The average interest rate for a 30-year, fixed-rate conforming mortgage loan in the U.S. is 6.381%, a decrease of about 4 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 5.709%, up about 5 basis points for the same period.
Compare mortgage rates for May 18, 2026
Here’s a quick look at week-over-week rate changes.
Fortune reviewed the latest Optimal Blue data available on May 15, reflecting rates for loans locked in as of May 14.
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 6.381%, on a 30-year mortgage where you borrow $300,000, you’d pay roughly $374,201.29 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 $147,236.68 in interest over the life of the loan at the current rate of 5.709%.
Read on to see how mortgage rates have changed day by day.
30-year conventional mortgage: Down about 4 basis points
This may be the most popular mortgage type in the United States.
The current average 30-year mortgage rate is 6.381%. That’s down from 6.417% 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 5.709%. That’s up from 5.657% on the last day’s report.
30-year jumbo mortgage: Up about 12 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 6.577%. That’s up from 6.457% on the last day’s report.
30-year FHA mortgage: Down about 3 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 6.164%. That’s down from 6.185% on the last day’s report.
30-year VA mortgage: Down about 4 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 5.994%. That’s down from 6.028% on the last day’s report.
30-year USDA mortgage: Down about 13 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 5.990%. That’s down from 6.118% on the last day’s report.
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 April 28-29, the Federal Open Market Committee left the federal funds rate unchanged at 3.50% – 3.75%. The FOMC’s next meeting is slated for June 16-17.
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 are up slightly, according to a weekly survey from the Mortgage Bankers Association. Overall, applications increased 1.7% for the week ending May 8 compared to the previous week, according to MBA data.
“Purchase applications were higher over the week and 7% ahead of last year’s pace, with all loan types showing increases in purchase activity, as potential homebuyers shrugged off the current economic and mortgage rate uncertainties and returned to the market,” Joel Kan, MBA’s vice president and deputy chief economist, said in a news release.
As a share of total applications, adjustable-rate mortgages remained unchanged, as did VA loans and USDA loans. Meanwhile, the share of applications accounted for by FHA loans increased slightly.
Refinance applications were slightly down.
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:
- Exclusive: Martha Stewart’s new AI startup wants to manage your home before things break
- Investors are betting big on senior housing. There’s just one problem—the baby boomers they’re chasing can’t pay the rent
- The American Dream is moving to the Midwest—Michigan and Wisconsin beat the coasts for the hottest housing markets, Redfin finds
- AI is quietly splitting the housing market in two: Bay Area luxury homes are up 13%, affordable ones are collapsing
- America’s twin scarcities: The 4-million-unit shortage in both housing and childcare is breaking families
- The national debt is the same size as the economy. It’s a ‘disturbing warning and a call to action,’ watchdog says
- Florida’s influx of rich residents is killing the middle class and housing market
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 May 2026?
For 30-year conventional mortgages, we’ve been seeing the average rate well above the 6.00% line. If you get a rate slightly above 6.00% that’s likely pretty solid.
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). Other factors impacting mortgage rates include inflation, the national debt, and demand for home loans.
