The average interest rate for a 30-year, fixed-rate conforming mortgage loan in the U.S. is 6.499%, an increase of about 12 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 5.792%, up about 8 basis points for the same period.
Compare mortgage rates for May 19, 2026
Here’s a quick look at week-over-week rate changes.
Fortune reviewed the latest Optimal Blue data available on May 18, reflecting rates for loans locked in as of May 15.
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 6.499%, on a 30-year mortgage where you borrow $300,000, you’d pay roughly $382,560.05 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 $149,637.10 in interest over the life of the loan at the current rate of 5.792%.
Read on to see how mortgage rates have changed from the previous day’s report.
30-year conventional mortgage: Up about 12 basis points
This may be the most popular mortgage type in the United States.
The current average 30-year mortgage rate is 6.499%. That’s up from 6.381% on the last day’s report.
15-year conventional mortgage: Up about 8 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 5.792%. That’s up from 5.709% on the last day’s report.
30-year jumbo mortgage: Up about 8 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 6.656%. That’s up from 6.577% on the last day’s report.
30-year FHA mortgage: Up about 13 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 6.291%. That’s up from 6.164% on the last day’s report.
30-year VA mortgage: Up about 17 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 6.157%. That’s up from 5.994% on the last day’s report.
30-year USDA mortgage: Up about 15 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 6.138%. That’s up from 5.990% on the last day’s report.
What the Federal Reserve is doing in 2026
It’s not an exact science, but market observers often expect mortgage rates to rise and fall in accordance with when the Federal Reserve hikes or cuts its federal funds rate.
This benchmark rate from the Fed is what banks charge each other to borrow money overnight. When it increases, rates on consumer products like mortgage often increase too. And when it goes down, rates on consumer products often follow suit.
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 has another meeting on the calendar for June 16-17.
In an attempt to combat the economic damage from the coronavirus and stave off a recession, the Fed reduced its benchmark rate to effectively zero in 2020. This caused remarkably low mortgage rates, and in January 2021, the average rate hit a record-setting low of 2.65%.
Barring a disaster on the scale of the COVID-19 pandemic, experts do not expect to see mortgage rates quite that low again.
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
For savvy consumers who want to keep up with what’s happening in the housing market and the broader economy, the Fortune newsroom has you covered:
- The new American Dream doesn’t live in a big city. It lives in Celina, Texas
- 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
Why you should comparison shop
When you comparison shop for a mortgage, there are two different things you’re comparing. For one thing, you’re comparing different lenders, to see if one may offer you a more advantageous rate. And for another, you’re comparing different loan types to find the one that suits your situation the best.
As an example, someone with a high credit score might find their best deal when taking out a conventional mortgage, but someone whose credit score is less than 600 might be denied for a conventional mortgage but potentially get approval for an FHA home loan.
In high-interest-rate markets, shopping around can make a noticeable difference in how much you pay. Freddie Mac notes that homebuyers who apply with multiple lenders might save as much as $600 to $1,200 per year.
Frequently asked questions
Are a mortgage’s interest rate and APR the same?
While APR and interest rate are the same when referring to a credit card, they’re slightly different terms when it comes to loans. Your APR will generally be a little higher than your interest rate as the APR includes interest plus any fees associated with your loan.
What’s a good mortgage rate in May 2026?
Based on how we’ve seen the average rate hover well above 6.00% for 30-year conventional mortgages, if you get a rate just above 6.00%, that’s pretty good.
Will mortgage rates go down?
It’s possible. If the Fed makes a cut to the federal funds rate in 2026, that might influence mortgage rates downward. But there are other factors that impact mortgage rates too, such as inflation, the national debt, and demand for mortgages.
