The average interest rate for a 30-year, fixed-rate conforming mortgage loan in the U.S. is 6.419%, up approximately a basis point 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 5.744%, up less than a full basis point for the same period.
Compare mortgage rates for July 1, 2026
Here’s a quick look at week-over-week rate changes.
Fortune reviewed the latest Optimal Blue data available on June 30, reflecting rates for loans locked in as of June 29.
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 6.419%, on a 30-year mortgage where you borrow $300,000, you’d pay roughly $376,891.48 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 $148,247.62 in interest over the life of the loan at the current rate of 5.744%.
Read on to see how mortgage rates have changed day by day.
30-year conventional mortgage: Up about a basis point
This may be the most popular mortgage type in the United States.
The current average 30-year mortgage rate is 6.419%. That’s up from 6.411% on the last day’s report.
15-year conventional mortgage: Less than a basis point of change
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 5.744%. That’s slightly up from 5.739% on the last day’s report.
30-year jumbo mortgage: Up 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 6.460%. That’s up from 6.450% on the last day’s report.
30-year FHA mortgage: Up about a basis point
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 6.267%. That’s [up/down] from 6.262% on the last day’s report.
30-year VA mortgage: Down about 7 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 6.023%. That’s down from 6.090% on the last day’s report.
30-year USDA mortgage: Up about 3 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 6.228%. That’s up from 6.197% on the last day’s report.
What the Federal Reserve is doing in 2026
Market observers know that mortgage interest rates often move in tandem with the federal funds rate, which is set by the Federal Reserve (and is what banks charge each other to borrow money overnight).
When the Fed hikes its benchmark rate, mortgage rates often rise accordingly. And when the Fed decreases the federal funds rate, mortgage rates often dip.
At its most recent meeting June 16-17, the Federal Open Market Committee left the federal funds rate at 3.50% – 3.75%. The FOMC has another meeting scheduled for July 28-29.
In 2020, the Fed cut its benchmark rate to effectively zero, trying to prevent a recession as the coronavirus wreaked havoc. In that environment, mortgage rates hit historical lows, bottoming out with an average rate of 2.65% in January 2021.
However, experts agree mortgage rates that low are unlikely to happen again in the foreseeable future, barring a disaster of pandemic-level proportions.
Trends with mortgage applications
Mortgage rates have ticked up ever so slightly. Per the Mortgage Bankers Association, applications increased 1 percent for the week ending June 19, compared to a week earlier.
Purchase applications were down a bit, while mortgage refi activity was up.
This came as mortgage interest rates held relatively steady, with the Federal Reserve opting not to decrease the federal funds rate at its most recent meeting.
“Mortgage rates changed little over the course of last week, despite the more hawkish tone from the FOMC at its June meeting,” Mike Fratantoni, MBA’s SVP and chief economist, said in a news release.
Recent reporting on the housing market from Fortune
Stay informed on what’s happening with housing in the U.S. as well as trends in the economy, with reporting from the Fortune newsroom:
- Gen Z and millennials aren’t convinced the American Dream exists anymore: Only 40% of them can afford to buy a home
- Harvard’s housing report has a darker message than affordability—the middle-class home was always a historical accident
- LinkedIn says real estate is one of the hottest industries for entry-level workers—One Gen Z sales agent made $75K his first year with no experience
- The 30-year fixed mortgage was supposed to be predictable. Two costs quietly broke that promise
- One chart explains the economy’s terrible baby boomer hangover, Gen X’s invisibility, and millennial and Gen Z irrelevance
- Congress’s landmark housing bill could backfire on millions of renters
- A big look at the state of housing in America: Boomers won’t sell, millennials can’t buy, and Gen Z gets to watch the whole thing sort itself out
Why you should comparison shop
It’s worth applying with multiple lenders to find which will offer the lowest rate and which seems like it can provide the service you’ll expect going forward.
On the savings front, Freddie Mac notes that when interest rates are high, homebuyers who apply with multiple lenders might save $600 to $1,200 per year compared to those who do not.
It’s also smart to shop around and consider different loan types to find the one that serves your situation the best. For example, if your credit score is nearly perfect, you might get a great deal on a conventional mortgage. But if your credit score is under 600, you might be denied for a conventional mortgage but still have a chance at approval for an FHA home loan.
Frequently asked questions
Are a mortgage’s interest rate and APR the same?
They’re related, but not the same. Your APR includes the interest you’ll pay and any fees factored in as well.
What’s a good mortgage rate in July 2026?
We’ve been seeing the average rate for a 30-year, conventional home loan hovering close to 6.50% recently. If you get a rate just above 6.00%, that’s pretty good.
Will mortgage rates go down?
Nothing is set in stone. Mortgage rates might go down if the Fed decides on a cut to the federal funds rate in 2026. But additional factors impacting mortgage rates include inflation, the national debt, and demand for home loans.
