The average rate on a 30-year fixed-rate conforming mortgage in the U.S. stands at 7.231%, edging down only a touch from the prior day, according to Mortgage Research Center data.
The average rate for a 15-year fixed-rate conforming mortgage is 6.414%, also down slightly over the same period.
Mortgage rate snapshot
Here’s a brief look at how rates have shifted week to week.
Fortune reviewed the latest Mortgage Research Center figures available on Oct. 26.
Estimated interest costs at current rates
Using the federal government’s Office of Financial Readiness mortgage calculator, a $300,000 30-year loan at 7.231% would generate about $435,362.91 in interest over the full term.
For the same loan amount on a 15-year mortgage at 6.414%, total interest would come to roughly $167,848.73 over the life of the loan.
What the Fortune and MRC partnership offers
Fortune works with Mortgage Research Center, which specializes in mortgage data, to help keep readers informed during the homebuying process. The average rates supplied by MRC are reviewed each weekday they are available, covering several loan categories.
Below is a closer look at how mortgage rates compare with the previous report.
30-year conventional mortgage rates
This remains the most common mortgage type in the United States.
The current average for a 30-year mortgage is 7.231%, down very slightly from 7.237% in the previous report.
15-year conventional mortgage rates
This option is often favored by borrowers who want to reduce total interest costs over the life of the loan.
The current average for a 15-year mortgage is 6.414%, down modestly from 6.443% in the previous report.
30-year jumbo mortgage rates
A jumbo mortgage exceeds the conforming loan limits set by the Federal Housing Finance Agency. In most of the U.S., that limit is $832,750 for 2026, though it can be higher in some high-cost areas.
The average rate on a 30-year jumbo loan is 7.511%, up from 7.441% in the prior report.
30-year FHA mortgage rates
This loan type is often more accessible to borrowers with somewhat lower credit scores than conventional mortgages, since the Federal Housing Administration insures the loans and helps protect lenders.
The average rate on a 30-year FHA home loan is 6.692%, a slight increase from 6.682% in the previous report.
30-year VA mortgage rates
These loans are generally available to U.S. military members, veterans, and surviving spouses. One major advantage is that they require no minimum down payment, unlike most other mortgage types.
The average rate on a 30-year VA home loan is 6.743%, down slightly from 6.762% in the prior report.
30-year USDA mortgage rates
A USDA loan is designed to help low- to moderate-income borrowers buy homes in eligible rural areas. Like VA loans, USDA loans do not require a minimum down payment.
The average rate on a 30-year USDA home loan is 7.110%, up from 6.872% in the prior report.
What the Federal Reserve is doing
Mortgage rates do not move in lockstep with Federal Reserve policy, but many market watchers expect borrowing costs to rise or fall alongside changes in the Fed’s federal funds rate.
That benchmark rate is what banks charge one another for overnight borrowing. When it rises, consumer borrowing costs such as mortgage rates often rise as well; when it falls, those rates may follow.
At its most recent meeting, the Federal Open Market Committee raised the federal funds rate to 3.75% to 4.00%. The committee is also meeting now.
To fight the economic damage caused by the coronavirus and reduce recession risks, the Fed cut its benchmark rate to effectively zero in 2020. That helped push mortgage rates sharply lower, and the average rate reached a record low of 2.65% in January 2021.
Unless there is a crisis on the scale of the COVID-19 pandemic, experts do not expect mortgage rates to fall that far again.
Mortgage application trends
Mortgage applications have recently declined noticeably. Overall home loan applications were down 5.3% for the week compared with the week before, according to the Mortgage Bankers Association, even though mortgage rates eased slightly, MBA vice president and deputy chief economist Joel Kan said in a news release.
Kan said that lower rates were not enough to lift application activity, as both purchase and refinance applications continued to fall.
With rates still high enough to price some buyers out of the market, purchase applications were 18% below the pace of the same period a year earlier, according to the MBA release.
Kan added that the elevated mortgage-rate environment has clearly slowed the housing market.
Some buyers are turning to adjustable-rate mortgages, attracted by lower introductory rates than those available on more traditional fixed-rate loans. ARMs accounted for 10.5% of total mortgage applications in the MBA survey.
Recent Fortune reporting on housing
For readers tracking the housing market and the wider economy, the Fortune newsroom has recently reported on:
- Michael Burry of ‘The Big Short’ was asked to give advice to Gen Z: ‘Buy half the house you can afford,’ and ‘If it flies or floats, rent it’
- Jeff Bezos reportedly added a $69.5 million beach house to his $237 million Miami compound. A broker says that’s how billionaires live now
- Goldman sees a housing freeze through 2027. It would lock in an economic divide between millennials
- Larry Page could dodge nearly $15 billion in taxes after leaving California and spending $173 million on a Miami compound
- Gen Z is chasing the American Dream in South Carolina, Missouri, and Tennessee—as California loses thousands of young adults and billionaires
- The American Dream now costs $5.3 million—and even college grads will fall $1.2 million short
- Jeff Bezos sold his Seattle mansion for a record $63 million before Washington passed a millionaires tax—he now lives in a $237 million Miami compound
Why comparison shopping matters
When shopping for a mortgage, there are two key comparisons to make. First, compare lenders to see whether one offers a better rate. Second, compare loan types to find the option that best fits your needs.
For example, a borrower with a strong credit score may get the best deal with a conventional mortgage, while someone with a credit score below 600 may be turned down for a conventional loan but could still qualify for an FHA home loan.
In a high-rate market, comparing offers can make a meaningful difference in total costs. Freddie Mac says buyers who apply with several lenders may save as much as $600 to $1,200 a year.
Frequently asked questions
Are mortgage interest rates and APR the same?
They are the same when discussing credit cards, but not for loans. APR is generally a little higher than the interest rate because it includes interest plus any loan-related fees.
What is considered a good mortgage rate right now?
With average 30-year conventional mortgage rates hovering above 7.00%, a rate between 6.50% and 7.00% would likely be considered a good result in this environment.
Will mortgage rates fall?
They could. If the Fed cuts the federal funds rate, mortgage rates may move lower. But inflation, national debt, and mortgage demand also play a role, and many observers expect the Fed to keep rates steady or raise them rather than cut them soon.
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