The average interest rate for a 30-year, fixed-rate conforming mortgage loan in the U.S. is 6.474%, up approximately 1 basis point 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 5.713%, down about 9 basis points for the same period.
Compare mortgage rates for July 8, 2026
Here’s a quick look at week-over-week rate changes.
Fortune reviewed the latest Optimal Blue data available on July 7, reflecting rates for loans locked in as of July 6.
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 6.474%, on a 30-year mortgage where you borrow $300,000, you’d pay roughly $380,786.00 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 $147,352.35 in interest over the life of the loan at the current rate of 5.713%.
Read on to see how mortgage rates have changed from the day prior.
30-year conventional mortgage: Up about 1 basis point
This may be the most popular mortgage type in the United States.
The current average 30-year mortgage rate is 6.474%. That’s up from 6.463% on the last day’s report.
15-year conventional mortgage: Down about 9 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 5.713%. That’s down from 5.795% on the last day’s report.
30-year jumbo mortgage: Up about 3 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 6.500%. That’s up from 6.469% on the last day’s report.
30-year FHA mortgage: Down about 2 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 6.304%. That’s down from 6.317% on the last day’s report.
30-year VA mortgage: Up about 7 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 6.118%. That’s up from 6.052% on the last day’s report.
30-year USDA mortgage: Up about 3 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 6.242%. That’s up from 6.212% on the last day’s report.
What the Federal Reserve is doing in 2026
The Fed does not set mortgage interest rates directly. However, the central bank does set something called the federal funds rate, which is what banks charge each other to borrow money overnight.
Much of the time, rates on consumer products such as mortgages move alongside changes to the federal funds rate. So, if the Fed hikes or cuts its benchmark rate, mortgage rates might move up or down accordingly.
At its most recent meeting June 16-17, the Federal Open Market Committee left the federal funds rate at 3.50% – 3.75%. The FOMC has another meeting approaching on July 28-29.
Many would-be homebuyers probably remember the historical low average mortgage rate of 2.65%, reached in January 2021. But this came as the Fed slashed the federal funds rate to effectively zero, trying to hold off a recession connected with the coronavirus pandemic.
Barring a disaster of pandemic-level proportions, experts do not expect we’ll see mortgage rates go that low again.
Trends with mortgage applications
Mortgage applications are up ever so slightly. According to the Mortgage Bankers Association, mortgage applications increased 0.04% for the week ending June 26 compared to a week earlier. Purchase applications were up 1% while refinance applications were down 1%.
“Mortgage rates eased slightly last week as oil prices declined. As a result, mortgage applications increased modestly, with an uptick in purchase activity offsetting a smaller decline in refinances,” Joel Kan, MBA’s vice president and deputy chief economist, said in a news release.
Kan added:
“Purchase applications remain ahead of 2025’s pace and have exhibited year-over-year growth for almost three months, as prospective homebuyers are finding opportunities in markets with ample inventory and easing home-price growth.
Recent reporting on the housing market from Fortune
Keep up on what’s happening with housing and the economy in general by following the work of the Fortune newsroom:
- Americans are escaping the U.S. for New Zealand where house prices have hit a new low—but only wealthy Americans with $3 million spare can invest
- Gen Z and millennials aren’t convinced the American Dream exists anymore: Only 40% of them can afford to buy a home
- Harvard’s housing report has a darker message than affordability—the middle-class home was always a historical accident
- LinkedIn says real estate is one of the hottest industries for entry-level workers—One Gen Z sales agent made $75K his first year with no experience
- The 30-year fixed mortgage was supposed to be predictable. Two costs quietly broke that promise
- One chart explains the economy’s terrible baby boomer hangover, Gen X’s invisibility, and millennial and Gen Z irrelevance
- Congress’s landmark housing bill could backfire on millions of renters
Why you should comparison shop
In a high-interest-rate market, homebuyers who apply with multiple mortgages might save between $600 to $1,200 annually compared to those who do not, according to Freddie Mac.
When comparison shopping for a mortgage, keep in mind you’re comparing two factors. For one thing, you’re comparing different lenders to find the one that will offer you the best rate, service that aligns with your expectations, etc. And for another, you’re comparing different types of loans.
For instance, someone with a nearly perfect credit score might get the best deal for their situation with a conventional mortgage. But someone with a credit score under 600, who would likely be denied for a conventional mortgage, might still have a chance at approval for an FHA loan in some circumstances.
Frequently asked questions
Are a mortgage’s interest rate and APR the same?
They’re related but not entirely the same. Your APR includes your interest rate plus any applicable fees, meaning it will generally be the higher of the two numbers.
What’s a good mortgage rate in July 2026?
Scoring a rate just above 6.00% means you’re probably doing good, as we’ve seen the average for 30-year conventional home loans hovering close to 6.50% recently.
Will mortgage rates go down?
It’s possible but nothing is set in stone. Mortgage rates might go down if the Fed proceeds with a cut to the federal funds rate in 2026. But, other factors influencing mortgage rates include inflation, the national debt, and the current demand for home loans.
