Mortgage rates eased on Friday, May 8, 2026, after a week of ups and downs, with the national average 30‑year fixed mortgage rate slipping eight basis points to 6.18%, according to Zillow’s lender marketplace. Shorter-term fixed loans also retreated: the 20‑year fixed fell to 6.12% and the 15‑year fixed edged down to 5.57%. A separate weekly survey of lenders found four institutions advertising 30‑year APRs below 6%.
The moves capped a bell‑shaped week in which rates opened lower, rose in the middle of the week and then relaxed again as markets digested fresh geopolitical developments. Economists and market analysts say the back‑and‑forth largely reflects investor reactions to ongoing conflict in the Middle East, which is reverberating through oil and precious‑metals markets as well as interest‑rate sensitive assets. “The path to lower rates runs squarely through the Persian Gulf right now,” said Hannah Jones, senior economic research analyst at Realtor.com, in a statement reflected in industry reporting.
Zillow’s snapshot for May 8 shows other current purchase rates at 6.15% for a 5/1 adjustable‑rate mortgage and 6.11% for a 7/1 ARM. Department of Veterans Affairs–backed loan averages were notably lower: a 30‑year VA averaged 5.70%, a 15‑year VA 5.28% and a 5/1 VA 5.40%, Zillow reported. Refinance pricing was similarly mixed, with the 30‑year refinance rate at 6.19%, the 20‑year at 5.98% and the 15‑year at 5.60%.
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The latest easing follows a sharp swing earlier in the spring. Zillow data showed the 30‑year fixed reached a recent high near 6.50% at the end of March before reversing and falling nearly half a percentage point through mid‑April. Since then, rates have been choppy, moving up and down as investors weigh inflation signals, economic data and the geopolitical news flow that has driven bouts of volatility in global markets.
Agency data underscore the mixed picture. Freddie Mac reported an average 30‑year mortgage rate of 6.37% through Wednesday — up from 6.30% a week earlier — highlighting divergent readings depending on the timing and source. Looking ahead, industry forecasts remain centered around the mid‑6% range: the Mortgage Bankers Association’s April projections put the 30‑year rate near 6.30% through 2026, while Fannie Mae’s outlook from April is a touch more optimistic, forecasting averages just above 6% by year‑end.
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With lenders occasionally advertising sub‑6% offers amid the broader volatility, borrowers continue to face a market where small timing differences and lender shopping can matter. For now, the market’s reaction to geopolitical developments appears likely to keep daily and weekly swings in place, leaving the path for rates contingent on news flows out of the Persian Gulf and incoming U.S. economic data.
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