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The average interest rate for a 30-year, fixed-rate conforming mortgage loan in the U.S. is 7.253%, down from the day before, according to data from Mortgage Research Center. Meanwhile, the average rate for a 15-year, fixed-rate conforming mortgage loan is 6.458%, down for that same time period. Compare mortgage rates for Oct. 16, 2026 Here’s a quick look at week-over-week rate changes.
Mortgage Type Rate Rate A Week Before Approximate Basis Points Change 30-year conventional 7.253% 7.491% -24 15-year conventional 6.458% 6.652% -19 30-year jumbo 7.478% 7.641% -16 30-year FHA 6.732% 6.931% -20 30-year VA 6.823% 7.017% -19 30-year USDA 6.941% 7.044% -10 30-year conventional Rate 7.253% Rate A Week Before 7.491% Approximate Basis Points Change -24 15-year conventional Rate 6.458% Rate A Week Before 6.652% Approximate Basis Points Change -19 30-year jumbo Rate 7.478% Rate A Week Before 7.641% Approximate Basis Points Change -16 30-year FHA Rate 6.732% Rate A Week Before 6.931% Approximate Basis Points Change -20 30-year VA Rate 6.823% Rate A Week Before 7.017% Approximate Basis Points Change -19 30-year USDA Rate 6.941% Rate A Week Before 7.044% Approximate Basis Points Change -10 Fortune reviewed the latest Mortgage Research Center data available on Oct. 15 . What you’d pay in interest with where rates are at today We ran the numbers through the mortgage calculator provided by the federal government’s Office of Financial Readiness. At the current rate of 7.253%, on a 30-year mortgage where you borrow $300,000, you’d pay roughly $436,969.12 in interest over the life of the loan.
On a 15-year mortgage with the same loan amount used for the estimate, you’d pay roughly $169,152.05 in interest over the life of the loan at the current rate of 6.458%. What the Fortune/MRC partnership means for you Fortune partners with Mortgage Research Center, a company with deep expertise in the mortgage data space, to keep you informed throughout your homebuying journey. We review average rates provided by MRC each workday they’re available, keeping you up to date on a variety of loan types.
Read on to see how mortgage rates have changed day by day. 30-year conventional mortgage rates This may be the most popular mortgage type in the United States. The current average 30-year mortgage rate is 7.253%. That’s down from 7.449% on the last day’s report. 15-year conventional mortgage rates This type of mortgage is popular with homeowners seeking to minimize interest payments over the life of their loan.
The current average 15-year mortgage rate is 6.458%. That’s down from 6.607% on the last day’s report. 30-year jumbo mortgage rates A jumbo mortgage is one that exceeds the conforming loan limits set by the Federal Housing Finance Agency. While the limit can vary in certain high-cost-of-living-areas, in most of the U.S., it’s $832,750 for 2026.
The current average rate on a 30-year jumbo loan is 7.478%. That’s down from 7.589% on the last day’s report. 30-year FHA mortgage rates This type of mortgage is oftentimes more accessible to borrowers with slightly lower credit scores than conventional mortgages. Lenders are protected because these loans are insured by the Federal Housing Administration.
The current average rate on a 30-year FHA home loan is 6.732%. That’s down from 6.911% on the last day’s report. 30-year VA mortgage rates These loans are, in general, available to U.S. military members and veterans and surviving spouses. One attractive feature is that they have no minimum down payment requirement, unlike most other mortgage types.
The current average rate on a 30-year VA home loan is 6.823%. That’s down from 6.969% on the last day’s report. 30-year USDA mortgage rates A USDA loan is meant to help low- to moderate-income borrowers purchase a home in an eligible rural area. Like VA loans, USDA loans have no minimum down payment requirement.
The current average rate on a 30-year USDA home loan is 6.941%. That’s down from 7.161% on the last day’s report. What the Federal Reserve is doing in 2026 The Fed does not set rates on mortgages and other consumer financial products directly.
But, the Fed does set something called the federal funds rate—the rate banks charge each other to borrow money overnight. And rates on consumer products often fluctuate alongside changes the central bank makes to the federal funds rate. For example, when the Fed hikes that rate, banks often respond by increasing rates on mortgages and similar products.
When the Fed decreases its rate, financial institutions may similarly decrease rates on consumer products. The most recent meeting of the Federal Open Market Committee occurred Sept. 15-16, and the Fed upped the federal funds rate to 3.75% – 4.00%. There’s another FOMC meeting set for Oct. 27-28.
While trying to prevent a recession from the coronavirus pandemic in 2020, the Fed slashed its rate to effectively zero. In this environment, mortgage rates dropped dramatically, hitting a historical low average of 2.65% in January 2021. But, barring another global catastrophe, experts do not think mortgage rates will go that low again in the foreseeable future.
Trends with mortgage applications Mortgage applications are down 2.7% for the week ending Oct. 9 compared to a week earlier, according to data from a recurring survey conducted by the Mortgage Bankers Association. As rates have skyrocketed over recent weeks, more borrowers have shifted from fixed-rate home loans to adjustable-rate mortgages in an attempt to save where they can, as evidenced by ARMs increasing as a share of total mortgage applications. Joel Kan, MBA’s vice president and deputy chief economist, observed in a news release that the average rate for a 30-year fixed-rate mortgage had hit the highest point since November 2023.
“As a result, borrowers continue to rely more on ARM loans to help lower their monthly payments,” Kan said. “The ARM share at 10.5% was at its highest level since October 2025.” Recent reporting on the housing market from Fortune If you’re looking to be a more informed consumer, check out Fortune’s reporting on what’s going on with housing and the economy as a whole: ‘American dream will continue to exist’: Warren Buffett’s successor is betting big on U.S. housing Jeff Bezos says he gets why socialism is surging—but politicians blaming ‘greedy landlords’ have housing all wrong Gen Z is defying trends and betting on California —even as older Americans flee to the Sun Belt The ultrawealthy are buying nearby homes to keep staff close —and Larry Ellison and Mark Zuckerberg are two examples ‘This is not sustainable’: Families with young kids are fleeing NYC’s high cost of living , and the schools are emptying out Baby boomers are skipping Florida for the Carolinas in retirement —and cheaper homes are only part of the reason Gen Z’s new American Dream: Skip the mortgage, book the flight Why you should comparison shop Shopping around can help you save money on physical products, and the same holds true for financial products such as home loans. In fact, homebuyers in high-interest environments who apply with multiple lenders might save from $600 to $1,200 per year compared to those who don’t, according to Freddie Mac .
Keep in mind there are two big factors you’re considering when shopping around for a mortgage . One of those is which lender will offer you the lowest rate and which may have the service that aligns with your expectations. The other is what type of loan you’re going to ultimately take out.
For example, someone with a high credit score may get a great deal on a conventional mortgage, whereas someone with a credit score less than 600 may get denied for a conventional mortgage but still have a chance at taking out an FHA home loan. Frequently asked questions Are a mortgage’s interest rate and APR the same? Not quite.
Your APR will typically be the higher number, as it factors in interest plus any applicable fees. What’s a good mortgage rate in October 2026? Since we’ve been observing the average rate for a 30-year conventional home loan fluctuating well above 7.00%, getting a rate a bit above 6.50% is probably a big win if you can land it in this market.
Will mortgage rates go down? It’s possible but far from certain. If the Fed opts for a cut to the federal funds rate in 2026, mortgage rates might dip accordingly.
However, there are other factors that play an important role in where mortgage rates end up—including the national debt, demand for home loans, and inflation. And, with the Fed raising its benchmark rate in September 2026, a cut in the near future seems unlikely.
Source: Fortune
