The average interest rate for a 30-year, fixed-rate conforming mortgage loan in the U.S. is 6.579%, a decrease 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 5.825%, down about 4 basis points for the same period.
Compare mortgage rates for May 22, 2026
Here’s a quick look at week-over-week rate changes.
Fortune reviewed the latest Optimal Blue data available on May 21, reflecting rates for loans locked in as of May 22.
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 6.579%, on a 30-year mortgage where you borrow $300,000, you’d pay roughly $388,251.73 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 $150,593.60 in interest over the life of the loan at the current rate of 5.825%.
Read on to see how mortgage rates have changed day by day.
30-year conventional mortgage: Down about 5 basis points
This may be the most popular mortgage type in the United States.
The current average 30-year mortgage rate is 6.579%. That’s down from 6.631% 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 5.825%. That’s down from 5.870% 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 6.545%. That’s down from 6.638% on the last day’s report.
30-year FHA mortgage: Down almost a basis point
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 6.301%. That’s down from 6.307% on the last day’s report.
30-year VA mortgage: Down 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 6.170%. That’s down from 6.203% on the last day’s report.
30-year USDA mortgage: Down about 11 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 6.158%. That’s down from 6.267% on the last day’s report.
What the Federal Reserve is doing in 2026
The Fed does not set rates on mortgages and other consumer financial products directly. But, the Fed does set something called the federal funds rate—the rate banks charge each other to borrow money overnight. And rates on consumer products often fluctuate alongside changes the central bank makes to the federal funds rate.
For example, when the Fed hikes that rate, banks often respond by increasing rates on mortgages and similar products. When the Fed decreases its rate, financial institutions may similarly decrease rates on consumer products.
The most recent meeting of the Federal Open Market Committee occurred April 28-29, and the Fed left the federal funds rate at 3.50% – 3.75%. There’s another FOMC meeting set for June 16-17.
While trying to prevent a recession from the coronavirus pandemic in 2020, the Fed slashed its rate to effectively zero. In this environment, mortgage rates dropped dramatically, hitting a historical low average of 2.65% in January 2021.
But, barring another global catastrophe, experts do not think mortgage rates will go that low again in the foreseeable future.
Trends with mortgage applications
Mortgage applications are down slightly, per data from the Mortgage Bankers Association. Specifically, applications were down 2.3% for the week ending May 15 compared to the week prior.
“Ongoing concerns around inflation from higher fuel costs, combined with rising concerns over global public debt, pushed Treasury yields higher in the U.S. and abroad last week,” Joel Kan, MBA’s vice president and deputy chief economist, noted in a news release.
Kan added:
“Overall applications were down to the lowest level in five weeks as purchase borrowers pulled back across conventional and government loan types. Refinance applications were essentially unchanged, with a decline in government refinances and an increase in conventional refinancing, likely as the increase in rates came late in the week.”
Almost 10% of applications were for adjustable-rate mortgages, which the release noted represents the highest share since October 2025, as borrowers look to ARMs as an avenue for lower rates.
Recent reporting on the housing market from Fortune
If you’re looking to be a more informed consumer, check out Fortune’s reporting on what’s going on with housing and the economy as a whole:
- Billionaire space founder says he can tell if you’ll stay stuck in the middle class forever with a simple kids marshmallow test—and even your car can give it away
- 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
Why you should comparison shop
Shopping around can help you save money on physical products, and the same holds true for financial products such as home loans. In fact, homebuyers in high-interest environments who apply with multiple lenders might save from $600 to $1,200 per year compared to those who don’t, according to Freddie Mac.
Keep in mind there are two big factors you’re considering when shopping around for a mortgage. One of those is which lender will offer you the lowest rate and which may have the service that aligns with your expectations.
The other is what type of loan you’re going to ultimately take out. For example, someone with a high credit score may get a great deal on a conventional mortgage, whereas someone with a credit score less than 600 may get denied for a conventional mortgage but still have a chance at taking out an FHA home loan.
Frequently asked questions
Are a mortgage’s interest rate and APR the same?
Not quite. Your APR will typically be the higher number, as it factors in interest plus any applicable fees.
What’s a good mortgage rate in May 2026?
Since we’ve been observing the average rate for a 30-year conventional home loan above 6.50% recently, getting a rate just above 6.00% is probably a solid win.
Will mortgage rates go down?
It’s possible but far from certain. If the Fed opts for a cut to the federal funds rate in 2026, mortgage rates might dip accordingly. However, there are other factors that play an important role in where mortgage rates end up—including the national debt, demand for home loans, and inflation.
