The average interest rate for a 30-year, fixed-rate conforming mortgage loan in the U.S. is 6.348%, an increase 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 5.641%, up about 5 basis points for the same period.
Compare mortgage rates for May 1, 2026
Here’s a quick look at week-over-week rate changes.
Fortune reviewed the latest Optimal Blue data available on April 30, reflecting rates for loans locked in as of April 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 6.348%, on a 30-year mortgage where you borrow $300,000, you’d pay roughly $371,869.62 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 $145,276.27 in interest over the life of the loan at the current rate of 5.641%.
Read on to see how mortgage rates have changed from the prior day’s report.
30-year conventional mortgage: Up about 6 basis points
This may be the most popular mortgage type in the United States.
The current average 30-year mortgage rate is 6.348%. That’s up from 6.292% on the last day’s report.
15-year conventional mortgage: Up about 5 basis points
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 5.641%. That’s up from 5.585% on the last day’s report.
30-year jumbo mortgage: Up about 5 basis points
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 6.474%. That’s up from 6.424% on the last day’s report.
30-year FHA mortgage: Up about 8 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 6.161%. That’s up from 6.076% on the last day’s report.
30-year VA mortgage: Up about 9 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 5.924%. That’s up from 5.827% on the last day’s report.
30-year USDA mortgage: Down less than a full basis point
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 5.984%. That’s down from 5.988% on the last day’s report.
What the Federal Reserve is doing in 2026
Savvy watchers of the market keep a close eye on the Federal Reserve for good reason. For one thing, when the Fed raises or cuts its benchmark federal funds rate, financial institutions often change rates on consumer financial products (like mortgages) accordingly.
The federal funds rate is what banks charge each other to borrow money overnight. At its most recent meeting April 28-29, the Fed left that rate at 3.50% – 3.75%. There’s another meeting of the Federal Open Market Committee (FOMC) set for June 16-17.
During the havoc caused by the coronavirus pandemic, the Fed slashed its benchmark rate to effectively zero in 2020, trying to head off a recession. In January 2021, mortgage rates hit a shocking low average of 2.65%. However, barring another global catastrophe, experts do not expect to see mortgage rates that low again.
Trends with mortgage applications
Mortgage applications have decreased slightly, per the Mortgage Bankers Association.
Applications have dropped 1.6% for the week ending April 24 when compared to the previous week. Meanwhile, mortgage refinance activity dropped by 1.7%. Adjustable-rate mortgages have also increased, now making up 8.3% of total applications.
“Mortgage rates increased slightly last week, with the 30-year fixed rate rising to 6.37 percent. However, purchase activity for conventional loans picked up almost 2 percent for the week,” says Mike Fratantoni, MBA’s SVP and chief economist, in a news release. “After a brief pause, in part because of the elevated geopolitical uncertainties, potential homebuyers certainly appear to be moving forward this spring and taking advantage of the more favorable inventory conditions in most parts of the country.”
Recent reporting on the housing market from Fortune
If you’re looking to stay informed as you navigate the housing market and the broader economy, Fortune’s reporting empowers you to do so. See recent pieces:
- Florida’s influx of rich residents is killing the middle class and housing market
- The starter home is dying. Better.com’s CEO says AI is the only thing that can save it
- The housing affordability crisis isn’t just crushing millennials—it’s squeezing out buyers in their 40s, 50s, and beyond, too
- The tables have turned: Florida and Texas are the biggest losers in the housing market as Ohio emerges a surprise winner
- Trump’s big housing market solution is dead on arrival, UBS says—its model is Texas from 25 years ago
- Older millennials are starting to act like boomers in the housing market—and pulling away from the pack
- Gen Z is carving a different path in the housing market by doing it alone
Why you should comparison shop
In an environment where rates are high, applying with multiple lenders might save you anywhere from $600 to $1,200 annually, according to Freddie Mac.
Keep in mind when comparison shopping for a mortgage you want to evaluate two different angles. The first is selecting a lender that can offer you a competitive rate and that will provide service aligning with your needs.
And the second is comparing different loan types. For example, you might find you can get an excellent deal on a conventional mortgage if you have near-perfect credit. But if your credit score is sub-600, you might get denied for a conventional mortgage while having more chance of approval for an FHA loan.
Frequently asked questions
Are a mortgage’s interest rate and APR the same?
No, your APR will typically be a higher number than your interest rate, as APR factors in both the interest plus any applicable fees on your loan.
What’s a good mortgage rate in May 2026?
We’ve seen the average rate on a 30-year conventional mortgage hovering above 6.00% recently. So, landing a rate on your mortgage just above 6.00% is probably a solid win, while getting a rate under 6.00% would definitely be a success in the current environment.
Will mortgage rates go down?
There’s potential but no certainty for rates to go down. If the Fed cuts the federal funds rate in 2026, lenders might decrease mortgage rates accordingly. But other factors that impact mortgage rates include the demand for mortgages, inflation, and the national debt.
