Mortgage Rates Hold Steady in the Low-6% Range | Today, May 3, 2026

Today’s mortgage rates

Mortgage rates look steady to start May 3, with the 10-year Treasury yield unchanged at 4.372% and Freddie Mac’s 30-year average mortgage rate most recently coming in at 6.3%. That lines up with broader coverage saying rates are holding in the low-6% range, so borrowers are starting the day without a sharp move higher or lower.

Other market signals are quiet and mixed: the major stock indexes were flat, CNN’s Fear & Greed Index held at 66.6, gold slipped $0.9 and oil added $0.03. That points to a market waiting for a clearer catalyst rather than pushing mortgage rates decisively in either direction.

The next tests come from Factory Orders on May 4, John Williams speaking later that day, and then New Home Sales, the ISM Services Index and MBA mortgage application data through May 6. Headlines about Jerome Powell and the Fed are helping shape sentiment, but for borrowers today, the practical setup is a stable rate backdrop that could change if this week’s data surprise.

Although rates have elevated from recent lows, see if refinancing makes sense or tapping home equity is prudent. For home buyers, explore expert advice for 2026 and check if you qualify for financial assistance programs or more flexible loan options.

Current mortgage and refinance rates

>Related: 7 Tips to get the best refinance rate

30-year fixed rate mortgage

At the time this was published, the average 30-year fixed mortgage rate reached 6.391%.

The average 30-year fixed rate mortgage (FRM) hit a record weekly low of 2.65% on Jan. 7, 2021, and a record weekly high of 8.89% on Dec. 16, 1994, according to Freddie Mac.

A 30-year FRM gives borrowers an affordable option but you pay more interest over the life of the loan compared to shorter mortgages.

15-year fixed rate mortgage

Today, the average 15-year fixed mortgage rate went to 5.744%.

The average 15-year FRM hit a record weekly low of 2.1% on July 29, 2021, and a record weekly high of 18.63% on Sep. 10, 1981, according to Freddie Mac.

The 15-year FRM offers borrowers a briefer term with less accrued interest, but the monthly payments will be much higher.

5/1 adjustable-rate mortgage

This morning’s 5/1 adjustable rate mortgage averaged 5.589%.

Adjustable-rate mortgages (ARMs) typically have lower initial interest rates compared to fixed loans. Once that initial period ends, the interest rate adjusts to the current market conditions. In this case, the initial period is five years and the adjustments are up to once every year. Homeowners with shorter term lending plans tend to see these as advantageous.

What experts are expecting

Ralph DiBugnara, president at Home Qualified

“I expect rates to stay in a relatively similar range as where they ended in March, likely hovering in the low-to-mid 6% range. Current global uncertainty and inflation data will keep volatility in play. Also any rate cuts at all by the Fed may be in jeopardy now so that will keep markets frozen some. Unless we get a clear cooling signal from the Fed, don’t expect a drop. The 30-year fixed should average around 6.25% with the 15 year fixed at 5.875%“

Market data affecting today’s mortgage rates

Here’s a snapshot of the state of play as this article was published. The data mostly compares to roughly the same time the business day before, so much of the movement will often have happened in the previous session.

• The yield on 10-year Treasury notes unchanged to 4.372% from 4.372% (Neutral for mortgage rates). Mortgage rates often follow these Treasury bond yields.
• Major stock indexes were mixed this morning. (Mixed for mortgage rates.) When investors sell shares and move into bonds, bond purchases can push prices up and yields down, potentially easing mortgage rates.
• Oil prices increased to $101.71 from $101.68 a barrel. (Bad for mortgage rates.*)
• Gold prices decreased to $4,614.7 from $4,615.60 an ounce. (Bad for mortgage rates.*)
• CNN Business Fear & Greed Index unchanged to 66.6 from 66.6 out of 100. (Neutral for mortgage rates.) “Greed” suggests investors are seeking safety, supporting bond prices.

*A movement of less than $20 on gold prices or 40 cents on oil prices is a change of 1% or less. So we only count meaningful differences as good or bad for mortgage rates.

Caveats about markets and rates

Before the pandemic, post-pandemic upheavals, and war in Ukraine, you could look at the above figures and make a pretty good guess about what would happen to mortgage rates that day. But that’s no longer the case. We still make daily calls. And are usually right. But our record for accuracy won’t achieve its former high levels until things settle down.

So, use markets only as a rough guide. Because they have to be exceptionally strong or weak for us to rely on them. But, with that caveat, mortgage rates today might nudge upward or barely budge. However, be aware that “intraday swings” (when rates change speed or direction during the day) are a common feature right now.

What’s driving mortgage rates today?

This week

Mortgage rates are opening the week broadly steady in the low-6% range, with the bond market giving borrowers little fresh direction out of the gate. The 10-year Treasury yield was flat at 4.372% early today, according to yfinance, while stocks were little changed and CNN’s Fear & Greed Index held at 66.6, still in “greed” territory. Freddie Mac’s weekly 30-year average is 6.3%, and the latest consumer-facing rate coverage is telling the same story: rates are holding in place for now, with the next meaningful move likely tied to incoming data and Fed signals rather than a sudden shift in market sentiment.

Monday’s calendar starts with Factory Orders at 10:00 a.m. ET, a high-impact report that can move rates if business demand comes in well above or below expectations. Stronger orders can push Treasury yields higher by reinforcing the idea that the economy is still running hot enough to keep the Fed cautious. Later Monday, New York Fed President John Williams speaks at 12:50 p.m. ET. That appearance is only marked medium impact, but Fed commentary has extra weight right now with fresh headlines focused on Jerome Powell’s leadership and the policy outlook.

Tuesday is the busiest day for rate watchers. At 10:00 a.m. ET, the market gets both New Home Sales and the ISM Services Index, each listed as high impact. New Home Sales matters directly to the housing market and can shape views on buyer demand and affordability. ISM Services often carries more market punch because it offers a broad read on the biggest part of the U.S. economy. If services activity and price pressures come in firm, mortgage rates could face upward pressure. If either report shows cooling demand, bonds could catch a bid and help rates improve.

Wednesday brings MBA Mortgage Applications at 7:00 a.m. ET. That one is usually more useful as a housing pulse check than a major rate mover, but it will still be watched for signs of how buyers and refinancers are responding to today’s borrowing costs. Outside the calendar, markets are also weighing a steady 10-year yield, WTI crude at $101.71 per barrel, and the latest Powell-centered headlines, including one “Fed whisperer” assessment that praised him as a steward while criticizing the broader economy. For borrowers, the setup is straightforward: rates are stable this morning, but this week’s 10:00 a.m. ET releases and any Fed remarks could quickly reset the tone.

Recent trends

Freddie Mac’s May 3 report put the weekly 30-year fixed mortgage rate average at 6.3%. Freddie’s data serves as a market barometer and trend tracker, but individual rates vary by lender and depend on personal financial profiles.

Expert forecasts for mortgage rates

Looking further ahead, Fannie Mae and the Mortgage Bankers Association (MBA) each has a team of economists dedicated to monitoring and forecasting what will happen to the economy, the housing sector and mortgage rates.

Here are their quarterly rate forecasts for the next year.

The numbers in the table below are for 30-year, fixed-rate mortgages. Fannie updated its forecast on March 10 and the MBA updated theirs on March 23.

Of course, given so many unknowables, these forecasts might be even more speculative than usual. And their past record for accuracy — due to the volatile nature of interest rates — hasn’t been wildly impressive.

Mortgage rate methodology

The Mortgage Reports receives rates based on selected criteria from multiple lending partners each day. We arrive at an average rate and APR for each loan type to display in our chart. Because we average an array of rates, it gives you a better idea of what you might find in the marketplace. Furthermore, we average rates for the same loan types. For example, FHA fixed with FHA fixed. The end result is a good snapshot of daily rates and how they change over time.

Current mortgage rates methodology

We receive current mortgage rates each day from a network of mortgage lenders that offer home purchase and refinance loans. Those mortgage rates shown here are based on sample borrower profiles that vary by loan type. See our full loan assumptions here.