fixed refinance interest rate is 6.67%. Meanwhile, today's average 15-year refinance interest rate is 6.04%. Whether you need a mortgage now or plan to get one in the next year or two, it's crucial to compare offers. Bankrate can connect you with current offers on various types of loans, often well below the national average. We display the lender's interest rate, APR (rate plus costs) and estimated monthly payment to help you more easily find the best mortgage for your needs.
Mortgage rate news this week - May 8, 2026
Mortgage rates rebound despite Fed's rate cut
As expected, the Federal Reserve cut rates a quarter point last week. And in a repeat of last year's pattern, mortgage rates zigged when the central bank zagged. This week, rates on 30-year, fixed-rate loans averaged 6.39 percent, according to Bankrate's latest lender survey, up from last week's 6.30 percent reading.
The movement served as another reminder that borrowers shouldn't focus too much on what the Fed does: The main driver of mortgage rates is not the central bank but 10-year Treasury yields, which briefly dipped below 4 percent last week, after being near 4.5 percent earlier in the year. They're in the neighborhood of 4.1 percent now.
Bankrate's Mortgage Rate Variability Index
The Mortgage Rate Variability Index reads 7 out of 10 as of May 8, 2026, down from 8 last week. Our index ranks variability from a low of 1 to a high of 10, with lower readings reflecting more consistency in loan offers.
What does that mean for you as a borrower? In this case, the volatility is welcome news: Mortgage rates have dropped in recent weeks, falling to 6.30 percent. This movement occurred after a tepid jobs report and a rate cut by the Federal Reserve. Mortgage rates are near their lowest levels in a year. When the variability index shows uncertainty, as it does now, you're more likely to find dramatic differences in lender offers, so that means you should shop around for the best mortgage deal.
This period of higher variability reflects a long-awaited decline in mortgage rates. Since late February 2026, the average 30-year mortgage rate in Bankrate's weekly survey had trended no higher than 6.95 percent and no lower than 6.72 percent. That cycle finally broke in August, and now the average rate is nearing 6.25 percent.
Research methodology
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How to compare mortgage rates
When comparing mortgage rates, it's important to look beyond just the interest rate. Consider the Annual Percentage Rate (APR), which reflects the yearly cost of a mortgage, including the interest rate plus any fees or other costs associated with the loan. Also, pay attention to the loan term, points, and any associated fees. Bankrate's comparison tool helps you see all these details side-by-side.
Factors that determine your mortgage rate
Several factors influence your mortgage rate, including your credit score, debt-to-income ratio, loan-to-value ratio, the type of mortgage you choose, and current market conditions. A higher credit score and a larger down payment generally lead to lower rates.
How to refinance your current mortgage
Refinancing your mortgage can help you lower your interest rate, reduce your monthly payments, or shorten your loan term. The process typically involves applying for a new loan, undergoing an appraisal, and closing on the new mortgage. It's essential to compare offers from multiple lenders to ensure you get the best deal.
Mortgage FAQ
What is an APR? APR stands for Annual Percentage Rate, which reflects the yearly cost of a mortgage, including the interest rate plus any fees or other costs.
What are points? Points are fees paid directly to the lender at closing in exchange for a reduction in the interest rate. One point equals 1 percent of the loan amount.
Should I get a fixed-rate or adjustable-rate mortgage? A fixed-rate mortgage has the same interest rate for the life of the loan, providing payment stability. An adjustable-rate mortgage (ARM) typically starts with a lower interest rate that can change over time, potentially increasing your payments.