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Current mortgage rates report for May 8, 2025: Rates take another small step higher

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See Thursday's report on average mortgage rates on different types of home loans so you can pick the best mortgage for your needs as you house shop.
On May 8, 2025, mortgage rates have seen a slight increase, with the average 30-year fixed-rate mortgage at 7.05%, up from 7.02% the previous week, while the 15-year fixed-rate mortgage rose to 6.35% from 6.32%. The 5/1 adjustable-rate mortgage (ARM) also edged up to 6.45% from 6.42%. Despite these increases, rates remain higher than last year due to persistent inflation and a strong economy, which have led the Federal Reserve to maintain elevated interest rates. Homebuyers are facing challenges with affordability, as higher rates increase monthly payments, but some experts suggest that rates might stabilize or slightly decrease later in the year if inflation cools down.

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[ https://fortune.com/article/current-mortgage-rates-05-08-2025/ ]