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The current average mortgage rate on a 30-year fixed mortgage is 6.60%, according to the Mortgage Research Center. The average rate on a 15-year mortgage is 5.74%, while the average rate on a 30-year jumbo mortgage is 6.74%.
30-Year Mortgage Rates Drop 0.02 Percentage Points
Borrowers paid an average rate of 6.60% on a 30-year mortgage. This was down from the previous week's rate of 6.62%.
To get an idea of how much you'll pay: a $100,000 mortgage with a 30-year fixed-rate loan at the current average interest rate of 6.60% will cost you about $638, including principal and interest (taxes and fees not included) each month, the Forbes Advisor mortgage calculator shows. That's around $130,726 in total interest over the life of the loan.
15-Year Mortgage Rates Drop 0.04 Percentage Points
Today's 15-year mortgage (fixed-rate) is 5.74%, down 0.04 percentage points from the previous week. At the same time last week, the 15-year fixed-rate mortgage was at 5.78%.
A 15-year, fixed-rate mortgage with today's interest rate of 5.74% will cost $830 per month in principal and interest on a $100,000 mortgage (not including taxes and insurance). In this scenario, borrowers would pay approximately $49,975 in total interest.
Jumbo Mortgage Rates Drop 0.01 Percentage Points
The average interest rate on the 30-year fixed-rate jumbo mortgage (mortgages above 2026's conforming loan limit of $832,750 in most areas) inched down to 6.74%. Last week, the average rate was 6.75%.
Borrowers with a 30-year fixed-rate jumbo mortgage with today's interest rate of 6.74% will pay $648 per month in principal and interest per $100,000. That means you'd pay approximately $133,735 in total interest over the life of the loan.
Overview of 2026 Mortgage Rate Trends to Date
Mortgage rates trended downward during the final three months of 2025 after the Federal Reserve cut the federal funds rate at its September, October and December meetings, bringing the policy rate down to a 3.50% to 3.75% target range.
So far in 2026, the Federal Open Market Committee (FOMC) has held the federal funds rate unchanged at 3.50% to 3.75%, pausing further cuts as policymakers assess incoming economic data.
The central bank will make additional decisions on the federal funds rate at future FOMC meetings this year. Further rate cuts could push national mortgage rates lower, while increases or continued pauses could cause rates to rise again or remain steady.
Alongside the average interest rates collected by the Mortgage Research Center, Freddie Mac uses thousands of loan applications to track weekly average mortgage rates. As seen in the chart below, the average rate on a 30-year fixed mortgage has sat in the low-to-mid 6% range through the first quarter of 2026.
What Affects Mortgage Rates?
The Federal Reserve's restrictive monetary policy"including its interest rate hikes, which it's using to restrain inflation"is the primary factor that's pushing long-term mortgage rates higher. The state of the economy and housing market also affects mortgage rates. As for what interest rate the lender might offer you, this depends on your debt-to-income (DTI) ratio and credit score, both of which indicate your risk as a borrower.
Related: Mortgage Rates Forecast And Trends
How To Compare Mortgage Rates
Shop around and talk to various lenders to get a sense of each company's mortgage loan offerings and services. Don't go with the first lender quote you receive; instead, compare the best mortgage rate quotes to get a deal. In particular, consider what fees they charge, what fees they're willing to waive and what closing assistance they might provide. Make sure any special offers or discounts don't come at the cost of a higher mortgage rate.
Be sure to apply with each lender within a 45-day window. During this window, you can have multiple lenders pull your credit history without additional impact on your credit score.
Is This a Good Time To Buy a House?
Mortgage rates remain elevated, and the nation's housing supply remains limited. The low inventory is preventing house prices from dropping. Meanwhile, the combination of high mortgage rates and appreciated home values will continue to present an obstacle for many prospective homebuyers seeking affordable housing.
Frequently Asked Questions (FAQs)
How do you get a lower mortgage interest rate?
Comparing lenders and loan programs is an excellent start. Borrowers should also strive for a good or excellent credit score between 670 and 850 and a debt-to-income ratio of 43% or less.
Further, making a minimum down payment of 20% on a conventional mortgage can help you automatically waive private mortgage insurance premiums, which increases your borrowing costs. Buying discount points or lender credits can also reduce your interest rate.
How long can you lock in a mortgage rate?
Most rate locks last 30 to 60 days and your lender may not charge a fee for this initial period. However, extending the rate lock period up to 90 or 120 days is possible, depending on your lender, but additional costs may apply.
What's the difference between a mortgage interest rate and a mortgage APR?
A mortgage interest rate reflects what a lender is charging you on top of your loan amount in return for allowing you to borrow money.
Annual percentage rate (APR), on the other hand, is a calculation that includes both a loan's interest rate and finance charges, expressed as an annual cost over the life of the loan. In other words, it's the total cost of credit. APR accounts for interest, fees and time.
Since APRs include both the interest rate and certain fees associated with a home loan, the APR can help you understand the total cost of a mortgage if you keep it for the entire term. The APR will usually be higher than the interest rate, but there are exceptions.
