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Mortgage rates on May 8, 2026 are averaging 6.34% for a 30-year fixed loan and 5.66% for a 15-year fixed, according to current industry rate data. The 5/1 ARM sits at approximately 5.64%, while refinance rates are running slightly higher — 6.60% on a 30-year refi and 5.67% on a 15-year refi.
Rates have followed a volatile but largely sideways path in May after a brief dip below 6% in mid-April was reversed by the Federal Reserve's decision to hold its benchmark rate steady at its most recent meeting. Geopolitical uncertainty has continued to keep bond yields — and by extension mortgage rates — elevated relative to early spring expectations.
For buyers actively in the market, today's rates are workable. Comparing offers across multiple lenders remains one of the most reliable ways to improve the rate you're offered. Better's fully online process makes it easy to see your personalized rate without affecting your credit score.
...in as little as 3 minutes — no credit impact
Today's mortgage rates at a glance
| Loan type | Average rate |
|---|---|
| 30-year fixed | 6.34% |
| 15-year fixed | 5.66% |
| 5/1 ARM | 5.64% |
| 30-year fixed refinance | 6.60% |
| 15-year fixed refinance | 5.67% |
These are national averages — your actual rate depends on your credit score, down payment, loan amount, and lender.
You can view today's mortgage rates on Better's rate dashboard to see how personalized figures compare to these national averages.
...in as little as 3 minutes — no credit impact
What's moving mortgage rates this week
Mortgage rates this week traced a bell-curve pattern — starting lower early in the week, rising mid-week, then pulling back slightly by Friday. Two factors are driving most of the movement.
The Federal Reserve hold. The Fed voted to keep its benchmark federal funds rate steady in the 3.5%–3.75% range at its most recent meeting. Most industry forecasters do not expect a rate reduction until late 2026 at the earliest. Understanding what determines mortgage rates can help you interpret these movements.
Geopolitical uncertainty. Ongoing conflict in the Middle East has contributed to bond market volatility throughout the spring. Recent industry data shows mortgage applications fell approximately 4% week-over-week for the period ending May 1, 2026, with refinance applications down about 5%.
How today's rates affect your monthly payment
| Loan type | Rate | Monthly P&I | Total interest |
|---|---|---|---|
| 30-year fixed | 6.34% | ~$1,865 | ~$371,400 |
| 15-year fixed | 5.66% | ~$2,479 | ~$146,200 |
Example is for illustrative purposes only. Rates, payments, and total interest will vary based on credit profile, loan terms, and market conditions.
Choosing a 15-year term on this loan saves over $225,000 in interest. The tradeoff is a monthly payment roughly $614 higher. Use Better's mortgage calculator to run your own numbers.
Example is for illustrative purposes only. Rates, payments, and total interest will vary based on credit profile, loan terms, and market conditions.
Should you lock your rate today?
The case for locking now. If you're within 30 to 60 days of closing and today's rate fits your budget, locking removes uncertainty. Learn more about rate locks on Better's FAQ page.
Float-down options. Many lenders offer float-down options that allow you to lock a rate and then move to a lower rate should it drop materially before closing.
What about ARMs? The 5/1 ARM is currently at approximately 5.64% — about 0.70% below the 30-year fixed. An ARM makes the most sense for buyers with a defined timeline of five to seven years.
...in as little as 3 minutes — no credit impact
How to get a lower mortgage rate
Credit score. Borrowers above 740 consistently qualify for better pricing. Read more about how to shop around for mortgage rates.
Down payment. 20% or more eliminates PMI and typically results in a better rate.
Loan term. 15-year fixed rates are currently about 0.68% lower than 30-year rates.
Compare lenders. View live rates on Better's mortgage rates dashboard. Also worth knowing: are mortgage rates negotiable? In some cases, yes. Ready to move forward? Get pre-approved in minutes.
Frequently asked questions
What are mortgage rates today, May 8, 2026?
The national average for a 30-year fixed on May 8, 2026 is approximately 6.34%, with the 15-year fixed averaging 5.66% and the 5/1 ARM at 5.64%. Refinance rates are slightly higher — 6.60% on a 30-year refi and 5.67% on a 15-year refi.
Are mortgage rates going up or down right now, and should I wait to buy?
Rates have been volatile in May after a brief dip below 6% in mid-April. Most forecasters expect the 30-year fixed to remain in the mid-6% range through the second half of 2026. Waiting for a significant rate drop carries real risk if home prices in your target market are also rising.
I'm pre-approved at 6.75% — is that still competitive given today's rates?
Today's national average is approximately 6.34%, so 6.75% is noticeably above market. The difference on a $350,000 loan is roughly $90 per month. Figures are illustrative only.
Should I lock my mortgage rate today or wait to see if rates drop?
If you're within 30 to 60 days of closing and today's rate is workable, locking removes day-to-day uncertainty. Many lenders offer float-down provisions if rates fall before you close.
I'm a first-time buyer with a 680 credit score — can I still get a decent rate in this environment?
Yes. A 680 qualifies for conventional financing, though you'll pay slightly more than borrowers above 740. FHA loans are also worth exploring.
Is a 5/1 ARM a good idea right now compared to a 30-year fixed?
The 5/1 ARM sits at approximately 5.64% vs. 6.34% for the 30-year fixed. An ARM makes the most sense with a firm five-year sell or refinance timeline.
Why did mortgage rates go up again this week after dropping in April?
The mid-April drop reversed after the Fed held rates steady and geopolitical tensions pushed bond markets higher. Read more: why mortgage rates are going up.
What would my monthly payment be on a $350,000 mortgage at today's rates?
At 6.34% on a 30-year fixed, approximately $2,176/month. At 5.66% on a 15-year fixed, approximately $2,892/month. Use Better's mortgage calculator. Figures are illustrative only.
Where rates go from here
The most likely scenario through H2 2026 is continued range-bound movement in the mid-to-upper 6% territory. The Fed has given no indication it will cut rates soon. If today's payment works in your budget, improving your credit profile, saving for a larger down payment, or comparing lenders are moves fully within your control. When you're ready, get pre-approved entirely online.
...in as little as 3 minutes — no credit impact
Rates shown are daily average interest rates, not APRs, based on Better Mortgage data and are for informational purposes only. Rates are not guaranteed, may include borrower-paid or lender credits, and actual rates and terms vary by borrower and transaction. Comparison to industry average rates may not reflect individual borrower scenarios and is not a guarantee of lower rates or savings.