The average 30-year fixed mortgage rate in the United States increased to 6.37% as of May 7, 2026, a rise of 0.07% from the previous week, according to Freddie Mac. The 15-year fixed mortgage rate also saw an increase, averaging 5.72%, up 0.08% from last week. These changes reflect broader trends influenced by the Federal Reserve’s ongoing monetary policy, which continues to impact borrowing costs nationwide.

Current Mortgage Rates and Changes

This week, the 30-year fixed mortgage rate averaged 6.37%, marking a week-over-week increase of 0.07%, as reported by Freddie Mac. The 15-year fixed rate climbed to 5.72%, up 0.08% from the previous week. These rates have been influenced by the Federal Reserve’s monetary policies, which aim to curb inflation but inadvertently raise borrowing costs.

Impact on Washington State Buyers

For Washington home buyers, these rising rates could mean higher monthly payments and potentially reduced purchasing power. According to Beyond Real Estate market data, the median sold price in Washington over the past year was $640,000, with a median active listing price of $674,990. Given the state’s current seller’s market conditions, characterized by a sale-to-list ratio of 99.7% and a median of just 14 days on the market for sold homes, buyers face stiff competition. The increase in mortgage rates may pressure potential buyers to act more swiftly to lock in rates before further hikes occur.

Mortgage Rate Outlook

Looking ahead, market forecasts suggest that mortgage rates may continue to fluctuate around current levels. A recent expert poll indicated that 44% of respondents expect rates to rise further, 22% anticipate a decline, and 33% believe rates will remain stable in the coming week. With the Federal Reserve maintaining its current policy stance, mortgage rates could remain volatile, but significant decreases are not expected in the immediate future.

What This Means for Buyers

For those considering purchasing a home in Washington, it may be beneficial to secure a mortgage rate sooner rather than later to avoid potential future increases. Buyers should consult with mortgage lenders to explore options such as rate locks or adjustable-rate mortgages, which may offer more favorable terms in the current market. As always, prospective buyers are encouraged to seek advice from real estate professionals to navigate these dynamics effectively.

Data Sources & Methodology

This report references data from Freddie Mac’s Primary Mortgage Market Survey, which provides national mortgage rate averages. Washington state-specific real estate statistics are sourced from Beyond Real Estate market data, based on Northwest MLS information as of May 11, 2026. These figures offer a comprehensive view of current market conditions and trends.

While national data provides context, it’s important to note that real estate markets can vary significantly by region. Buyers and sellers in Washington should consider local trends and consult with local experts to make informed decisions.