30-year fixed mortgage rates fell 8 basis points to 6.18% amid geopolitical volatility in the Middle East.
Mortgage rates declined across key loan types on May 8, 2026, as markets reacted to escalating geopolitical risks. The 30-year fixed rate dropped 8 basis points to 6.18%, while the 15-year fixed rate fell 2 basis points to 5.57%. The 20-year fixed rate also declined 8 basis points to 6.12%.
This week’s rates followed a bell-shaped pattern, starting low, rising mid-week, and then retreating. Analysts linked the volatility to developments in the Middle East, which have influenced everything from oil prices to mortgage rates. Comparable periods showed similar sensitivity to geopolitical events.
Refinance rates mirrored the downward trend, with the 30-year fixed refinance rate at 6.19%. National averages for all rates were rounded to the nearest hundredth, reflecting broader market conditions rather than localized variations.