Meanwhile, the average rate for a 15-year, fixed-rate conforming mortgage loan is 6.637%, down slightly for the same time period.

Compare mortgage rates for Oct. 12, 2026

Here’s a quick look at week-over-week rate changes.

Mortgage Type	Rate	Rate A Week Before	Approximate Basis Points Change
30-year conventional	7.457%	7.456%	0
15-year conventional	6.637%	6.613%	+2
30-year jumbo	7.654%	7.644%	+1
30-year FHA	6.933%	6.821%	+11
30-year VA	7.000%	6.912%	+9
30-year USDA	7.106%	6.962%	+14

30-year conventional
Rate	7.457%
Rate A Week Before	7.456%
Approximate Basis Points Change	0
15-year conventional
Rate	6.637%
Rate A Week Before	6.613%
Approximate Basis Points Change	+2
30-year jumbo
Rate	7.654%
Rate A Week Before	7.644%
Approximate Basis Points Change	+1
30-year FHA
Rate	6.933%
Rate A Week Before	6.821%
Approximate Basis Points Change	+11
30-year VA
Rate	7.000%
Rate A Week Before	6.912%
Approximate Basis Points Change	+9
30-year USDA
Rate	7.106%
Rate A Week Before	6.962%
Approximate Basis Points Change	+14

Fortune reviewed the latest Mortgage Research Center data available on Oct. 9.

What you’d pay in interest with where rates are at on October 12, 2026

We ran the numbers through the mortgage calculator provided by the federal government’s Office of Financial Readiness. At the current rate of 7.457%, on a 30-year mortgage where you borrow $300,000, you’d pay roughly $451,971.54 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 $174,474.40 in interest over the life of the loan at the current rate of 6.637%.

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What the Fortune/MRC partnership means for you

Fortune partners with Mortgage Research Center, a company with deep expertise in the mortgage data space, to keep you informed throughout your homebuying journey. We review average rates provided by MRC each workday they’re available, keeping you up to date on a variety of loan types.

Read on to see how mortgage rates have changed day by day.

30-year conventional mortgage rates

This may be the most popular mortgage type in the United States.

The current average 30-year mortgage rate is 7.457%. That’s down from 7.491% on the last day’s report.

15-year conventional mortgage rates

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 6.637%. That’s down slightly from 6.652% on the last day’s report.

30-year jumbo mortgage rates

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 7.654%. That’s slightly up from 7.641% on the last day’s report.

30-year FHA mortgage rates

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 6.933%. That’s very slightly up from 6.931% on the last day’s report.

30-year VA mortgage rates

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 7.000%. That’s slightly down from 7.017% on the last day’s report.

30-year USDA mortgage rates

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 7.106%. That’s up from 7.044% on the last day’s report.

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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 Sept. 15-18, the Federal Open Market Committee increased the federal funds rate to 3.75% – 4.00%. The FOMC’s next meeting is slated for Oct. 27-28.

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 decreased 4.2% for the week ending Oct. 2 compared to a week prior, according to a recurring survey conducted by the Mortgage Bankers Association.

“Mortgage rates moved to their highest level in almost three years last week,” Joel Kan, MBA’s vice president and deputy chief economist, observed in a news release.

He added, “Very few homeowners have an incentive to refinance at these rates, and the jump in borrowing costs has caused many potential borrowers to step back from the purchase market. With rates roughly a percentage point higher than a year ago, refinance applications last week were at the lowest level since 2025 and fell to less than half of last year’s pace.”

Purchase activity decreased for all mortgage types, with FHA home loans showing the most pronounced drop, according to MBA data.

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 ultrawealthy are buying nearby homes to keep staff close—and Larry Ellison and Mark Zuckerberg are two examples
• ‘This is not sustainable’: Families with young kids are fleeing NYC’s high cost of living, and the schools are emptying out
• Baby boomers are skipping Florida for the Carolinas in retirement—and cheaper homes are only part of the reason
• Gen Z’s new American Dream: Skip the mortgage, book the flight
• Redfin signals a shift in power to buyers as a record share of sellers cut prices for this time of year—but 7% mortgage rates are a problem
• Kevin Warsh’s Fed has a rent problem: Higher rates could fuel a ‘doom loop’ in housing, top economist warns
• Zohran Mamdani says ‘you have to luck out in some big way’ to achieve the American Dream now—and many people see better odds of winning the lottery

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 October 2026?

For 30-year conventional mortgages, we’ve been seeing the average rate hover well past the 7.00% line. If you get a rate between 6.50% and 7.00%, that’s probably great for this 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). But as the Fed hiked its benchmark rate at the September 2026 meeting, market observers do not expect a cut in the near future. Other factors impacting mortgage rates include inflation, the national debt, and demand for home loans.