The average interest rate for a 30-year, fixed-rate conforming mortgage loan in the U.S. is 6.476%, a drop of about 6 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 5.800%, up about 1 basis point for the same period.
Compare mortgage rates for June 16, 2026
Here’s a quick look at week-over-week rate changes.
Fortune reviewed the latest Optimal Blue data available on June 15, reflecting rates for loans locked in as of June 12.
What you’d pay in interest with where rates are at today
We ran the numbers through the mortgage calculator provided by the federal government’s Office of Financial Readiness. At the current rate of 6.476%, on a 30-year mortgage where you borrow $300,000, you’d pay roughly $380,930 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 $149,869 in interest over the life of the loan at the current rate of 5.800%.
Read on to see how mortgage rates have changed day over day.
30-year conventional mortgage: Down 6 basis points
This may be the most popular mortgage type in the United States.
The current average 30-year mortgage rate is 6.476%. That’s down from 6.532% 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 5.800%. That’s up from 5.786% on the last day’s report.
30-year jumbo mortgage: Down 1 basis point
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 6.603%. That’s down from 6.615% on the last day’s report.
30-year FHA mortgage: Up 2 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 6.313%. That’s up from 6.294% on the last day’s report.
30-year VA mortgage: Up 4 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 6.118%. That’s up from 6.074% on the last day’s report.
30-year USDA mortgage: Down 6 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 6.227%. That’s down from 6.283% 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 April 28-29, 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 June 16-17.
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 increased recently, according to the Mortgage Bankers Association. Specifically, applications increased 10.8% for the week ending June 5 compared to a week prior, per MBA data.
“Mortgage rates were volatile last week as news from the Middle East continues to drive markets,” Mike Fratantoni, MBA’s SVP and chief economist, said in a news release.
He added:
“Both refinance and purchase applications rebounded coming out of the Memorial Day holiday week, with refinance applications up 15 percent and purchase applications up 7 percent.”
Adjustable-rate mortgages (ARMs) increased as a share of total applications to 8.6%, according to the MBA.
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 golden years are not golden’: Boomers are hoarding most of America’s wealth and power because they’re terrified of outliving their money
- This realtor is betting big on the AI IPO boom, but buying a house with stock will have to go through the OpenAI’s and Anthropic’s boards first
- BofA on the ‘fundamental disconnect’ in the housing market: You’re blaming the wrong person for why you can’t afford a home
- ‘A landmark moment for homebuying’: A San Francisco seller wants OpenAI or Anthropic stock for their $3 million home
- Buffett says Abel ‘has launched’ with his first big Berkshire deal: an $8.5 billion housing bet
- This home-builder dropped out of high school and worked construction for $8 an hour—by 22, he was making $200K from his trade empire
- Pandemic relief funds accidentally broke the housing market by helping scammers inflate local home prices nearly 6%, study finds
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 June 2026?
With the average rate for a 30-year conventional mortgage hovering in the vicinity of 6.50% lately, scoring a rate just above 6.00% means you’re doing very 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.
