The average interest rate for a 30-year, fixed-rate conforming mortgage loan in the U.S. is 7.046%, 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 6.247%, down for that same time period.
Compare mortgage rates for Nov. 6, 2026
Here’s a quick look at week-over-week rate changes.
Fortune reviewed the latest Mortgage Research Center data available on Nov. 5.
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 7.046%, on a 30-year mortgage where you borrow $300,000, you’d pay roughly $421,869.73 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 $162,919.86 in interest over the life of the loan at the current rate of 6.247%.
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 7.046%. That’s down from 7.085% 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 6.247%. That’s down from 6.293% 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 7.299%. That’s down from 7.315% 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 6.549%. That’s down from 6.578% 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 6.614%. That’s down from 6.640% 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 6.799%. That’s down from 6.956% on the last day’s report.
What the Federal Reserve is doing in 2026
The Fed does not set rates on mortgages and other consumer financial products directly. But, the Fed does set something called the federal funds rate—the rate banks charge each other to borrow money overnight. And rates on consumer products often fluctuate alongside changes the central bank makes to the federal funds rate.
For example, when the Fed hikes that rate, banks often respond by increasing rates on mortgages and similar products. When the Fed decreases its rate, financial institutions may similarly decrease rates on consumer products.
The most recent meeting of the Federal Open Market Committee occurred Oct. 27-28, and the Fed kept the federal funds rate where it was, 3.75% – 4.00%. There’s another FOMC meeting set for Dec. 8-9.
While trying to prevent a recession from the coronavirus pandemic in 2020, the Fed slashed its rate to effectively zero. In this environment, mortgage rates dropped dramatically, hitting a historical low average of 2.65% in January 2021.
But, barring another global catastrophe, experts do not think mortgage rates will go that low again in the foreseeable future.
Trends with mortgage applications
Mortgage applications are slightly down. According to a weekly survey from the Mortgage Bankers Association, mortgage applications dipped 1.2% for the week ending Oct. 30 compared to a week earlier. The slow pace of applications is despite a recent decrease in rates.
“Mortgage rates drifted down to their lowest level since September 2026 last week in the wake of the Federal Reserve’s decision to hold on additional rate hikes at its October meeting,” Mike Fratantoni, MBA’s SVP and chief economist, said in a news release.
Purchase activity was slightly down for the week and refi activity was mostly flat.
Fratatoni observed:
“As we have highlighted in recent weeks, more borrowers are choosing ARMs in this environment to lower their initial payments, with the ARM share at its highest level since September 2025.”
ARMs increased to 11.4% of total applications.
Recent reporting on the housing market from Fortune
If you’re looking to be a more informed consumer, check out Fortune’s reporting on what’s going on with housing and the economy as a whole:
- Ken Griffin and Jeff Bezos helped make Miami a billionaire magnet—but Florida’s new $250,000 homestead exemption barely makes a dent for them
- The ‘haunted’ housing market’s real problem may be too few people, not too few homes, says J.P. Morgan’s David Kelly
- A 3.4% GDP print hides a ‘haunted’ housing market and a September stall in the economy
- The Pentagon and Britain are bracing for the power to go out. The ultrawealthy got there first, with backup generators, escape homes, and stockpiles
- Coconut Grove is Miami’s billionaire enclave, drawing Larry Page and Ken Griffin. Now luxury hotelier Raffles is building 35 homes there from $4.5M
- Michael Burry of ‘The Big Short’ was asked to give advice to Gen Z: ‘Buy half the house you can afford,’ and ‘If it flies or floats, rent it’
- Jeff Bezos reportedly added a $69.5 million beach house to his $237 million Miami compound. A broker says that’s how billionaires live now
Why you should comparison shop
Shopping around can help you save money on physical products, and the same holds true for financial products such as home loans. In fact, homebuyers in high-interest environments who apply with multiple lenders might save from $600 to $1,200 per year compared to those who don’t, according to Freddie Mac.
Keep in mind there are two big factors you’re considering when shopping around for a mortgage. One of those is which lender will offer you the lowest rate and which may have the service that aligns with your expectations.
The other is what type of loan you’re going to ultimately take out. For example, someone with a high credit score may get a great deal on a conventional mortgage, whereas someone with a credit score less than 600 may get denied for a conventional mortgage but still have a chance at taking out an FHA home loan.
Frequently asked questions
Are a mortgage’s interest rate and APR the same?
Not quite. Your APR will typically be the higher number, as it factors in interest plus any applicable fees.
What’s a good mortgage rate in November 2026?
Since we’ve been observing the average rate for a 30-year conventional home loan fluctuating above the 7.00% mark, getting a rate a bit above 6.50% is probably a solid win.
Will mortgage rates go down?
It’s possible but far from certain. If the Fed opts for a cut to the federal funds rate in 2026, mortgage rates might dip accordingly. However, there are other factors that play an important role in where mortgage rates end up—including the national debt, demand for home loans, and inflation. Also, there’s only one Fed meeting left this year, and market observers don’t foresee the central bank cutting its benchmark rate.