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30-Year Mortgage Rate Hits 6.37% as Fed Pauses Cuts

5/8/2026

30 5 Full Breakdown

Summary

Mortgage Rates Rise

The average 30-year mortgage rate rose to 6.37% on May 8, 2026.
The median 15-year mortgage rate was 5.75%, about 0.5 point above the 5.25% level in early March.
The average 30-year refinance rate hit 6.60% on May 8, 2026.
The Federal Reserve (Fed) paused rate cuts at its April 29 meeting after rates fell below 6% in mid-April.
Borrowers with rates above 7% may refinance now, but should consider closing costs.

Summary

Renters Can't Buy

Nearly two in three renters say they won’t be able to buy a home soon, the survey finds.
Existing home sales fell 3.6% in March, reaching a nine-month low.
New-home sales jumped more than 7% in March because developers offered buyer incentives.
Deputy chief economist Jessica Lautz said equity gains help owners while first-time buyers struggle with affordability.

Summary

Mortgage Applications Fall

Mortgage applications for new homes fell 4% in one week as rates peaked, according to Mortgage Bankers Association data.
Chase and Citibank are listed as lenders offering the lowest median mortgage rates, according to Yahoo Finance.
VA loan rates are currently below regular mortgage rates, based on Zillow’s national average data.

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Mortgage Rates Rise

The average 30-year mortgage rate rose to 6.37% on May 8, 2026.
The median 15-year mortgage rate was 5.75%, about 0.5 point above the 5.25% level in early March.
The average 30-year refinance rate hit 6.60% on May 8, 2026.
The Federal Reserve (Fed) paused rate cuts at its April 29 meeting after rates fell below 6% in mid-April.
Borrowers with rates above 7% may refinance now, but should consider closing costs.

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