The average interest rate for a 30-year, fixed-rate conforming mortgage loan in the U.S. is 6.328%, unchanged from the prior report, according to data from mortgage data company Optimal Blue.
Meanwhile, the average rate for a 15-year, fixed-rate conforming mortgage loan is 5.626%, down about 2 basis points for the same period.
Rates current as of May 12, 2026. Fortune publishes a daily mortgage rates post each weekday that data is available.
Compare mortgage rates for May 12, 2026
Here’s a quick look at week-over-week rate changes.
Fortune reviewed the latest Optimal Blue data available on May 11, reflecting rates for loans locked in as of May 8.
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What you’d pay in interest with where rates are at on May 12, 2026
We ran the numbers through the mortgage calculator provided by the federal government’s Office of Financial Readiness. At the current rate of 6.328%, on a 30-year mortgage where you borrow $300,000, you’d pay roughly $370,461.09 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 $144,843.49 in interest over the life of the loan at the current rate of 5.626%.
Read on to see how mortgage rates have changed day over day.
30-year conventional mortgage: Unchanged
This may be the most popular mortgage type in the United States.
The current average 30-year mortgage rate is 6.328%. That’s unchanged from 6.328% on the last day’s report.
15-year conventional mortgage: Down 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 5.626%. That’s down from 5.650% on the last day’s report.
30-year jumbo mortgage: Down about 4 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 6.506%. That’s down from 6.551% 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 6.129%. That’s up from 6.113% on the last day’s report.
30-year VA mortgage: Down about 8 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 5.903%. That’s down from 5.979% on the last day’s report.
30-year USDA mortgage: Up about 5 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 up from 5.943% on the last day’s report.
What the Federal Reserve is doing in 2026
While the Fed does not set mortgage rates directly, it does set the federal funds rate, and that tends to influence rates on products such as mortgages.
The federal funds rate is what banks charge each other to borrow money overnight. When the Fed hikes this benchmark rate, rates on mortgages and other financial products often go up accordingly. And when the Fed decreases this rate, interest rates on mortgages and similar products are likely to decrease as well.
At its most recent meeting April 28-29, the Federal Open Market Committee left the federal funds rate where it was at 3.50% – 3.75%. The FOMC has another meeting coming up on June 16-17.
The historical low for an average mortgage rate was 2.65% in January 2021. But this came after the Fed had dropped the federal funds rate to effectively zero in 2020 in an effort to combat recession as the country battled the coronavirus pandemic.
Barring a major disaster, experts do not expect mortgage rates to go that low again in the foreseeable future.
Trends with mortgage applications
Mortgage applications are down, both for purchases and refinancing, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey.
Overall, applications decreased 4.4% for the week ending May 1 compared to a week earlier. Refis were down 5% while purchase applications were down 4%, per the MBA.
“The ongoing conflict in the Middle East continues to push rates higher,” Joel Kan, MBA’s vice president and deputy chief economist, observed in a news release.
But that doesn’t mean homebuying activity is stagnant.
“Despite purchase applications declining over the week, overall activity remains higher compared to last year’s pace,” Kan added. “Additionally, the average loan size on a purchase application increased to $467,300, the highest in the survey’s history dating back to 1990.”
Adjustable-rate mortgages rose to 8.8% of total applications, and FHA home loans rose to 17.7% of total applications. VA loans dipped ever so slightly as a share of the total, according to the MBA survey.
Recent reporting on the housing market from Fortune
Want to make sure you know what’s going on in the economy? The Fortune newsroom has you covered:
- 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
- The starter home is dying. Better.com’s CEO says AI is the only thing that can save it
Why you should comparison shop
Comparison shopping for the best mortgage for you can make a tangible difference in what you pay. According to Freddie Mac, when rates are high, homebuyers who apply with multiple mortgage lenders might save anywhere from $600 to $1,200 per year.
When you comparison shop, bear in mind you’re looking at two things. One is applying with different lenders to see who can offer you the best rate, service that aligns with your expectations, etc. The other is considering different types of home loans.
Someone who has excellent credit might get the best deal with a conventional mortgage. But, for someone with a credit score under 600, an FHA home loan might offer a chance for approval whereas seeking a conventional mortgage would likely result in a rejection.
Frequently asked questions
Are a mortgage’s interest rate and APR the same?
Not entirely. Your APR includes your interest rate plus any applicable fees, meaning APR will generally be higher than interest rate alone.
What’s a good mortgage rate in May 2026?
With the average rate for a 30-year conventional mortgage hovering well above 6.00% lately, scoring a rate just above 6.00% means you’re doing fine. And if by chance you get a rate lower than 6.00%, that’s very good.
Will mortgage rates go down?
It’s possible but far from certain. Mortgage rates might decrease slightly if the Federal Reserve decides to lower the federal funds rate in 2026. But there are other factors influencing mortgage rates too, including inflation, the national debt, and how much demand there is for home loans.
