Is there a best practice or good example showing how a 5-star rating interaction would display on a mobile website for rating content?
See example below:
There are different ways for user to give a rating on mobile devices. Below I'll show you three different methods of some sites/apps accomplish this.
Google Play Store You've expressed concern about the limited real-estate in mobile view and how it could be hard for user to rate content. Google Play just made the rating UI larger. Instead of the small rating at the corner like in your mock up, you could use larger stars on the content detail page.
Amazon.com Another method is to list out all the rating possibilities so user can clearly all the available ratings and can simply tap on the rating they wish to give from a list.
Zappos.com If you have UI contrains and can only small star rating on the UI, you could use a light-box to display a list of the ratings when user tap on the smaller rating icons.