The average rate on a 30-year fixed-rate conforming mortgage in the U.S. is 7.176%, slightly lower than the previous day, according to Mortgage Research Center data.
The average rate on a 15-year fixed-rate conforming mortgage is 6.373%, also down over the same period.
Mortgage rate comparison
Here’s a brief look at how rates are changing week to week.
Fortune reviewed the latest Mortgage Research Center data available on Oct. 29.
Estimated interest costs at current rates
Using the mortgage calculator from the federal government’s Office of Financial Readiness, a $300,000 30-year mortgage at 7.176% would generate about $431,340.00 in total interest over the life of the loan.
For the same loan amount on a 15-year mortgage at 6.373%, the total interest would be about $166,636.34.
How the Fortune/MRC partnership helps readers
Fortune works with Mortgage Research Center, which specializes in mortgage data, to help keep readers informed throughout the homebuying process. The average rates from MRC are reviewed each workday they are available, covering several loan types.
Read on for a day-by-day look at mortgage rate movement.
30-year conventional mortgage rates
This remains one of the most common mortgage options in the United States.
The average 30-year rate now stands at 7.176%, down from 7.210% in the prior report.
15-year conventional mortgage rates
This option is often favored by borrowers who want to reduce interest costs over the life of the loan.
The average 15-year rate is 6.373%, compared with 6.409% 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 country, 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 7.436%, down from 7.468% in the prior report.
30-year FHA mortgage rates
This loan type can be more accessible for borrowers with somewhat lower credit scores than conventional mortgages. Because the loans are insured by the Federal Housing Administration, lenders receive added protection.
The average rate on a 30-year FHA loan is 6.661%, a slight decrease from 6.675% 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 do not require a minimum down payment, unlike most other mortgage types.
The average rate on a 30-year VA loan is 6.754%, just barely below 6.756% 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 loan is 6.996%, unchanged from the previous report.
What the Federal Reserve is doing
The Fed does not directly set mortgage rates or other consumer borrowing costs. It does, however, set the federal funds rate, which is the rate banks charge one another to borrow money overnight. Consumer borrowing rates often move in step with changes to that benchmark.
When the Fed raises the rate, banks often respond by increasing mortgage rates and similar products. When the Fed cuts it, financial institutions may lower rates for consumers as well.
The latest Federal Open Market Committee meeting resulted in a federal funds rate of 3.75% to 4.00%. Another FOMC meeting is on the calendar for late October.
During the coronavirus pandemic in 2020, the Fed pushed rates to effectively zero in an effort to support the economy. Mortgage rates then fell sharply, reaching a record low average of 2.65% in January 2021.
Still, absent another global crisis, experts do not expect mortgage rates to return to those levels anytime soon.
Mortgage application trends
After several weeks of declines, mortgage applications have moved higher. For the week ending Oct. 23, applications rose 3.4% from the prior week, according to a recurring Mortgage Bankers Association survey.
“Mortgage rates declined for the second week in a row,” Joel Kan, MBA’s vice president and deputy chief economist, said in a news release.
Kan added that the drop in rates gave borrowers some relief, with applications rebounding slightly, especially conventional applications.
He also said purchase applications were still 18% below the pace from a year earlier, while refinance applications were down more than 60% year over year.
Adjustable-rate mortgages accounted for 11.3% of total applications.
Recent reporting on the housing market from Fortune
If you want to stay better informed, explore Fortune’s coverage of housing and the broader economy:
- 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
- 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
Why comparing lenders matters
Shopping around can save money on everyday purchases, and the same is true for financial products like home loans. Freddie Mac says borrowers in high-rate environments who apply with multiple lenders may save $600 to $1,200 a year compared with those who do not.
Two major factors matter when comparing mortgage offers. One is which lender gives you the lowest rate and the service level that fits your expectations.
The other is the type of loan you ultimately choose. For instance, a borrower with a strong credit score may qualify for a favorable conventional mortgage, while someone with a score below 600 may be denied conventional financing but could still qualify for an FHA loan.
Frequently asked questions
Are a mortgage’s interest rate and APR the same?
Not exactly. APR is usually the higher figure because it includes interest plus any applicable fees.
What is a good mortgage rate in October 2026?
With average 30-year conventional mortgage rates moving above 7.00%, a rate a little above 6.50% would likely be considered a strong offer.
Will mortgage rates fall?
Possibly, but not with certainty. If the Fed cuts the federal funds rate in 2026, mortgage rates could decline as well. But with another Fed meeting still to come, a rate cut is not expected. Other forces also matter, including the national debt, demand for home loans, and inflation.
More from Digilifetrends
Retirees Are Finding Affordable Riverfront Living in Bullhead City, Arizona
Some retirees are passing over crowded coastal destinations and choosing a place that is warmer, less expensive, and close to the water. A low-key city on the Colorado River in…
11 min read · Published 2026-10-30How a $2,000 Social Security Benefit Can Be Treated as $2,500 for a Mortgage
Fannie Mae guidelines allow lenders to add 25% to documented nontaxable Social Security income, which can turn a $2,000 monthly benefit into $2,500 of qualifying income.
5 min read · Published 2026-10-30How Social Security Income Can Be Counted Higher for a Mortgage
Mortgage lenders are not required to use a retiree’s Social Security benefit at face value, and that difference can decide whether she qualifies for the home she wants.
4 min read · Published 2026-10-30