The average interest rate for a 30-year, fixed-rate conforming mortgage loan in the U.S. is 6.339%, a decrease of about 4 basis points from the day before, according to data from mortgage data company Optimal Blue.
Meanwhile, the average rate for a 15-year, fixed-rate conforming mortgage loan is 5.659%, down about 9 basis points for the same period.
Compare mortgage rates for May 8, 2026
Here’s a quick look at week-over-week rate changes.
Fortune reviewed the latest Optimal Blue data available on May 7, reflecting rates for loans locked in as of May 6.
What you’d pay in interest with where rates are at today
We ran the numbers through the mortgage calculator provided by the federal government’s Office of Financial Readiness. At the current rate of 6.339%, on a 30-year mortgage where you borrow $300,000, you’d pay roughly $371,239.81 in interest over the life of the loan.
On a 15-year mortgage with the same loan amount used for the estimate, you’d pay roughly $145,794.11 in interest over the life of the loan at the current rate of 5.659%.
Read on to see how mortgage rates have changed day by day.
30-year conventional mortgage: Down about 4 basis points
This may be the most popular mortgage type in the United States.
The current average 30-year mortgage rate is 6.339%. That’s down from 6.382% on the last day’s report.
15-year conventional mortgage: Down about 9 basis points
This type of mortgage is popular with homeowners seeking to minimize interest payments over the life of their loan.
The current average 15-year mortgage rate is 5.659%. That’s down from 5.747% on the last day’s report.
30-year jumbo mortgage: Up about 5 basis points
A jumbo mortgage is one that exceeds the conforming loan limits set by the Federal Housing Finance Agency. While the limit can vary in certain high-cost-of-living-areas, in most of the U.S., it’s $832,750 for 2026.
The current average rate on a 30-year jumbo loan is 6.506%. That’s up from 6.461% on the last day’s report.
30-year FHA mortgage: Up about 1 basis point
This type of mortgage is oftentimes more accessible to borrowers with slightly lower credit scores than conventional mortgages. Lenders are protected because these loans are insured by the Federal Housing Administration.
The current average rate on a 30-year FHA home loan is 6.125%. That’s up from 6.120% on the last day’s report.
30-year VA mortgage: Less than a basis point of change
These loans are, in general, available to U.S. military members and veterans and surviving spouses. One attractive feature is that they have no minimum down payment requirement, unlike most other mortgage types.
The current average rate on a 30-year VA home loan is 5.963%. That’s down from 5.964% on the last day’s report.
30-year USDA mortgage: Down about 4 basis points
A USDA loan is meant to help low- to moderate-income borrowers purchase a home in an eligible rural area. Like VA loans, USDA loans have no minimum down payment requirement.
The current average rate on a 30-year USDA home loan is 6.010%. That’s down from 6.045% on the last day’s report.
What the Federal Reserve is doing in 2026
The Fed does not set rates on mortgages and other consumer financial products directly. But, the Fed does set something called the federal funds rate—the rate banks charge each other to borrow money overnight. And rates on consumer products often fluctuate alongside changes the central bank makes to the federal funds rate.
For example, when the Fed hikes that rate, banks often respond by increasing rates on mortgages and similar products. When the Fed decreases its rate, financial institutions may similarly decrease rates on consumer products.
The most recent meeting of the Federal Open Market Committee occurred April 28-29, and the Fed left the federal funds rate at 3.50% – 3.75%. There’s another FOMC meeting set for June 16-17.
While trying to prevent a recession from the coronavirus pandemic in 2020, the Fed slashed its rate to effectively zero. In this environment, mortgage rates dropped dramatically, hitting a historical low average of 2.65% in January 2021.
But, barring another global catastrophe, experts do not think mortgage rates will go that low again in the foreseeable future.
Trends with mortgage applications
Mortgage applications are down, both for purchases and refinancing, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey.
Overall, applications decreased 4.4% for the week ending May 1 compared to a week earlier. Refis were down 5% while purchase applications were down 4%, per the MBA.
“The ongoing conflict in the Middle East continues to push rates higher,” Joel Kan, MBA’s vice president and deputy chief economist, observed in a news release.
But that doesn’t mean homebuying activity is stagnant.
“Despite purchase applications declining over the week, overall activity remains higher compared to last year’s pace,” Kan added. “Additionally, the average loan size on a purchase application increased to $467,300, the highest in the survey’s history dating back to 1990.”
Adjustable-rate mortgages rose to 8.8% of total applications, and FHA home loans rose to 17.7% of total applications. VA loans dipped ever so slightly as a share of the total, according to the MBA survey.
Recent reporting on the housing market from Fortune
If you’re looking to be a more informed consumer, check out Fortune’s reporting on what’s going on with housing and the economy as a whole:
- AI is quietly splitting the housing market in two: Bay Area luxury homes are up 13%, affordable ones are collapsing
- America’s twin scarcities: The 4-million-unit shortage in both housing and childcare is breaking families
- The national debt is the same size as the economy. It’s a ‘disturbing warning and a call to action,’ watchdog says
- Florida’s influx of rich residents is killing the middle class and housing market
- The starter home is dying. Better.com’s CEO says AI is the only thing that can save it
- The housing affordability crisis isn’t just crushing millennials—it’s squeezing out buyers in their 40s, 50s, and beyond, too
- The tables have turned: Florida and Texas are the biggest losers in the housing market as Ohio emerges a surprise winner
Why you should comparison shop
Shopping around can help you save money on physical products, and the same holds true for financial products such as home loans. In fact, homebuyers in high-interest environments who apply with multiple lenders might save from $600 to $1,200 per year compared to those who don’t, according to Freddie Mac.
Keep in mind there are two big factors you’re considering when shopping around for a mortgage. One of those is which lender will offer you the lowest rate and which may have the service that aligns with your expectations.
The other is what type of loan you’re going to ultimately take out. For example, someone with a high credit score may get a great deal on a conventional mortgage, whereas someone with a credit score less than 600 may get denied for a conventional mortgage but still have a chance at taking out an FHA home loan.
Frequently asked questions
Are a mortgage’s interest rate and APR the same?
Not quite. Your APR will typically be the higher number, as it factors in interest plus any applicable fees.
What’s a good mortgage rate in May 2026?
Since we’ve been observing the average rate for a 30-year conventional home loan holding well above 6.00% lately, getting a rate just above 6.00% is probably a solid win.
Will mortgage rates go down?
It’s possible but far from certain. If the Fed opts for a cut to the federal funds rate in 2026, mortgage rates might dip accordingly. However, there are other factors that play an important role in where mortgage rates end up—including the national debt, demand for home loans, and inflation.
