If you have been waiting for mortgage rates to fall before buying, you are not alone. The 30-year fixed-rate mortgage averaged 6.46% in the week ending May 14, 2026 per Bankrate, and 6.36% per Freddie Mac — meaningfully lower than the 7.79% peak of late 2023 but still far above what many buyers hoped for.
Current rates at a glance
| Loan type | Rate (May 14, 2026) | Source |
|---|---|---|
| 30-year fixed | 6.46% | Bankrate |
| 30-year fixed | 6.36% | Freddie Mac PMMS |
| 15-year fixed | 5.72% | Freddie Mac |
| 30-year refinance | 6.71% | Bankrate |
| 7/1 ARM | 6.02% | Zillow |
Rates have risen since early 2026 due to inflation pressures from oil prices. The Fed held rates steady at its May meeting. Most forecasters expect 5.9-6.4% by year-end 2026.
What a rate drop actually saves you
On a $400,000 home with 20% down, dropping from 6.46% to 6.0% saves approximately $100 per month or $36,000 over the life of the loan. Dropping to 5.75% saves $152/month. However, if rates fall home prices may rise as buyers flood back in — potentially wiping out those monthly savings.
Should you buy now or wait?
Buy now if: you have 20% down, stable income, 6 months emergency savings, and plan to stay 7+ years. Marry the house, date the rate — if rates fall, refinance later.
Wait if: your affordability is marginal, you plan to move within 5 years, or the monthly payment would exceed 30% of gross income.
Use our free Mortgage Calculator to model your exact monthly payment at different rates.