The average interest rate for a 30-year, fixed-rate conforming mortgage loan in the U.S. is 6.343%, down roughly a 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 5.692%, up approximately 2 basis points for the same period.
Rates current as of April 3, 2026. Fortune publishes a daily mortgage rates post each weekday that data is available.
Compare mortgage rates for April 3, 2026
Here’s a quick look at week-over-week rate changes.
Fortune reviewed the latest Optimal Blue data available on April 2, reflecting rates for loans locked in as of April 1.
What you’d pay in interest with where rates are at on April 3, 2026
We ran the numbers through the mortgage calculator provided by the federal government’s Office of Financial Readiness. At the current rate of 6.343%, on a 30-year mortgage where you borrow $300,000, you’d pay roughly $371,517.29 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 $146,746.37 in interest over the life of the loan at the current rate of 5.692%.
Read on to see how mortgage rates have changed from one day to the next.
30-year conventional mortgage: Down about 1 basis point
This may be the most popular mortgage type in the United States.
The current average 30-year mortgage rate is 6.343%. That’s down from 6.351% on the last day’s report.
15-year conventional mortgage: Up about 2 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 5.692%. That’s up from 5.667% 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 6.596%. That’s up from 6.546% on the last day’s report.
30-year FHA mortgage: Up 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 6.092%. That’s up from 6.069% on the last day’s report.
30-year VA mortgage: Up about 3 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 6.003%. That’s up from 5.965% on the last day’s report.
30-year USDA mortgage: Down about 10 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 5.987%. That’s down from 6.094% 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 March 17-18, the Fed left that rate at 3.50% – 3.75%. There’s another meeting of the Federal Open Market Committee (FOMC) set for April 28-29.
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 dipped the week ending March 27, according to the Mortgage Bankers Association. Specifically, applications were down 10.4% overall compared to the week prior.
“Refinance application volumes declined sharply again last week, dropping 17%, and are down more than 40% compared to last month,” Mike Fratantoni, MBA’s SVP and chief economist, said in a news release. “Seasonally adjusted purchase application volume also declined over the week, but only by 3%.”
But it’s not all grim news. Fratatoni added:
“The headwinds of higher rates are being offset somewhat by the buyer’s market in many parts of the country—there are more homes for sale than buyers have seen in some time.”
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:
- Jamie Dimon says the American Dream is ‘slipping out of reach’—and JPMorgan is spending billions to fix it
- Bill Ackman told spooked investors to get over the Iran war and buy Fannie and Freddie. Stocks surged 40% the next day
- The ROAD Act passed by the Senate aims to expand America’s housing supply. It’s likely to shrink it instead
- There are now nearly 50% more home sellers than buyers as mismatch widens to a record 630,000. But it’s only a buyer’s market if you can afford it
- Gen Zers are flocking to these Midwest housing markets where homes are about 30% cheaper than the coasts
- How a war in the Middle East is hiking your mortgage rate in America
- The median first-time homebuyer is now 40. Zillow’s CEO says don’t expect that to change anytime soon
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 April 2026?
We’ve seen the average rate on a 30-year conventional mortgage hovering in well above 6.00% recently. So, landing a rate on your mortgage just above 6.00% is probably a solid win in this market.
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.
