The average interest rate for a 30-year, fixed-rate conforming mortgage loan in the U.S. is 6.351%, an increase 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 5.735%, up about 11 basis points for the same period.
Compare mortgage rates for May 13, 2026
Here’s a quick look at week-over-week rate changes.
Fortune reviewed the latest Optimal Blue data available on May 12, reflecting rates for loans locked in as of May 11.
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 6.351%, on a 30-year mortgage where you borrow $300,000, you’d pay roughly $372,087.51 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 $147,988.01 in interest over the life of the loan at the current rate of 5.735%.
Read on to see how mortgage rates have changed day by day.
30-year conventional mortgage: Up about 2 basis points
This may be the most popular mortgage type in the United States.
The current average 30-year mortgage rate is 6.351%. That’s up from 6.328% on the last day’s report.
15-year conventional mortgage: Up about 11 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 5.735%. That’s up from 5.626% on the last day’s report.
30-year jumbo mortgage: Down about 9 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 6.421%. That’s down from 6.506% on the last day’s report.
30-year FHA mortgage: Down about 4 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 6.090%. That’s down from 6.129% 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 5.973%. That’s up from 5.903% on the last day’s report.
30-year USDA mortgage: Down about 6 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 5.925%. That’s down from 5.990% on the last day’s report.
What the Federal Reserve is doing in 2026
Market observers know that mortgage interest rates often move in tandem with the federal funds rate, which is set by the Federal Reserve (and is what banks charge each other to borrow money overnight).
When the Fed hikes its benchmark rate, mortgage rates often rise accordingly. And when the Fed decreases the federal funds rate, mortgage rates often dip.
At its most recent meeting April 28-29, the Federal Open Market Committee left the federal funds rate at 3.50% – 3.75%. The FOMC has another meeting scheduled for June 16-17.
In 2020, the Fed cut its benchmark rate to effectively zero, trying to prevent a recession as the coronavirus wreaked havoc. In that environment, mortgage rates hit historical lows, bottoming out with an average rate of 2.65% in January 2021.
However, experts agree mortgage rates that low are unlikely to happen again in the foreseeable future, barring a disaster of pandemic-level proportions.
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
Stay informed on what’s happening with housing in the U.S. as well as trends in the economy, with reporting from the Fortune newsroom:
- 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
It’s worth applying with multiple lenders to find which will offer the lowest rate and which seems like it can provide the service you’ll expect going forward.
On the savings front, Freddie Mac notes that when interest rates are high, homebuyers who apply with multiple lenders might save $600 to $1,200 per year compared to those who do not.
It’s also smart to shop around and consider different loan types to find the one that serves your situation the best. For example, if your credit score is nearly perfect, you might get a great deal on a conventional mortgage. But if your credit score is under 600, you might be denied for a conventional mortgage but still have a chance at approval for an FHA home loan.
Frequently asked questions
Are a mortgage’s interest rate and APR the same?
They’re related, but not the same. Your APR includes the interest you’ll pay and any fees factored in as well.
What’s a good mortgage rate in May 2026?
We’ve been seeing the average rate for a 30-year, conventional home loan hovering well above 6.00% recently. If you get a rate just above 6.00%, that’s pretty good.
Will mortgage rates go down?
Nothing is set in stone. Mortgage rates might go down if the Fed decides on a cut to the federal funds rate in 2026. But additional factors impacting mortgage rates include inflation, the national debt, and demand for home loans.
