Average 30-Year Mortgage Rate Falls to 6.25 Percent on May 11 2026

The average mortgage interest rate on a 30-year mortgage is 6.25 percent as of May 11 2026 according to Zillow. The average rate on a 15-year term is 5.75 percent. Both figures edged lower in recent days yet sit above the 5.99 percent and 5.50 percent recorded in mid-April.

Borrowers willing to pay points upfront may secure rates around 50 basis points below those averages. Such fees paid to the lender can lower the interest rate but require evaluating whether the long-term savings justify the immediate cost. Shopping among multiple lenders remains one of the most effective ways to find competitive offers.

Refinance rates followed a similar pattern. The average 30-year mortgage refinance rate reached 6.57 percent while the 15-year refi rate stood at 5.59 percent. Industry guidance suggests refinancing often makes financial sense when a borrower can reduce their rate by at least half a percentage point after accounting for closing costs.

Those costs can offset some of the expected savings from a lower rate. Borrowers must weigh the expense of a new loan against the monthly reduction and the length of time they plan to hold the mortgage. Lenders can provide personalized calculations to clarify break-even timelines.

Rates have improved compared with levels seen in May 2025 and May 2024. The absence of a Federal Reserve meeting this month has shifted attention to other economic signals. An inflation reading scheduled for release Tuesday could influence lender pricing in the days ahead.

If the report shows a meaningful decline from the previous surge it may ease pressure on mortgage rates without requiring action from the Fed. Lenders do not need to wait for a central bank rate cut before adjusting their own offerings to borrowers.

Online comparison tools allow borrowers to view current offers from different institutions. Spending time shopping can still yield a rate roughly half a percentage point below published averages. Speaking directly with lenders helps clarify available mortgage point options for any specific financial situation.

Deciding whether to refinance depends on the gap between the existing rate and current offers. Even a half-percentage-point reduction can prove worthwhile depending on individual savings projections. Closing costs associated with refinancing must be factored into the analysis before proceeding.

“The average mortgage interest rate on a 30-year mortgage is 6.25% as of May 11, 2026 and it is 5.75% for a 15-year term. The median refinance rate on a 30-year mortgage is 6.57% and it is 5.59% for a 15-year loan.”

The figures represent averages from a single source. Actual rates available to individual borrowers can vary based on credit profile loan size and other qualifications. Those seeking rates low enough to justify an application are encouraged to compare offers and consider points where appropriate.