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All rates listed in this article are based on average mortgage rate data. A real borrower's rates and APRs will vary from these averages based on their credit score, income, debt, down payment size, home type, and location.
The average 30-year fixed mortgage rate is 6.72%, and the average 15-year fixed rate is 6.27%. Rates fell slightly Wednesday.
The drop came from a mix of lower oil prices and a change to a Treasury bond-buyback program that increased purchases of longer-term Treasuries.
That pushed longer-term yields down more than shorter-term ones, and since mortgage-backed bonds behave more like 5-to-7-year bonds than true 30-year bonds, mortgage rates moved down by less than longer-term Treasury yields did.
This article shows national averages. The exact number you're offered will depend on your credit profile, loan type, and lender. If you're actively shopping, the next step is comparing a personalized rate against these national averages.
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Today's mortgage rates at a glance
Here's where the major loan products stand as of the most recent settled index:
| Loan Type | Rate | Daily Change |
|---|---|---|
| 30-Year Fixed | 6.72% | -0.03% |
| 15-Year Fixed | 6.27% | -0.04% |
| 30-Year Jumbo | 6.85% | -0.02% |
| 7/6 SOFR ARM | 6.31% | -0.01% |
| 30-Year FHA | 6.30% | -0.02% |
| 30-Year VA | 6.32% | -0.02% |
Every lender prices loans differently based on credit score, down payment, loan size, and property type, so the rate you're quoted will not match the national average exactly.
What's moving rates this week
Mortgage rates track the bond market, not the Federal Reserve's rate decisions directly. This week, easing oil prices and a change to a Treasury bond-buyback program have been the two main drivers.
Wednesday's move lower came from that combination: lower fuel prices took some pressure off inflation expectations, and an announcement increasing Treasury's purchases of longer-term bonds pushed longer-term yields down more than short-term ones.
Because mortgage-backed securities behave more like intermediate-term bonds than true 30-year bonds, mortgage rates fell by less than long-term Treasury yields did on the same day.
Rates are still below the year's high of 6.85%, so this week's move is a continuation of the broader range rather than a shift in trend. Oil prices remain the variable worth watching most closely, since energy costs feed directly into inflation expectations that bond investors price in.
If oil prices continue easing, rates could keep drifting lower. If tensions or fuel costs escalate again, the opposite is more likely.
What a $350,000 mortgage could cost at today's average rates
What would today's average rates mean for monthly payments? This table shows the effect of average rates on monthly payments in hypothetical mortgage loans.
Your numbers will be different — they'll be based on your personal finances, property type, and location.
| Loan Type | Rate | Term | Est. Monthly P&I |
|---|---|---|---|
| 30-Year Fixed | 6.72% | 30 yrs | $2,263 |
| 15-Year Fixed | 6.27% | 15 yrs | $3,005 |
| 30-Year Jumbo | 6.85% | 30 yrs | $2,293 |
| 7/6 SOFR ARM | 6.31% | 30 yrs | $2,169 |
| 30-Year FHA | 6.30% | 30 yrs | $2,166 |
| 30-Year VA | 6.32% | 30 yrs | $2,171 |
These payments also show principal and interest only. They don't include property taxes, homeowners insurance, or mortgage insurance, all of which affect your actual monthly payment.
Better's mortgage calculator can show payments at different interest rates and with insurance and taxes included.
Fixed vs. ARM vs. government-backed: which rate fits you?
Not every borrower is shopping for the same loan, and the "best" rate depends on which product fits your situation:
- 30-year fixed offers predictable payments for the life of the loan. It's the most common choice for buyers who plan to stay in the home long-term or simply want payment stability.
- 7/6 SOFR ARM starts with a lower initial rate, currently averaging 6.31% versus 6.72% for a 30-year fixed, that adjusts every six months after an initial seven-year fixed period. This can make sense for borrowers who expect to sell, refinance, or pay off the loan before the adjustable period begins, but it carries the risk that rates could be higher when it resets.
- FHA loans (6.30%) allow for lower down payments and more flexible credit requirements, backed by the Federal Housing Administration, but require mortgage insurance premiums that don't automatically go away like conventional PMI in most cases. See FHA vs. conventional loans for a fuller comparison.
- VA loans (6.32%) are available to eligible veterans, active-duty service members, and some surviving spouses, often with no down payment required and no ongoing mortgage insurance. Our VA loan vs. FHA breakdown covers which program tends to cost less depending on your situation.
- Jumbo loans (6.85%) apply to loan amounts above the conforming loan limit set by the Federal Housing Finance Agency (FHFA) each year, and typically carry stricter credit and reserve requirements. See jumbo vs. conventional loans for qualification differences. Loan type is a factor in mortgage rates and APRs. Finding the right loan type for your situation should be part of the preapproval process.
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Should you lock today or wait?
There's no universal answer to this question, and buyers should be wary of anyone who tries to guarantee their predictions about future rate movement. No one can reliably predict which way rates will move next.
That said, you can weigh some concrete facts into your decision:
- Average rates are still below the year's high. Even after Wednesday's dip, today's average sits nearly 0.13 percentage points below the 2026 peak of 6.85%.
- Oil prices and the broader inflation picture remain the key variable. Continued easing in fuel costs could pull rates lower; a reversal could push them back up.
- A rate lock protects you from increases between now and closing, typically for a set window (often 30–60 days), but it also means you won't benefit if rates drop further after you lock, unless your lender offers a float-down option.
If you already have a mortgage at a higher rate than today's averages, it may be worth checking when it makes sense to refinance, which walks through the break-even math against current refinance rates.
Timing a rate lock is ultimately a personal risk decision: how much certainty you want versus how much upside you're willing to give up.
Frequently Asked Questions
I have a 620 credit score. Can I still qualify for a mortgage at today's rates, or will I get a much higher rate?
620 is the minimum qualifying score for many types of conventional mortgages, but meeting that benchmark doesn't guarantee mortgage approval. Underwriters also look at your income, debts, down payment size, property type, and other factors to decide whether to approve your loan.
Is it worth refinancing right now if my current rate is 7.5%?
It could be, depending on how long you plan to stay in the home and what closing costs you'd pay. Do your own math to compare your eventual savings from the new loan to the upfront cost of getting the new loan.
What's the difference between the rate I see online and the rate a lender will actually offer me?
Published national averages, like the ones on this page, reflect a broad mix of credit scores, down payments, and loan types. Your actual quote is based on your specific credit score, debt-to-income ratio, down payment, property type, and loan amount, so it can land above or below the published average.
I'm a veteran with no down payment saved. How does a VA loan rate compare to a conventional loan today?
VA loans are currently averaging 6.32%, meaningfully below the 6.72% conventional 30-year fixed rate, and VA loans don't require a down payment or ongoing mortgage insurance, which conventional loans typically do below 20% down. For eligible veterans and service members, that combination often makes VA loans the lower-cost option overall, not just on rate.
What happens if I lock my rate today and rates drop before closing?
If you lock your rate, you're generally protected from increases, but you also won't automatically benefit if rates fall further, unless your lender specifically offers a float-down option that lets you capture a lower rate for a fee or under certain conditions. It's worth asking your lender directly whether float-down is available before you lock.
Why do mortgage rates change every day even when the Fed hasn't changed its rate?
Mortgage rates are priced off mortgage-backed securities (MBS) and bond yields, which move daily based on inflation data, economic reports, and investor sentiment — not directly off the Fed's benchmark rate. That's why rates can shift day to day even between Federal Reserve meetings.
The bottom line
Today's average rates fell, snapping a three-day run of increases, and they remain below the year's peak.
National averages offer a barometer for mortgage costs, but they don't apply directly to your loan.
The most reliable way to know what you'd actually qualify for is to check your personalized rate directly.
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All rates and payment scenarios in this article are hypothetical and not an offer to lend. Real rates and payments depend on your unique situation.