The average interest rate for a 30-year, fixed-rate conforming mortgage loan in the U.S. is 6.545%, an increase of about 5 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 5.911%, up about 12 basis points for the same period.
Rates current as of May 20, 2026. Fortune publishes a daily mortgage rates post each weekday that data is available.
Compare mortgage rates for May 20, 2026
Here’s a quick look at week-over-week rate changes.
Fortune reviewed the latest Optimal Blue data available on May 19, reflecting rates for loans locked in as of May 20.
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What you’d pay in interest with where rates are at on May 20, 2026
We ran the numbers through the mortgage calculator provided by the federal government’s Office of Financial Readiness. At the current rate of 6.545%, on a 30-year mortgage where you borrow $300,000, you’d pay roughly $385,833.67 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 $153,090.06 in interest over the life of the loan at the current rate of 5.911%.
Read on to see how mortgage rates have changed from the day prior.
30-year conventional mortgage: Up about 5 basis points
This may be the most popular mortgage type in the United States.
The current average 30-year mortgage rate is 6.545%. That’s up from 6.499% on the last day’s report.
15-year conventional mortgage: Up about 12 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 5.911%. That’s up from 5.792% on the last day’s report.
30-year jumbo mortgage: Down about 6 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 6.598%. That’s down from 6.656% 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 6.267%. That’s down from 6.291% on the last day’s report.
30-year VA mortgage: Down less than a full basis point
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 6.154%. That’s down from 6.157% 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 6.200%. That’s down from 6.138% 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 April 28-29, the Federal Open Market Committee left the federal funds rate at 3.50% – 3.75%. The FOMC has another meeting approaching on June 16-17.
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 slightly, according to a weekly survey from the Mortgage Bankers Association. Overall, applications increased 1.7% for the week ending May 8 compared to the previous week, according to MBA data.
“Purchase applications were higher over the week and 7% ahead of last year’s pace, with all loan types showing increases in purchase activity, as potential homebuyers shrugged off the current economic and mortgage rate uncertainties and returned to the market,” Joel Kan, MBA’s vice president and deputy chief economist, said in a news release.
As a share of total applications, adjustable-rate mortgages remained unchanged, as did VA loans and USDA loans. Meanwhile, the share of applications accounted for by FHA loans increased slightly.
Refinance applications were slightly down.
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:
- The new American Dream doesn’t live in a big city. It lives in Celina, Texas
- Exclusive: Martha Stewart’s new AI startup wants to manage your home before things break
- 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
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 May 2026?
Scoring a rate just above 6.00% means you’re probably doing good, as we’ve seen the average rate for 30-year conventional home loans hovering well above the 6.00% mark 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.
