U.S. Mortgage Rates Edge Higher, With 30-Year Fixed at 6.25%

The average cost of borrowing for a home ticked upward on May 9, 2026, as both 30-year and 15-year fixed-rate mortgages reversed the brief decline recorded earlier in the week. Data from the Zillow lender marketplace show the typical 30-year fixed loan quoting 6.25%, a seven-basis-point increase from the previous day. The 15-year fixed average rose nine basis points to 5.66%.

Rate movements were not limited to standard conventional loans. Zillow’s latest nationwide snapshot lists the 20-year fixed at 5.95%, the 5/1 adjustable-rate mortgage (ARM) at 6.41%, and the 7/1 ARM at 6.02%. Government-backed products were mixed: the 30-year VA averaged 5.71%, while the 15-year VA came in at 5.28% and the 5/1 VA at 5.39%. All figures are rounded to the nearest one-hundredth of a percentage point and reflect averages compiled from participating lenders across the United States.

Refinancing costs followed a similar trajectory. The 30-year fixed refinance rate settled at 6.18%, edging above 6% yet remaining slightly below the purchase rate. The 20-year fixed refinance averaged 6.09%, while the 15-year fixed refinance matched the purchase equivalent at 5.66%. Adjustable refinance terms stood at 5.96% for both 5/1 and 7/1 ARMs. Among VA refinances, the 30-year option averaged 5.75%, the 15-year 5.28%, and the 5/1 5.15%.

Historically, refinance rates often price above purchase loans because lenders may view refinances as carrying marginally higher risk or lower profit potential. Today’s data invert that dynamic in a few categories, illustrating how competitive pressures and broader market forces can compress the spread between purchase and refinance offerings.

Zillow’s figures differ from those published weekly by Freddie Mac because of distinct data-collection methods. Zillow aggregates daily quotes submitted to its online marketplace, whereas Freddie Mac averages rates drawn from loan applications processed through its underwriting system over a seven-day window. As a result, daily fluctuations in borrower quotes can appear more prominently in Zillow’s dataset. Freddie Mac’s most recent reading placed the 30-year fixed at 6.37%, underscoring how timing and methodology influence reported averages. For additional context, historical national benchmarks are maintained by the Federal Home Loan Mortgage Corporation.

Day-to-day movements aside, the latest gains leave long-term mortgage costs below pandemic-era peaks yet above levels most borrowers enjoyed during the low-rate cycle of 2020–2021. Forecasts issued in April suggest limited relief ahead: the Mortgage Bankers Association projects the 30-year average to hover near 6.30% through 2026, while Fannie Mae anticipates rates settling just above 6% by year-end.

Choosing between loan types continues to involve trade-offs. A 30-year fixed mortgage offers predictable payments spread over three decades, typically producing the lowest monthly obligation compared with shorter terms. The downside is a higher interest rate relative to 15-year loans and the increased total interest paid over the life of the mortgage. Even small shifts in rate can translate into substantial cost differences over 30 years.

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Conversely, a 15-year fixed loan carries a lower interest rate and allows homeowners to build equity faster, potentially saving tens or even hundreds of thousands of dollars in total interest. The benefit comes with a markedly higher monthly payment, which can strain household budgets. Borrowers must balance the long-term savings against short-term affordability when selecting a term length.

Adjustable-rate mortgages provide an introductory rate that is often below prevailing long-term fixed rates, especially on products such as the 5/1 ARM, where the rate stays constant for the first five years before resetting annually. That introductory savings can be advantageous for households planning to sell or refinance before adjustments begin. The primary risk is unpredictability: when the initial period ends, rates can rise or fall with market conditions, making future payments uncertain.

Beyond rate considerations, current market conditions offer mixed signals for prospective buyers. Home prices are no longer escalating at the pace seen during the height of the COVID-19 housing boom, easing pressure on down payments. At the same time, borrowing costs remain elevated compared with the lows of two years ago. Industry analysts frequently advise that the optimal purchase moment aligns less with precise rate levels than with individual readiness—stable income, sufficient savings, and a clear long-term plan for the property.

Refinancers face a set of familiar guidelines when aiming to qualify for the most favorable terms. Improving a credit score, reducing the debt-to-income ratio, and—where feasible—selecting a shorter repayment term can all contribute to a lower quoted rate. However, a shorter term will increase monthly obligations, so homeowners should assess cash-flow implications before proceeding.

As of this latest reading, the upward movement in both purchase and refinance rates underscores the importance of comparison shopping. Borrowers are encouraged to obtain quotes from multiple lenders, scrutinize loan estimates, and consider locking a rate if closing is imminent. While forecasts point to little dramatic movement over the coming months, daily volatility can still affect the total cost of a mortgage, making prompt, informed decisions essential for anyone entering—or re-entering—the housing market.