The average interest rate for a 30-year, fixed-rate conforming mortgage loan in the U.S. is 6.255%, a decrease of about 2 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 5.645%, down about 4 basis points for the same period.
Rates current as of April 16, 2026. Fortune publishes a daily mortgage rates post each weekday that data is available.
Compare mortgage rates for April 16, 2026
Here’s a quick look at week-over-week rate changes.
Fortune reviewed the latest Optimal Blue data available on April 15, reflecting rates for loans locked in as of April 14.
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What you’d pay in interest with where rates are at on April 16, 2026
We ran the numbers through the mortgage calculator provided by the federal government’s Office of Financial Readiness. At the current rate of 6.255%, on a 30-year mortgage where you borrow $300,000, you’d pay roughly $365,323.98 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 $145,391.48 in interest over the life of the loan at the current rate of 5.645%.
Read on to see how mortgage rates have changed day over day.
30-year conventional mortgage: Down about 2 basis points
This may be the most popular mortgage type in the United States.
The current average 30-year mortgage rate is 6.255%. That’s down from 6.279% on the last day’s report.
15-year conventional mortgage: Down about 4 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 5.645%. That’s down from 5.689% on the last day’s report.
30-year jumbo mortgage: Down about 18 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 6.431%. That’s down from 6.612% on the last day’s report.
30-year FHA mortgage: Less than a basis point of change
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 6.073%. That’s down from 6.076% on the last day’s report.
30-year VA mortgage: Down about 15 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 5.781%. That’s down from 5.926% on the last day’s report.
30-year USDA mortgage: Down about 4 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 5.963%. That’s down from 6.001% on the last day’s report.
What the Federal Reserve is doing in 2026
While it’s not always an exact correlation, mortgage rates tend to fluctuate when the Federal Reserve adjusts its benchmark federal funds rate—which is the rate banks charge each other to borrow overnight.
When the Fed hikes its rate, banks tend to raise rates on consumer products like mortgages. And when the Fed decreases its rate, banks will often lower rates on consumer products.
At its last meeting on March 17-18, the Federal Open Market Committee left the federal funds rate where it stood at 3.50% – 3.75%. The FOMC has another meeting coming up April 28-29.
In 2020 the central bank cut the federal funds rate to effectively zero, trying to fight off a recession as the coronavirus pandemic upended life and the economy. Against this backdrop, mortgage rates hit a record low average of 2.65% in January 2021.
But, barring an unforeseeable catastrophe of similar proportions, experts do not expect mortgage rates to drop that low anytime in the near future.
Trends with mortgage applications
Mortgage applications have ticked back up recently, if only slightly.
Per data from the Mortgage Bankers Association, mortgage applications were up 1.8% for the week ending April 10 compared to a week earlier. While purchase applications were down 1% week over week, refinance applications were up 5% looking at the same period.
“Given the evolving situation in the Middle East and its impact on energy and commodity prices, mortgage rates declined last week,” Joel Kan, MBA’s vice president and deputy chief economist, said in a news release.
Kan added: “This dip in rates helped to support an increase in conventional refinance applications, which had declined for five consecutive weeks. Purchase activity remained subdued as potential homebuyers remained hesitant given the current economic uncertainty, which kept purchase applications below last year’s level for the second consecutive week.”
Recent reporting on the housing market from Fortune
Savvy consumers can stay on top of what’s happening in the economy with recent stories from our newsroom:
- Turns out the American middle class didn’t die. It got richer—and felt poorer
- The ‘affordability economy’ has created a housing market nobody predicted: Prices collapsing in the Sunbelt, soaring in the Rust Belt
- A Wall Street bank is giving workers earning under $100K over $6,000 in cash to get on the property ladder
- Gen Z is rewriting the American Dream, and their parents are funding it—using tuition money for down payments, instead
- Gen Z fled San Francisco for Texas and Florida. Now they’re turning ‘welcomer cities’ into the next big tech towns
- 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
Why you should comparison shop
When interest rates are high, homebuyers who apply with multiple mortgage lenders may save anywhere from $600 to $1,200 per month compared to those who do not, according to Freddie Mac. That’s a real difference and well worth a little application time and paperwork.
Keep in mind you want to comparison shop on two fronts. The first is comparing multiple lenders to figure out who can offer you the best rate and who will provide the service you expect.
Second, you also want to evaluate different types of home loans. If your credit is top notch, you might do well with a conventional loan. But someone who has a credit score under 600 might face denial for a conventional mortgage while still having a chance at approval for an FHA loan.
Frequently asked questions
Are a mortgage’s interest rate and APR the same?
No, they are related, but not precisely the same. Your APR includes the interest you’ll pay and also factors in any additional fees.
What’s a good mortgage rate in April 2026?
We’ve been seeing the average rate for a 30-year conventional mortgage hovering above 6.00% recently. So, if you get a rate just above 6.00%, that’s pretty solid.
Will mortgage rates go down?
No one knows with absolute certainty, but it is possible. If the Fed makes a cut to the federal funds rate in 2026, that could motivate a dip in mortgage rates. But, other factors also impacting mortgage rates include demand for home loans, the national debt, and inflation.
