Mortgage Rates Improve Slightly | Today, May 7, 2026

Today’s mortgage rates

Mortgage rates look a touch better today, not dramatically different, as the 10-year Treasury yield came in at 4.334%, down 2.4 basis points from 4.358%, while borrower-facing coverage pointed to rates either pulling back or holding firm. That leaves borrowers with a modestly improved backdrop rather than a big swing.

The market setup supports that mild move: Treasury yields fell, and WTI crude came in at $91.21 a barrel, down $4.51 from $95.72. Lower bond yields and cheaper oil can ease some pressure on mortgage pricing.

There is little else in markets to force a larger move, with the major stock indexes flat and the day otherwise quiet. For borrowers, that means mortgage rates are likely to stay close to current levels today.

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 6.435%.

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 5.775%.

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 5.609%.

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 decreased to 4.334% from 4.358% (Good 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 decreased to $91.21 from $95.72 a barrel. (Good for mortgage rates.*)
• Gold prices increased to $4,750.6 from $4,681.60 an ounce. (Good for mortgage rates.*)
• CNN Business Fear & Greed Index increased to 68.6 from 67.3 out of 100. (Bad 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

This week’s calendar is light, and that helps explain today’s slightly better rate tone. With no major fresh signal driving trading, bond investors pushed into Treasurys and the 10-year yield slipped to 4.334% from 4.358%, according to yfinance. Oil also backed off sharply, with WTI crude falling to $91.21 per barrel from $95.72. That combination tends to help mortgage pricing at the margin because lower long-term yields and cheaper energy both ease some inflation pressure. Gold rose to $4,750.6 an ounce from $4,681.6, a sign some investors were still looking for safety even as stocks were flat. The Dow, S&P 500 and Nasdaq were each unchanged on the day, while CNN’s Fear & Greed Index moved up to 68.6 from 67.3, still in “greed” territory.

Monday starts with Factory Orders at 10:00 a.m. ET, one of the week’s higher-impact reports. That release gives markets a read on business demand and manufacturing momentum. Stronger-than-expected orders can push yields higher if traders see firmer growth and stickier inflation. Later Monday, New York Fed President John Williams is scheduled to speak at 12:50 p.m. ET. Fed remarks matter because mortgage rates are sensitive not just to current data but to how investors think policymakers will react to it.

Tuesday is the busiest day. At 10:00 a.m. ET, markets get New Home Sales and the ISM Services Index, both high-impact reports on Econoday’s calendar. New Home Sales can affect housing sentiment directly, while ISM Services is often the bigger market mover because the services sector makes up most of the U.S. economy and can shift inflation expectations quickly. Fed Governor Michelle Bowman also speaks at 10:00 a.m. ET, giving markets another live read on the rate outlook. If the data run hot or Fed commentary turns more hawkish, mortgage rates could give back some of today’s improvement.

For now, though, the week’s setup is relatively calm. Freddie Mac’s 30-year Primary Mortgage Market Survey most recently stood at 6.3%, according to FRED, and today’s broader market moves point to a modestly friendlier backdrop for borrowers than the one seen just a day earlier. Without a major surprise on the calendar, rates are likely to keep taking their cues from Treasury trading and energy prices.

Recent trends

Freddie Mac’s May 7 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.