The average interest rate for a 30-year, fixed-rate conforming mortgage loan in the U.S. is 6.494%, an increase of about 7 basis points from the day before, according to data from mortgage data company Optimal Blue.
Meanwhile, the average rate for a 15-year, fixed-rate conforming mortgage loan is 5.775%, less than a full basis point of change for the same period.
Rates current as of March 31, 2026. Fortune publishes a daily mortgage rates post each weekday that data is available.
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Compare mortgage rates for March 31, 2026
Here’s a quick look at week-over-week rate changes.
Fortune reviewed the latest Optimal Blue data available on March 30, reflecting rates for loans locked in as of March 27.
What you’d pay in interest with where rates are at on March 31, 2026
We ran the numbers through the mortgage calculator provided by the federal government’s Office of Financial Readiness. At the current rate of 6.494%, on a 30-year mortgage where you borrow $300,000, you’d pay roughly $382,208.02 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 $149,144.42 in interest over the life of the loan at the current rate of 5.775%.
Read on to see how mortgage rates have changed day over day.
30-year conventional mortgage: Up about 7 basis points
This may be the most popular mortgage type in the United States.
The current average 30-year mortgage rate is 6.494%. That’s up from 6.422% on the last day’s report.
15-year conventional mortgage: Down less than a full basis point
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 5.775%. That’s down from 5.780% on the last day’s report.
30-year jumbo mortgage: Up about 13 basis points
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 6.640%. That’s up from 6.509% on the last day’s report.
30-year FHA mortgage: Up about 4 basis points
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 6.233%. That’s up from 6.185% on the last day’s report.
30-year VA mortgage: Up about 5 basis points
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 6.121%. That’s up from 6.066% on the last day’s report.
30-year USDA mortgage: Up about 16 basis points
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 6.182%. That’s up from 6.020% on the last day’s report.
What the Federal Reserve is doing in 2026
While the Fed does not set mortgage rates directly, it does set the federal funds rate, and that tends to influence rates on products such as mortgages.
The federal funds rate is what banks charge each other to borrow money overnight. When the Fed hikes this benchmark rate, rates on mortgages and other financial products often go up accordingly. And when the Fed decreases this rate, interest rates on mortgages and similar products are likely to decrease as well.
At its most recent meeting March 17-18, the Federal Open Market Committee left the federal funds rate where it was at 3.50% – 3.75%. The FOMC has another meeting coming up on April 28-29.
The historical low for an average mortgage rate was 2.65% in January 2021. But this came after the Fed had dropped the federal funds rate to effectively zero in 2020 in an effort to combat recession as the country battled the coronavirus pandemic.
Barring a major disaster, experts do not expect mortgage rates to go that low again in the foreseeable future.
Trends with mortgage applications
Mortgage applications overall were down 10.5%, compared to a week earlier, for the week ending March 20. That’s according to data from the Mortgage Bankers Association.
“The threat of higher-for-longer oil prices continued to keep Treasury yields elevated, and mortgage rates finished last week higher,” Joel Kan, MBA’s vice president and deputy chief economist, said in a news release.
Refinance applications decreased 15% compared to a week earlier, according to MBA data.
“Purchase applications were also down last week, as higher mortgage rates, coupled with affordability constraints and economic uncertainty, pushed some potential homebuyers to the sidelines,” Kan added.
Recent reporting on the housing market from Fortune
Want to make sure you know what’s going on in the economy? The Fortune newsroom has you covered:
- The ROAD Act passed by the Senate aims to expand America’s housing supply. It’s likely to shrink it instead
- There are now nearly 50% more home sellers than buyers as mismatch widens to a record 630,000. But it’s only a buyer’s market if you can afford it
- Gen Zers are flocking to these Midwest housing markets where homes are about 30% cheaper than the coasts
- How a war in the Middle East is hiking your mortgage rate in America
- The median first-time homebuyer is now 40. Zillow’s CEO says don’t expect that to change anytime soon
- Nearly three in five Americans think AI will push homeownership even further out of reach
- The K-shaped economy has left many six-figure earners ‘on thin ice’ as housing costs, lifestyle creep, and the job market put them at risk
Why you should comparison shop
Comparison shopping for the best mortgage for you can make a tangible difference in what you pay. According to Freddie Mac, when rates are high, homebuyers who apply with multiple mortgage lenders might save anywhere from $600 to $1,200 per year.
When you comparison shop, bear in mind you’re looking at two things. One is applying with different lenders to see who can offer you the best rate, service that aligns with your expectations, etc. The other is considering different types of home loans.
Someone who has excellent credit might get the best deal with a conventional mortgage. But, for someone with a credit score under 600, an FHA home loan might offer a chance for approval whereas seeking a conventional mortgage would likely result in a rejection.
Frequently asked questions
Are a mortgage’s interest rate and APR the same?
Not entirely. Your APR includes your interest rate plus any applicable fees, meaning APR will generally be higher than interest rate alone.
What’s a good mortgage rate in March 2026?
With the average rate for a 30-year conventional mortgage hovering not far from 6.50% lately, scoring a rate just above 6.00% means you’re doing quite well.
Will mortgage rates go down?
It’s possible but far from certain. Mortgage rates might decrease slightly if the Federal Reserve decides to lower the federal funds rate in 2026. But there are other factors influencing mortgage rates too, including inflation, the national debt, and how much demand there is for home loans.
