30-year fixed mortgage rate rises to 6.37%, new home sales improve affordability.

Freddie Mac reports the 30-year fixed-rate mortgage averaged 6.37% as of May 7, 2026, up slightly from 6.30% the previous week but lower than last year's 6.76%. The 15-year fixed rate also increased to 5.72%. Despite the rate rise, new home sales have increased, median new-home prices have dropped to their lowest since July 2021, and housing inventory is higher, which may ease affordability pressures during the spring homebuying season. These trends suggest a modest improvement in conditions for homebuyers despite rising mortgage rates.