The average interest rate for a 30-year, fixed-rate conforming mortgage loan in the U.S. is 6.253%, a decrease of about 3 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 5.620%, up about 7 basis points for the same period.
Rates current as of April 28, 2026. Fortune publishes a daily mortgage rates post each weekday that data is available.
Compare mortgage rates for April 28, 2026
Here’s a quick look at week-over-week rate changes.
Fortune reviewed the latest Optimal Blue data available on April 27, reflecting rates for loans locked in as of April 24.
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What you’d pay in interest with where rates are at on April 28, 2026
We ran the numbers through the mortgage calculator provided by the federal government’s Office of Financial Readiness. At the current rate of 6.253%, on a 30-year mortgage where you borrow $300,000, you’d pay roughly $365,183.23 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 $144,670.75 in interest over the life of the loan at the current rate of 5.620%.
Read on to see how mortgage rates have changed day over day.
30-year conventional mortgage: Down about 3 basis points
This may be the most popular mortgage type in the United States.
The current average 30-year mortgage rate is 6.253%. That’s down from 6.277% on the last day’s report.
15-year conventional mortgage: Up about 7 basis points
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 5.620%. That’s up from 5.546% on the last day’s report.
30-year jumbo mortgage: Up about 15 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 6.541%. That’s up from 6.394% on the last day’s report.
30-year FHA mortgage: Down about 6 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 6.056%. That’s down from 6.118% on the last day’s report.
30-year VA mortgage: Down about 3 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 5.841%. That’s down from 5.871% on the last day’s report.
30-year USDA mortgage: Up about 14 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 6.109%. That’s up from 5.969% 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 last meeting March 17-18, the Federal Open Market Committee left the federal funds rate where it was at 3.50% – 3.75%. The FOMC is meeting currently 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 are up week over week, according to data from the Mortgage Bankers Association. For the week ending April 17, applications were up 7.9% compared to a week prior.
“Mortgage rates declined last week as financial markets responded positively to the Middle East ceasefire and the lower trend in oil prices,” Mike Fratantoni, MBA’s SVP and chief economist, said in a news release.
Refi application volume increased by 6% while purchase application volume increased by 10%, according to the MBA.
“Despite the geopolitical uncertainty, housing demand is being supported by a still resilient job market, and homebuyers are experiencing a buyer’s market in most of the country given the higher levels of inventory relative to last year,” Fratantoni said in the release.
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:
- Florida’s influx of rich residents is killing the middle class and housing market
- The starter home is dying. Better.com’s CEO says AI is the only thing that can save it
- The housing affordability crisis isn’t just crushing millennials—it’s squeezing out buyers in their 40s, 50s, and beyond, too
- The tables have turned: Florida and Texas are the biggest losers in the housing market as Ohio emerges a surprise winner
- Trump’s big housing market solution is dead on arrival, UBS says—its model is Texas from 25 years ago
- Older millennials are starting to act like boomers in the housing market—and pulling away from the pack
- Gen Z is carving a different path in the housing market by doing it alone
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 April 2026?
With the average rate for a 30-year conventional mortgage hovering above 6.00% lately, scoring a rate just above 6.00% means you’re doing fine. And if by chance you get a rate lower than 6.00%, that’s very good.
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.
