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What are today's mortgage interest rates: May 8, 2026?
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TL;DR
- Average 30-year mortgage rate on May 8, 2026, is 6.37%; 15-year rate is 5.75%.
- These rates are higher than those offered in early March 2026.
- Average 30-year mortgage refinance rate is 6.60%; 15-year rate is 5.67%.
- Borrowers with rates over 7% might benefit from refinancing into a 30-year term, or into a 15-year term if seeking a shorter payoff timeline.
- Closing costs for refinancing must be considered, and a refinance is generally not advised if the home won't be kept long enough to recoup these costs.
- Inflation readings and Federal Reserve meetings can influence mortgage rate changes.