The current average interest rate for a fixed-rate, 30-year conforming mortgage loan in the United States is 6.771%, according to the most recent data available from mortgage technology and data company Optimal Blue. Read on to see average rates for different types of mortgages and how the current rates compare with the last reported day prior.
| Type of Mortgage | Current Rate | Rate Last Reported |
|---|---|---|
| 30-year conforming | 6.771% | 6.782% |
| 30-year jumbo | 7.238% | 7.079% |
| 30-year FHA | 6.551% | 6.584% |
| 30-year VA | 6.387% | 6.362% |
| 30-year USDA | 6.620% | 6.668% |
| 15-year conforming | 6.254% | 6.072% |
| 30-year conforming | |
|---|---|
| 6.771% | |
| 6.782% | |
| 30-year jumbo | |
| 7.238% | |
| 7.079% | |
| 30-year FHA | |
| 6.551% | |
| 6.584% | |
| 30-year VA | |
| 6.387% | |
| 6.362% | |
| 30-year USDA | |
| 6.620% | |
| 6.668% | |
| 15-year conforming | |
| 6.254% | |
| 6.072% |
Historical mortgage rates chart
Here’s how the current average mortgage rates we’re tracking compare to average rates over the past month:
Note, there’s a lag of one business day in data reporting, meaning that the most current rate as of today is what the chart shows for July 23.
30-year mortgage rates
30-year conforming
The average interest rate, per the most current data available as of this writing, is 6.771%. That’s down from 6.782% the last reported day prior.
30-year jumbo
What exactly is a “jumbo mortgage” or “jumbo loan”? Simply put, it exceeds the maximum amount for a normal (conforming) mortgage. Fannie Mae, Freddie Mac, and the Federal Housing Finance Agency set this maximum.
The average jumbo mortgage rate, per the most current data available as of this writing, is 7.238%. That’s up from 7.079% the last reported day prior.
30-year FHA
The Federal Housing Administration provides mortgage insurance to certain lenders, and the lenders in turn can offer the consumer a better deal on aspects such as being able to qualify for a mortgage, potentially making a smaller down payment, and possibly getting a lower rate.
The average FHA mortgage rate, per the most current data available as of this writing, is 6.551%. That’s down from 6.584% the last reported day prior.
30-year VA
A VA home loan is offered by a private lender, but the Department of Veterans Affairs guarantees part of it (reducing risk for the lender). They are accessible if you’re a U.S. military servicemember, a veteran, or an eligible surviving spouse. Such loans may sometimes allow the purchase of a house with no down payment at all.
The average VA home loan rate, per the most current data available as of this writing, is 6.387%. That’s up from 6.362% the last reported day prior.
30-year USDA
The U.S. Department of Agriculture operates programs to help low-income applicants achieve homeownership. Such loans can help U.S. citizens and eligible noncitizens purchase a home with no down payment. Note that there are stringent requirements to be able to qualify for a USDA home loan, such as income limits and the home being in an eligible rural area.
The average USDA home loan rate, per the most current data available as of this writing, is 6.620%. That’s down from 6.668% the last reported day prior.
15-year mortgage rates
A 15-year mortgage will typically mean higher monthly payments but less interest paid over the life of the loan. The average rate for a 15-year conforming mortgage, per the most current data available as of this writing, is 6.254%. That’s up from 6.072% the last reported day prior.
Why do mortgage rates vary day to day?
Your personal credit score is a major factor in determining your mortgage rate, but several external factors also impact it. Key considerations include:
- Federal Reserve policies: When the Federal Reserve adjusts the federal funds rate, lenders often change their interest rates accordingly. This mechanism is used by the Fed to control the money supply, influencing borrowing costs for consumers and businesses.
- Rate of inflation: Though connected, inflation and the Fed’s actions are distinct factors here. The Fed uses rate adjustments to manage inflation, but lenders may also independently raise rates to safeguard their margins when inflation rises.
- Economic landscape: The pace of economic growth, as well as things like housing supply and buyer demand, are among the factors lenders evaluate when deciding to raise or lower mortgage rates.
Learn more: How are mortgage interest rates set by lenders?
Selecting the right mortgage type
There’s no universal solution when it comes to which type of mortgage you need. While most mortgages are conventional, government-backed loans can offer a more affordable entry into homeownership for those who qualify.
A jumbo loan may be ideal for high-value home purchases that exceed conforming loan limits, but may also come with higher costs over time.
Adjustable-rate mortgages (ARMs) generally start with low rates that can increase after an initial period. Consider this option carefully based on your long-term plans.
The data presented here are averages for fixed-rate mortgages.
For those uneasy about rate shopping alone, a mortgage broker might be able to find the best deal for your unique situation, albeit for a fee.
How high have mortgage rates been in the past?
While mortgage rates may feel sky-high these days compared to the sub-3% rates some homebuyers scored in 2020 and 2021, what we’re seeing currently isn’t that strange when compared with historical data on mortgage rate averages. Below are a couple charts from the Federal Reserve Economic Data (FRED for short) online database for context.
30-year fixed-rate mortgage historical trends
If you think rates between 6% and 8% today are scary, consider September through November of 1981, which saw the average rate hovering between 18% and 19%, according to FRED.
Check out the FRED 30-year mortgage rate chart:
15-year fixed-rate mortgage historical trends
Rates today on 15-year mortgages, as shown in the Optimal Blue data above, are roughly on par or even slightly lower than what we see during many previous periods. For example, take a look at FRED data for the end of 1994 and beginning of 1995, when rates neared 9%.
See the FRED 15-year mortgage rate chart:
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Frequently asked questions
What’s a good mortgage rate in this market?
Given current conditions, applicants with strong credit can expect rates between 6% and 8%. Those with credit scores in the low 600s may face rates exceeding 8%.
Remember, several factors influence your mortgage rate beyond credit score, including your down payment, location, and loan term.
Learn more: Easy ways to check your credit score.
What’s a mortgage rate lock and how does it work?
Due to the potential for rate changes even within a single day, a mortgage rate lock (or lock-in) can secure a rate you’re comfortable with for a specified period, typically 30, 45, or 60 days, with possible extensions.
Be aware of the potential downsides. If rates fall, you won’t benefit, and extending a lock can be costly if the initial period isn’t sufficient.
Additionally, a rate lock doesn’t completely guarantee your rate. Factors like changes in your credit score or unexpected appraisal results can still impact your mortgage rate.
Are interest rate and APR the same?
The interest rate is what it sounds like, whereas the APR (annual percentage rate) includes the interest rate plus any additional fees, making it higher. These terms are distinct for mortgages but you may hear them used interchangeably in reference to credit card rates, so context is key.
