Mortgage rates spiked sharply on Monday, hitting the highest levels in more than a month as escalation fears ramped up surrounding the Iran war. Yesterday technically saw some recovery, but it may as well have been an "unchanged" day. Now today, we're seeing a more legitimate recovery with the average lender back down to last Friday's levels. The move follows a drop in oil prices inspired by progress toward a peace agreement. News came out overnight that The U.S. and Iran were close to signing a one-page memo outlining a more formal peace agreement. While full details would take time to hammer out, this would effectively end the war. Oil prices and bond yields fell at their fastest pace since mid April. Bond yields correlate with interest rates (in fact, they ARE interest rates), but mortgage rates are determined by slightly different bonds that are specific to the mortgage market. This means that mortgage rates and U.S. Treasury yields are almost always moving in the same direction, but at different paces, depending on the day.  [thirtyyearmortgagerates]

May 6, 2026 Download our Mobile App: Download our Mobile App: 30 Yr. Fixed 6.44% -0.10%   5.99% 7.08% 15 Yr. Fixed 6.00% -0.04%   5.55% 6.39% 30 Yr. Jumbo 6.60% -0.03%   6.1% 7.15% Compare Mortgage Rates from Local Lenders for May 6, 2026 Mortgage Rates Make a More Serious Recovery Wed, May 6, 2026 3:40PM Mortgage rates spiked sharply on Monday, hitting the highest levels in more than a month as escalation fears ramped up surrounding the Iran war. Yesterday technically saw some recovery, but it may as well have been an "unchanged" day. Now today, we're seeing a more legitimate recovery with the average lender back down to last Friday's levels. The move follows a drop in oil prices inspired by progress toward a peace agreement. News came out overnight that The U.S. and Iran were close to signing a one-page memo outlining a more formal peace agreement. While full details would take time to hamme... (read more) Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.44% -0.10 0.00 15 Yr. Fixed 6.00% -0.04 0.00 30 Yr. FHA 5.92% -0.10 0.00 30 Yr. Jumbo 6.60% -0.03 0.00 7/6 SOFR ARM 6.11% -0.14 0.00 30 Yr. VA 5.93% -0.11 0.00 Updates Daily - Last Update: 5/6 Freddie Mac Rate Change Points 30 Yr. Fixed 6.30% +0.07 0.00 15 Yr. Fixed 5.64% +0.06 0.00 Updates Weekly - Last Update: 4/30 Mortgage Bankers Assoc. 30 Yr. Fixed 6.37% +0.02 0.61 15 Yr. Fixed 5.77% +0.02 0.63 30 Yr. Jumbo 6.45% +0.02 0.38 Updates Weekly - Last Update: 4/29 UMBS 30YR 5.0 98.81 -0.01   95.71 100.50 UMBS 30YR 5.5 100.69 -0.03   98.11 101.64 10 YR Treasury 4.353 +0.006   3.948 4.590 Big Overnight Recovery on Peace Deal Reports Wed, May 6, 2026 8:49AM There was one, big, obvious market mover overnight. At 4:50am ET, Axios reported that the U.S. and Iran are close to signing a one page memo of understanding to end the war. Oil and bond yields were already in recovery mode, but this kicked things into higher gear. Most of the gains remain even after both sides offered refutations (which the market now perce... (read more) MBS Price Change UMBS 4.5 96.56 -0.04 UMBS 5.0 98.81 0.00 UMBS 5.5 100.69 -0.03 GNMA 4.5 96.73 -0.02 GNMA 5.0 99.37 0.00 GNMA 5.5 100.89 +0.00 Pricing as of: 5/6 9:52PM EST US Treasury Yield Change 2 YR Treasury 3.869 +0.008 5 YR Treasury 3.998 +0.002 7 YR Treasury 4.172 +0.003 10 YR Treasury 4.349 +0.002 30 YR Treasury 4.927 -0.010 Pricing as of: 5/6 9:52PM EST Other News TBA Settlement, Non-Agency, Due Diligence, AI, Warehouse Tools; How Old is Your House? Wed, May 6, 2026 11:47AM “What do you call an aging actor who has finally paid off his house? Mortgage freeman.” Servicing is a highly important component of that, and I was fortunate to attend Sagent Ignite in Phoenix yesterday; we have a special live podcast today that was recorded from the event. Mortgagees follow demographics, whether it be aging owners or aging houses. Lenders ... (read more) Latest Video Private payrolls rose by 109,000 in April, topping expectations, ADP says U.S. product exports hit record in the week ending May 1 Job openings and labor turnover comes in at 6.86 million; new home sales ri... April Services PMI revised down to 51.0, missing estimates Around the Web CNBC Mortgage rates hit the highest level in a month, causing lower income homebuyers to drop out CNBC Private payrolls rose by 109,000 in April, topping expectations, ADP says Census.gov New-Home Sales Surge in March as Prices Fall to a 5-Year Low Eye on Housing State-Level Employment Situation: March 2026 CNBC Treasury yields tumble on report of U.S.-Iran peace plan Investing Live Fed's Goolsbee: Impact of rising productivity on inflation remains active topic of debate NAR Home Prices Increased in 71% of Metro Areas in First Quarter of 2026 US Treasury Quarterly Refunding Statement of Deputy Assistant Secretary for Federal Finance Atlanta Fed Atlanta Fed GDPNow growth estimate 3.7% US Treasury Treasury Announces Marketable Borrowing Estimates Investing Live JOLTs job openings 6.866M vs 6.835M estimate PR Newswire Services PMI® at 53.6%; April 2026 ISM® Services PMI® Report Eye on Housing Slight Rise for Open Construction Jobs in March

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