Average Mortgage Rates Today
Current 2026 US mortgage rate benchmarks for 30-year, 15-year, ARM, FHA, and VA loans
Last updated: August 4, 2026 · Source: Freddie Mac Primary Mortgage Market Survey (PMMS), Fannie Mae, and the Mortgage Bankers Association. Rates are national averages for education only — your actual rate depends on credit score, loan-to-value, loan size, and lender.
Current Average Mortgage Rates (2026)
The table below shows the national average rates for the most common US mortgage products through mid-2026. These figures track Freddie Mac's weekly Primary Mortgage Market Survey, the benchmark most lenders and news outlets cite. Use them as a starting point when you compare loan offers — your personal rate will land above or below the average based on your credit profile, down payment, and the specific lender.
| Loan Program | Average Rate | Last Week | Year Ago | Trend |
|---|---|---|---|---|
| 30-Year Fixed-Rate Mortgage | 6.42% | 6.48% | 6.73% | ▼ Down |
| 15-Year Fixed-Rate Mortgage | 5.71% | 5.78% | 6.03% | ▼ Down |
| 5/1 Adjustable-Rate Mortgage | 6.05% | 6.12% | 6.31% | ▼ Down |
| 30-Year FHA Loan | 6.18% | 6.24% | 6.55% | ▼ Down |
| 30-Year VA Loan | 6.05% | 6.11% | 6.42% | ▼ Down |
| 30-Year Jumbo Loan | 6.55% | 6.60% | 6.85% | ▼ Down |
| 7/1 ARM | 6.12% | 6.18% | 6.38% | ▼ Down |
Rates shown are national averages compiled from Freddie Mac PMMS and industry data, rounded to two decimals. "Year Ago" reflects the comparable week in 2025. APRs (which include lender fees) typically run 0.10% to 0.30% above the stated rate. Verify live quotes with at least three lenders before deciding.
How Average Mortgage Rates Are Set
Mortgage rates are not set by the Federal Reserve, despite the common myth. The Fed influences short-term rates like the federal funds rate, but long-term mortgage rates track the 10-year Treasury yield and the mortgage-backed securities (MBS) market. When investors expect economic growth or inflation, they demand higher yields on bonds, which pushes mortgage rates up. When the outlook weakens, money flows into bonds for safety and mortgage rates fall.
Several forces pull rates in different directions at once:
- Inflation: Higher inflation pushes rates up because lenders need higher yields to keep up with rising prices.
- Employment and wage growth: A hot labor market signals economic strength, which tends to lift rates.
- Fed policy: The Fed's rate decisions and bond-buying programs influence the broader rate environment, even though they do not set mortgage rates directly.
- Global capital flows: In times of global uncertainty, foreign investors buy US bonds, pushing yields and mortgage rates down.
- Lender capacity: When refinancing volume spikes, lenders raise rates to manage demand; when volume is thin, they cut rates to compete.
30-Year Fixed vs 15-Year Fixed: The Trade-Off
The 30-year fixed is the most popular mortgage in America because the payment is the lowest for any fixed-rate option on a given loan size. The trade-off is total interest — you pay roughly twice as much interest over 30 years as you would over 15.
On a $350,000 loan at the 2026 average rates above:
| Metric | 30-Year @ 6.42% | 15-Year @ 5.71% |
|---|---|---|
| Monthly P&I payment | $2,191 | $2,911 |
| Total interest paid | $438,760 | $173,980 |
| Interest savings (15 vs 30) | — | $264,780 |
The 15-year saves a stunning amount of interest, but the payment is $720 higher every month. A common middle path: take the 30-year for the lower required payment, then make extra principal payments when cash flow allows. You keep the flexibility of the lower payment while cutting years off the loan. Use the mortgage calculator to see how extra payments change your amortization schedule.
When an Adjustable-Rate Mortgage Wins
A 5/1 ARM locks in a fixed rate for five years, then adjusts annually based on an index plus a margin. The starting rate is usually below the 30-year fixed — in 2026, about 0.3% to 0.4% lower. ARMs make sense in a few specific situations:
- You plan to sell or refinance within five to seven years, before the first adjustment.
- You expect rates to fall and want to refinance into a fixed loan later.
- You need the lowest possible payment now and are confident your income will rise.
The risk is real. After the fixed period, the rate can adjust up by 2% per year (typically capped at 5% over the life of the loan). A 6.05% ARM could jump to 8.05% in year six. If you cannot afford the maximum possible payment, stick with a fixed rate.
FHA vs VA vs Conventional: Which Rate Applies to You?
The loan program you qualify for shapes the rate and the total cost. Conventional loans (backed by Fannie Mae and Freddie Mac) are the default for borrowers with solid credit and at least 5% down. FHA loans (backed by the Federal Housing Administration) serve buyers with lower credit scores or smaller down payments — as little as 3.5% down with a 580+ FICO. VA loans (backed by the Department of Veterans Affairs) are reserved for eligible veterans, active-duty service members, and surviving spouses, and offer 0% down with no monthly mortgage insurance.
FHA and VA rates often run slightly below conventional rates, but the comparison is not apples to apples. FHA requires an upfront mortgage insurance premium (1.75% of the loan) plus monthly MIP for the life of the loan in most cases. VA charges an upfront funding fee (varies by down payment and service history) but no monthly mortgage insurance. The true cost depends on how long you hold the loan and whether you can drop PMI on a conventional loan once you reach 80% LTV.
How to Get the Best Mortgage Rate in 2026
The national average is a benchmark, not a quote. The rate a lender offers you depends on factors you can control and a few you cannot. Here is what moves the number most:
- Credit score. Moving from 680 to 740 can drop your rate by 0.25% to 0.5%. Pay down credit card balances to under 10% of the limit in the 60 days before applying, and dispute any errors on your credit report.
- Down payment / LTV. Putting 20% down eliminates PMI and unlocks the best rate tiers. Each 5% closer to 20% generally improves the offer.
- Loan term. Shorter terms carry lower rates. A 15-year fixed runs about 0.7% below a 30-year in 2026.
- Loan size. Conforming loans (under the 2026 limit of $806,500 in most areas, up to $1,209,750 in high-cost markets) get the best rates. Jumbo loans typically run 0.125% to 0.25% higher.
- Discount points. Each point costs 1% of the loan and lowers the rate by roughly 0.25%. Points only pay off if you hold the loan past the break-even — run the math before buying them.
- Lender shopping. Rates vary by 0.25% to 0.5% between lenders on the same loan. Get quotes from at least three lenders within a 14-day window so the credit inquiries count as a single hard pull.
2026 Rate Outlook
Through mid-2026, mortgage rates have drifted modestly lower from their 2023 peaks as inflation cooled and the labor market softened. Most forecasters at Fannie Mae, the Mortgage Bankers Association, and Freddie Mac expect the 30-year fixed to stay in the 6% to 6.75% range for the rest of the year, with a chance of dipping into the high 5% range if inflation continues to ease.
That said, no one can predict rates with certainty. The practical move for most borrowers: if the math works at today's rate — whether for a purchase or a refinance — lock it in. You can always refinance again later if rates drop further. Waiting for a perfect rate that may never arrive often costs more in lost time and rent than it saves.
If you are still deciding how much house fits your budget at these rates, the mortgage affordability calculator applies the 28/36 rule to your income and debts. If you already own and want to see whether refinancing pays off, the refinance calculator runs the break-even math. And if you are weighing buying versus renting, the rent vs buy calculator compares total costs over your expected time horizon.