The average rate on a 30-year fixed-rate conforming mortgage in the U.S. stands at 7.085%, easing from the prior day, according to Mortgage Research Center data.
The average rate for a 15-year fixed-rate conforming mortgage is 6.293%, also edging lower over the same period.
Mortgage rate snapshot
Below is a brief look at how rates have moved from one week to the next.
Fortune reviewed the latest Mortgage Research Center data available recently.
Estimated interest costs at current rates
Using the federal government’s Office of Financial Readiness mortgage calculator, a $300,000 loan at the current 7.085% rate on a 30-year mortgage would generate about $424,704.57 in interest over the life of the loan.
For a 15-year mortgage with the same loan amount, the total interest would come to roughly $164,275.34 at the current 6.293% rate.
What the Fortune/MRC partnership means
Fortune works with Mortgage Research Center, a mortgage data specialist, to keep readers informed throughout the homebuying process. The publication reviews average rates supplied by MRC each workday they are available, covering a range of loan types.
Read on for a closer look at how mortgage rates have shifted from one day to the next.
30-year conventional mortgage rates
This remains one of the most common mortgage products in the United States.
The current average for a 30-year mortgage is 7.085%, down from 7.158% in the prior report.
15-year conventional mortgage rates
This loan option is often favored by borrowers who want to reduce interest costs over the life of the mortgage.
The current average for a 15-year mortgage is 6.293%, slightly lower than 6.313% in the prior report.
30-year jumbo mortgage rates
A jumbo mortgage exceeds the conforming loan limits established by the Federal Housing Finance Agency. While the limit can differ in some high-cost areas, it is $832,750 in most of the U.S. for 2026.
The average rate on a 30-year jumbo loan is 7.315%, down from 7.377% in the prior report.
30-year FHA mortgage rates
This type of loan can be more accessible to borrowers with somewhat lower credit scores than conventional mortgages, since the Federal Housing Administration insures the loan and protects lenders.
The average rate on a 30-year FHA home loan is 6.578%, down from 6.623% in the prior 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 do not require a minimum down payment, unlike most other mortgage types.
The average rate on a 30-year VA home loan is 6.640%, down from 6.738% 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 6.956%, down from 7.101% in the prior report.
What the Federal Reserve is doing
The Fed does not directly set mortgage rates, but it influences them through the federal funds rate, the benchmark banks use when lending to one another overnight.
When the Fed raises the federal funds rate, mortgage rates often move higher; when it cuts that rate, mortgage rates often fall. At its most recent meeting, the Federal Open Market Committee chose to keep the federal funds rate at 3.75% to 4.00%.
The FOMC has another meeting scheduled soon.
Some prospective buyers may remember when the average mortgage rate sank to 2.65% in January 2021, as the Fed pushed the federal funds rate effectively to zero in an effort to prevent a pandemic-driven recession.
Still, outside of a crisis on that scale, experts do not expect mortgage rates to return to that level anytime soon.
Mortgage application trends
Mortgage applications are slightly lower. According to a weekly survey from the Mortgage Bankers Association, applications fell 1.2% for the week ended Oct. 30 compared with the previous week. The softer pace comes despite the recent drop in rates.
“Mortgage rates drifted down to their lowest level since September 2026 last week in the wake of the Federal Reserve’s decision to hold on additional rate hikes at its October meeting,” Mike Fratantoni, the MBA’s senior vice president and chief economist, said in a news release.
Purchase activity slipped modestly during the week, while refinance activity was mostly unchanged.
Fratantoni also noted:
“As we have highlighted in recent weeks, more borrowers are choosing ARMs in this environment to lower their initial payments, with the ARM share at its highest level since September 2025.”
ARMs rose to 11.4% of total applications.
Recent Fortune coverage of the housing market
If you want to stay informed about the economy, Fortune has recent reporting worth reading:
- The ‘haunted’ housing market’s real problem may be too few people, not too few homes, says J.P. Morgan’s David Kelly
- A 3.4% GDP print hides a ‘haunted’ housing market and a September stall in the economy
- The Pentagon and Britain are bracing for the power to go out. The ultrawealthy got there first, with backup generators, escape homes, and stockpiles
- Coconut Grove is Miami’s billionaire enclave, drawing Larry Page and Ken Griffin. Now luxury hotelier Raffles is building 35 homes there from $4.5M
- 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
Why comparison shopping matters
It helps to compare options from more than one angle. On one hand, it is worth looking at different mortgage types to find the loan that best fits your needs.
If you have excellent credit, a conventional loan may offer the best terms. But if your credit score is below 600, you would likely be turned down for a conventional mortgage while still having a chance of being approved for an FHA home loan.
It also makes sense to shop around among lenders. Freddie Mac says that in high-rate markets, borrowers who compare offers from multiple lenders may save between $600 and $1,200 a year versus those who do not.
Frequently asked questions
Are mortgage interest rate and APR the same?
Not exactly. APR includes interest plus any applicable fees, so it is usually slightly higher than the interest rate alone.
What counts as a good mortgage rate?
With the average 30-year conventional mortgage rate still above 7.00%, getting a rate between 6.50% and 7.00% would likely be considered solid.
Will mortgage rates fall?
Possibly. If the Fed lowers the federal funds rate, mortgage rates could ease as well. But inflation, the national debt, and demand for home loans also affect borrowing costs, and another Fed meeting is approaching without a widely expected rate cut.
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