The average interest rate for a 30-year, fixed-rate conforming mortgage loan in the U.S. is 7.307%, slightly down from the day before, according to data from Mortgage Research Center.
Meanwhile, the average rate for a 15-year, fixed-rate conforming mortgage loan is 6.481%, slightly down in the same time period.
Compare mortgage rates for Oct. 22, 2026
Here’s a quick look at week-over-week rate changes.
Fortune reviewed the latest Mortgage Research Center data available on Oct. 21.
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 7.307%, on a 30-year mortgage where you borrow $300,000, you’d pay roughly $440,930.78 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 $169,834.02 in interest over the life of the loan at the current rate of 6.481%.
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 from one day to the next.
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 7.307%. That’s slightly down from 7.333% 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 6.481%. That’s slightly down from 6.513% 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 7.551%. That’s slightly up from 7.529% 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 6.790%. That’s slightly down from 6.802% 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 6.865%. That’s down from 6.898% 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 6.954%. That’s down from 7.164% on the last day’s report.
What the Federal Reserve is doing in 2026
The Fed does not set mortgage rates, but does indirectly influence them by what it does with the federal funds rate. That benchmark rate is what banks charge each other to borrow money overnight.
When the Fed increases the federal funds rate, mortgage rates often rise, and conversely, mortgage rates often decrease when the Fed cuts the federal funds rate. At its most recent meeting Sept. 15-16, the Federal Open Market Committee raised the federal funds rate to 3.75% – 4.00%.
The FOMC has another meeting coming up on Oct. 27-28.
Some would-be homebuyers probably remember when the average mortgage rate dropped to a startling low of 2.65% in January 2021. That came as the Fed had cut the federal funds rate to effectively zero, trying to stave off a pandemic-induced recession.
However, barring a disaster of that level, experts do not expect mortgage rates to drop that low again in the foreseeable future.
Trends with mortgage applications
Mortgage applications have taken a noticeable dip. Overall, home loan applications were down 5.3% for the week ending Oct. 16 compared to a week earlier, according to the Mortgage Bankers Association. That’s despite a slight decrease in mortgage rates, Joel Kan, MBA’s vice president and deputy chief economist, observed in a news release.
Kan noted that “lower rates were not enough to boost application activity, as both purchase and refinance applications continued to decline.”
Rates are still elevated enough that would-be buyers may be priced out of the market, and purchase applications fell to 18% below last year’s pace, per the MBA release.
Kan added, “It is very clear that the higher mortgage rate environment has cooled the housing market this fall.”
Some buyers are opting for adjustable-rate mortgages, finding lower introductory rates on ARMs than they might get on traditionally popular fixed-rate loans. ARMs made up 10.5% of total mortgage applications, according to the MBA survey.
Recent reporting on the housing market from Fortune
If you want to stay in the loop and understand what’s happening with the economy, Fortune has your back. See what the newsroom has been reporting on recently:
- Goldman sees a housing freeze through 2027. It would lock in an economic divide between millennials
- Larry Page could dodge nearly $15 billion in taxes after leaving California and spending $173 million on a Miami compound
- Gen Z is chasing the American Dream in South Carolina, Missouri, and Tennessee—as California loses thousands of young adults and billionaires
- The American Dream now costs $5.3 million—and even college grads will fall $1.2 million short
- Jeff Bezos sold his Seattle mansion for a record $63 million before Washington passed a millionaires tax—he now lives in a $237 million Miami compound
- ‘American dream will continue to exist’: Warren Buffett’s successor is betting big on U.S. housing
- Jeff Bezos says he gets why socialism is surging—but politicians blaming ‘greedy landlords’ have housing all wrong
Why you should comparison shop
Bear in mind that you can comparison shop from a couple different angles. On one hand, it’s worth considering different mortgage types to understand what the best type of loan is for your needs.
If you have exceptional credit, you might get the best deal for your situation from a conventional loan. But, if you have a credit score below 600, you’d likely get denied for a conventional mortgage while still having a chance at approval for an FHA home loan.
There’s also comparison shopping by applying with different lenders. Freddie Mac notes that in markets with high interest rates, homebuyers who shop around with multiple lenders might save from $600 to $1,200 per year compared to those who don’t.
Frequently asked questions
Are a mortgage’s interest rate and APR the same?
They’re not quite the same. Your APR will include interest plus any applicable fees, meaning it will generally be a slightly higher number than interest rate alone.
What’s a good mortgage rate in October 2026?
With the average for a 30-year conventional mortgage hovering in the 7.00% vicinity these days, if you snag a rate between 6.50% and 7.00%, that probably means you’re doing well.
Will mortgage rates go down?
Perhaps. If the Fed decreases the federal funds rate in 2026, there’s a chance mortgage rates might dip accordingly. But other factors are at play too, with inflation, the national debt, and the demand for home loans all impacting mortgage rates. And with the Fed having raised its benchmark rate in September 2026, a cut in the near future appears unlikely.