U.S. 30-Year Mortgage Rate Falls to 6.36% in First Drop in Three Weeks

The average U.S. 30-year fixed mortgage rate fell to 6.36% for the week of May 14, 2026, down from 6.37% a week earlier, Freddie Mac said May 14. The decline marks the first weekly drop after two consecutive increases. The rate remains below the 6.81% average recorded a year earlier. The 15-year fixed mortgage rate, often used by refinancing borrowers, also eased to 5.71% from 5.72% the prior week and 5.92% a year earlier. Mortgage rates are shaped by Federal Reserve policy expectations, Treasury yields and investor views on inflation and economic growth. Lower borrowing costs may offer limited relief to homebuyers facing elevated home prices and affordability constraints.