The average interest rate for a 30-year, fixed-rate conforming mortgage loan in the U.S. is 6.560%, 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 5.920%, up about 9 basis points for the same period.
Compare mortgage rates for May 25, 2026
Here’s a quick look at week-over-week rate changes.
Fortune reviewed the latest Optimal Blue data available on May 22, reflecting rates for loans locked in as of May 21.
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 6.560%, on a 30-year mortgage where you borrow $300,000, you’d pay roughly $386,898.48 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 $153,352.35 in interest over the life of the loan at the current rate of 5.920%.
Read on to see how mortgage rates have changed day by 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 6.560%. That’s down from 6.579% on the last day’s report.
15-year conventional mortgage: Up about 9 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 5.920%. That’s up from 5.825% on the last day’s report.
30-year jumbo mortgage: Up 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 6.637%. That’s up from 6.545% 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 6.319%. That’s up from 6.301% on the last day’s report.
30-year VA mortgage: Down about 2 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 6.152%. That’s down from 6.170% on the last day’s report.
30-year USDA mortgage: Up 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 6.198%. That’s up from 6.158% on the last day’s report.
What the Federal Reserve is doing in 2026
It’s long been true that mortgage interest rates often rise and fall in tandem with changes the Federal Reserve makes to its benchmark federal funds rate—the rate banks charge each other to borrow funds overnight.
When the Fed hikes its rate, rates on consumer products (including mortgages) often rise accordingly, and when the Fed cuts its rate, rates on consumer products often decrease.
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 its next meeting scheduled for June 16-17.
The Fed dropped its benchmark rate to effectively zero in 2020, trying to prevent a recession as the coronavirus pandemic caused unprecedented strain on Americans’ health and safety and the economy too. For a brief period, mortgage rates dropped lower than ever before—with the average mortgage rate dropping to a stunning low of 2.65% in January 2021.
As long as another catastrophe of that level doesn’t occur, experts expect mortgage rates will not dip that low again in our lifetimes.
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
Want to see what the broader Fortune team has been reporting on about the housing market and the state of the economy? We’ve got you:
- The Midwest is leading America’s spring housing rebound because of ‘buyers who are actually showing up,’ Realtor.com says
- 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
Why you should comparison shop
It’s wise to shop around both for different mortgage types and with different lenders, so you can find the loan and the rate that works best for your needs. For example, someone with a stellar credit score might find the best deal with a conventional mortgage. But someone with a credit score under 600 might get an opportunity with an FHA loan they wouldn’t get with a conventional loan.
And, shopping around for the best rate can make a very real difference in your mortgage payment. When interest rates are generally high in the market overall, homebuyers can sometimes save $600 to $1,200 annually if they apply with multiple mortgage lenders, according to Freddie Mac research.
Frequently asked questions
Are a mortgage’s interest rate and APR the same?
Not quite. The APR is typically slightly higher than the interest rate as the APR factors in both the interest you’ll pay and any fees as well.
What’s a good mortgage rate in May 2026?
We’ve been seeing the average rate hover above 6.50% for 30-year conventional mortgages. If you score a rate slightly higher than 6.00%, that’s a great rate for the current environment.
Will mortgage rates go down?
It’s uncertain, but possible. Mortgage rates could dip if the Fed decides to cut the federal funds rate in 2026. But note that there are other factors that influence mortgage rates too, including inflation, the national debt, and demand for home loans.
