The average rate on a 30-year fixed conforming mortgage in the U.S. stands at 7.210%, rising from the prior day, according to Mortgage Research Center data.
By contrast, the average 15-year fixed conforming mortgage rate is 6.409%, lower than it was during the same period.
Mortgage rate snapshot
Below is a brief look at how rates have moved compared with the previous week.
Fortune reviewed the latest Mortgage Research Center data available on Oct. 28.
What today’s rates could cost in interest
Using the federal government’s Office of Financial Readiness mortgage calculator, a $300,000 loan at the current 7.210% rate on a 30-year term would generate about $433,819.04 in interest over the life of the mortgage.
For a 15-year mortgage with the same loan amount, the total interest would be roughly $167,700.46 at the current 6.409% rate.
How the Fortune/MRC partnership helps readers
Fortune works with Mortgage Research Center, a company with extensive mortgage data expertise, to keep readers informed during the homebuying process. The site reviews average rates supplied by MRC each workday they are available, covering multiple loan categories.
Read on to see how mortgage rates have shifted from one day to the next.
30-year conventional mortgage rates
This is often the most common mortgage option in the United States.
The latest average 30-year mortgage rate is 7.210%, up from 7.206% in the previous report.
15-year conventional mortgage rates
This mortgage type appeals to homeowners who want to reduce interest costs over the life of the loan.
The current average 15-year mortgage rate is 6.409%, down from 6.465% in the prior report.
30-year jumbo mortgage rates
A jumbo mortgage exceeds the conforming loan limits set by the Federal Housing Finance Agency. While those limits can vary in some high-cost areas, the cap in most of the U.S. is $832,750 for 2026.
The current average rate for a 30-year jumbo loan is 7.468%, down from 7.480% in the last report.
30-year FHA mortgage rates
This loan type can be more accessible for borrowers with somewhat lower credit scores than conventional mortgages. Because these loans are insured by the Federal Housing Administration, lenders receive added protection.
The current average rate on a 30-year FHA loan is 6.675%, down from 6.681% in the previous report.
30-year VA mortgage rates
These loans are generally available to U.S. military members, veterans and surviving spouses. One notable benefit is that they do not require a minimum down payment, unlike most other mortgage types.
The current average rate on a 30-year VA loan is 6.756%, down from 6.768% in the last report.
30-year USDA mortgage rates
A USDA loan is designed to help low- and moderate-income borrowers buy homes in eligible rural areas. Like VA loans, USDA loans do not require a minimum down payment.
The current average rate on a 30-year USDA loan is 6.996%, down from 6.998% 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, which is the rate banks charge one another for overnight borrowing.
When the Fed raises the federal funds rate, mortgage rates often move higher. When it cuts that benchmark, mortgage rates often ease. At its most recent meeting, the Federal Open Market Committee left the federal funds rate unchanged at 3.75% to 4.00%.
The FOMC has another meeting scheduled for early December.
Many prospective buyers may recall a point when the average mortgage rate fell to 2.65% in January 2021, after the Fed reduced the federal funds rate to effectively zero in an effort to blunt a pandemic-driven recession.
But short of a crisis on that scale, experts do not expect mortgage rates to return to those lows anytime soon.
Recent Fortune housing coverage
If you want to keep up with the economy and housing market, Fortune has been following these recent stories:
- 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
It is worth shopping around from more than one angle. One approach is to compare different mortgage products so you can identify the one that best fits your needs.
If your credit is excellent, a conventional loan may offer the best terms. But if your credit score is below 600, you may be turned down for a conventional mortgage while still having a chance of qualifying for an FHA loan.
You can also compare lenders by submitting applications to several of them. Freddie Mac says that in high-rate markets, borrowers who compare offers from multiple lenders may save between $600 and $1,200 a year compared with those who do not.
Frequently asked questions
Are mortgage interest rates 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 is considered a good mortgage rate?
With the average 30-year conventional mortgage rate near 7.00%, securing a rate between 6.50% and 7.00% would likely be considered favorable.
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 influence mortgage pricing. Most observers, however, think a near-term Fed cut is unlikely.
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