The average interest rate for a 30-year, fixed-rate conforming mortgage loan in the U.S. is 6.313%, an increase of about 4 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 5.651%, up 1 basis point for the same period.
Rates current as of May 4, 2026. Fortune publishes a daily mortgage rates post each weekday that data is available.
Compare mortgage rates for May 4, 2026
Here’s a quick look at week-over-week rate changes.
Fortune reviewed the latest Optimal Blue data available on May 1, reflecting rates for loans locked in as of April 30.
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What you’d pay in interest with where rates are at on May 4, 2026
We ran the numbers through the mortgage calculator provided by the federal government’s Office of Financial Readiness. At the current rate of 6.313%, on a 30-year mortgage where you borrow $300,000, you’d pay roughly $369,406.75 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 $145,564.39 in interest over the life of the loan at the current rate of 5.651%.
Read on to see how mortgage rates have changed day by day.
30-year conventional mortgage: Down about 4 basis points
This may be the most popular mortgage type in the United States.
The current average 30-year mortgage rate is 6.313%. That’s down from 6.348% on the last day’s report.
15-year conventional mortgage: Up 1 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 5.651%. That’s up from 5.641% on the last day’s report.
30-year jumbo mortgage: Down about 4 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 6.432%. That’s down from 6.474% on the last day’s report.
30-year FHA mortgage: Down about 10 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 6.060%. That’s down from 6.161% on the last day’s report.
30-year VA mortgage: Down about 2 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 5.903%. That’s down from 5.924% on the last day’s report.
30-year USDA mortgage: Up about 1 basis point
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 5.992%. That’s up from 5.984% on the last day’s report.
What the Federal Reserve is doing in 2026
While not a perfect correlation, mortgage interest rates often move in relationship to changes the Federal Reserve makes to its benchmark federal funds rate.
The federal funds rate is the rate banks charge each other to borrow money overnight. When it increases, lenders often raise the rates they charge customers. Conversely, when it decreases, lenders may offer borrowers lower rates.
At its most recent meeting April 28-29, the Federal Open Market Committee left the federal funds rate unchanged at 3.50% – 3.75%. The FOMC’s next meeting is slated for June 16-17.
While attempting to stave off a recession due to the coronavirus pandemic in 2020, the Fed dropped its benchmark rate to effectively zero. This led to historically low mortgage rates for a period of time—with the average mortgage rate dropping to 2.65% in January 2021.
Barring another pandemic-level catastrophe, experts agree it’s extremely unlikely for mortgage rates to dip that low at any point in the foreseeable future.
Trends with mortgage applications
Mortgage applications have decreased slightly, per the Mortgage Bankers Association.
Applications have dropped 1.6% for the week ending April 24 when compared to the previous week. Meanwhile, mortgage refinance activity dropped by 1.7%. Adjustable-rate mortgages have also increased, now making up 8.3% of total applications.
“Mortgage rates increased slightly last week, with the 30-year fixed rate rising to 6.37 percent. However, purchase activity for conventional loans picked up almost 2 percent for the week,” says Mike Fratantoni, MBA’s SVP and chief economist, in a news release. “After a brief pause, in part because of the elevated geopolitical uncertainties, potential homebuyers certainly appear to be moving forward this spring and taking advantage of the more favorable inventory conditions in most parts of the country.”
Recent reporting on the housing market from Fortune
Go deeper with our coverage of what’s happening with the housing market and the broader economy:
- The national debt is the same size as the economy. It’s a ‘disturbing warning and a call to action,’ watchdog says
- 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
Why you should comparison shop
Comparing rates on different types of loans and shopping around with different mortgage lenders are both important steps in getting the best mortgage for your situation.
If your credit is in stellar shape, a conventional mortgage might be the best choice for you. But, if your score is sub-600, an FHA loan may give you a chance a conventional loan would not.
When it comes to shopping around with different banks, credit unions, and online lenders, it can make a tangible difference in how much you pay. Freddie Mac research shows that in a market with high interest rates, homebuyers may be able to save $600 to $1,200 annually if they apply with multiple mortgage lenders.
Frequently asked questions
Are a mortgage’s interest rate and APR the same?
Not exactly. Your loan’s APR reflects the interest you’ll pay plus any fees factored in, so the APR will typically be slightly higher than the interest rate alone.
What’s a good mortgage rate in May 2026?
For 30-year conventional mortgages, we’ve been seeing the average rate holding above the 6.00% line. If you get a rate slightly above 6.00% that’s likely pretty solid. If you secure a rate below 6.00%, you can consider yourself lucky in this economic environment.
Will mortgage rates go down?
If the Fed decides to cut the federal funds rate in 2026, mortgage rates might dip alongside that action (though it’s not guaranteed). Other factors impacting mortgage rates include inflation, the national debt, and demand for home loans.
