Rates increase as Fed keeps rates unchanged - Today's mortgage and refinance rates, May 9, 2025

Mortgage rates increased for all loan terms compared to a week ago, according to Bankrate data. Rates for 30-year fixed, 15-year fixed, 5/1 ARMs and jumbo loans edged higher.

Mortgage rates aren’t influenced by one sole factor, but rather a combination of economic indicators, including Federal Reserve moves. The Fed decided to hold its benchmark rate steady at its latest meeting on May 7, a sign that inflation remains top of mind for policymakers.

“Uncertainty rules amid a trade war and the ever-changing landscape of tariffs,” says Greg McBride, CFA, chief financial analyst for Bankrate, “but with the hard data on consumer spending and employment still hanging in there, the Fed will remain firmly planted on the sidelines.”

Rates accurate as of May 9, 2025.

These rates are marketplace averages based on the assumptions indicated here. Actual rates listed within the site may vary. All rate data is accurate as of Friday, May 9th, 2025 at 6:30 a.m. ET.

The average rate for a 30-year fixed mortgage for today is 6.83 percent, an increase of 7 basis points over the last seven days. This time a month ago, the average rate on a 30-year fixed mortgage was higher, at 6.86 percent.

At the current average rate, you'll pay principal and interest of $653.92 for every $100,000 you borrow. That's up $4.66 from what it would have been last week.

Use our mortgage calculator to estimate your monthly payments and see how much you’ll save by adding extra payments. This calculator will also help you calculate how much interest you’ll pay over the life of the loan.

The average rate for the benchmark 15-year fixed mortgage is 6.01 percent, up 8 basis points over the last week.

Monthly payments on a 15-year fixed mortgage at that rate will cost approximately $844 per $100,000 borrowed.

The average rate on a 5/1 ARM is 6.25 percent, rising 6 basis points since the same time last week.

Monthly payments on a 5/1 ARM at 6.25 percent would cost about $616 for each $100,000 borrowed over the initial five years.

The average rate for a 30-year jumbo mortgage is 6.83 percent, an increase of 3 basis points since the same time last week. Last month on the 9th, the average rate was lesser at 6.81 percent.

At the current average rate, you'll pay a combined $653.92 per month in principal and interest for every $100,000 you borrow. That's an extra $1.99 compared with last week.

The average 30-year fixed-refinance rate is 6.88 percent, up 9 basis points over the last seven days. A month ago, the average rate on a 30-year fixed refinance was higher at 6.89 percent.

At the current average rate, you'll pay $657.26 per month in principal and interest for every $100,000 you borrow. That's an increase of $6.00 over what you would have paid last week.

For now, expect rates to stay in a narrow range for most of 2025, say experts polled by Bankrate, as economic uncertainty, especially around inflation, continues. Although the Fed doesn’t directly set mortgage rates, its decisions tie back to this measure.

“The hard data on inflation and unemployment will continue to drive interest rates, including mortgage rates, from one end of a trading range to the other, with only a slight downward trend in mortgage rates over the remainder of 2025,” said Mike Fratantoni, chief economist of the Mortgage Bankers Association, in a statement.

“Everyone, including the Fed, is bracing for higher prices,” McBride says. “While nothing in the economic data currently screams for an interest rate cut, the Fed will need to consider the developments with both inflation and the labor market in calibrating any future interest rate moves.”

Learn more: Will mortgage rates go down in May?

If you're shopping for a mortgage now, here a few tips to help you get the best possible rate:

• Improve your credit score. While you can get a mortgage with a lower score, the best rates go to borrowers with a 780 or higher. Here are some ways to help increase your score before you apply for a mortgage.
• Raise your down payment. If you're buying a home and able to afford it, consider making a higher down payment. You'll borrow less and get a lower rate.
• Shop around. Compare mortgage offers from at least three different lenders.
• Lock your rate. If you were preapproved for an attractive rate but think rates might rise before you find a home, it might make sense to lock in your offer or inquire about a float-down option. With the latter, you'll lock in your lower rate now, but can get an even lower rate if prevailing rates fall.

Whether you refinance your mortgage hinges on a few things: your rate today, how rates might move in the future and your long-term plans. It can be challenging to pinpoint exactly when to apply for a new loan, however.

The economy, including inflation and unemployment figures, could hold some clues as to timing, says Rick Sharga, founder and CEO of CJ Patrick Company. Sharga recently wrote about the 4 trends to watch when determining when to refinance.

“These directional signals can help make sure you’re ready to move instantly if rates do go down — and potentially save yourself thousands of dollars over the life of your loan,” Sharga writes.

• Mortgage rate trend predictions this week
• The latest mortgage news this week
• Compare mortgage rates for today

Bankrate’s mortgage rates include national rate and APR averages; Bankrate Monitor (BRM) National Index rate averages; and “top offers”:

• National rate and APR averages: Displayed as daily and weekly averages, these rates and APRs are primarily collected from the 5 largest banks and thrifts across hundreds of markets in the U.S.
• Bankrate Monitor (BRM) National Index rate averages: Reported weekly, this long-standing survey collects rates from banks and thrifts across hundreds of markets in the U.S.
• “Top offers”: Displayed daily and weekly, these are an average of the rates listed first on our rate tables as advertised by our partners. The averages shown are based on the loan type and term selected.

You can compare national average mortgage rates to top offers to see how much you could save when shopping on Bankrate. Learn more about Bankrate’s how we collect, display and report mortgage rates.

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