The average interest rate for a 30-year, fixed-rate conforming mortgage loan in the U.S. is 6.452%, an increase of about 3 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 5.775%, up about 4 basis points for the same period.
Compare mortgage rates for July 2, 2026
Here’s a quick look at week-over-week rate changes.
Fortune reviewed the latest Optimal Blue data available on July 1, reflecting rates for loans locked in as of June 30.
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 6.452%, on a 30-year mortgage where you borrow $300,000, you’d pay roughly $379,230.79 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 $149,144.42 in interest over the life of the loan at the current rate of 5.775%.
Read on to see how mortgage rates have changed day over day.
30-year conventional mortgage: Up about 3 basis points
This may be the most popular mortgage type in the United States.
The current average 30-year mortgage rate is 6.452%. That’s up from 6.419% on the last day’s report.
15-year conventional mortgage: Up 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 5.775%. That’s up from 5.744% 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 6.401%. That’s down from 6.460% 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 6.286%. That’s up from 6.267% on the last day’s report.
30-year VA mortgage: Up about 1 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 6.031%. That’s up from 6.023% 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 6.276%. That’s up from 6.228% on the last day’s report.
What the Federal Reserve is doing in 2026
While it’s not always an exact correlation, mortgage rates tend to fluctuate when the Federal Reserve adjusts its benchmark federal funds rate—which is the rate banks charge each other to borrow overnight.
When the Fed hikes its rate, banks tend to raise rates on consumer products like mortgages. And when the Fed decreases its rate, banks will often lower rates on consumer products.
At its last meeting on June 16-17, the Federal Open Market Committee left the federal funds rate where it stood at 3.50% – 3.75%. The FOMC has another meeting coming up July 28-29.
In 2020 the central bank cut the federal funds rate to effectively zero, trying to fight off a recession as the coronavirus pandemic upended life and the economy. Against this backdrop, mortgage rates hit a record low average of 2.65% in January 2021.
But, barring an unforeseeable catastrophe of similar proportions, experts do not expect mortgage rates to drop that low anytime in the near future.
Trends with mortgage applications
Mortgage applications are up ever so slightly. According to the Mortgage Bankers Association, mortgage applications increased 0.04% for the week ending June 26 compared to a week earlier. Purchase applications were up 1% while refinance applications were down 1%.
“Mortgage rates eased slightly last week as oil prices declined. As a result, mortgage applications increased modestly, with an uptick in purchase activity offsetting a smaller decline in refinances,” Joel Kan, MBA’s vice president and deputy chief economist, said in a news release.
Kan added:
“Purchase applications remain ahead of 2025’s pace and have exhibited year-over-year growth for almost three months, as prospective homebuyers are finding opportunities in markets with ample inventory and easing home-price growth.
Recent reporting on the housing market from Fortune
Savvy consumers can stay on top of what’s happening in the economy with recent stories from our newsroom:
- Gen Z and millennials aren’t convinced the American Dream exists anymore: Only 40% of them can afford to buy a home
- Harvard’s housing report has a darker message than affordability—the middle-class home was always a historical accident
- LinkedIn says real estate is one of the hottest industries for entry-level workers—One Gen Z sales agent made $75K his first year with no experience
- The 30-year fixed mortgage was supposed to be predictable. Two costs quietly broke that promise
- One chart explains the economy’s terrible baby boomer hangover, Gen X’s invisibility, and millennial and Gen Z irrelevance
- Congress’s landmark housing bill could backfire on millions of renters
- A big look at the state of housing in America: Boomers won’t sell, millennials can’t buy, and Gen Z gets to watch the whole thing sort itself out
Why you should comparison shop
When interest rates are high, homebuyers who apply with multiple mortgage lenders may save anywhere from $600 to $1,200 per month compared to those who do not, according to Freddie Mac. That’s a real difference and well worth a little application time and paperwork.
Keep in mind you want to comparison shop on two fronts. The first is comparing multiple lenders to figure out who can offer you the best rate and who will provide the service you expect.
Second, you also want to evaluate different types of home loans. If your credit is top notch, you might do well with a conventional loan. But someone who has a credit score under 600 might face denial for a conventional mortgage while still having a chance at approval for an FHA loan.
Frequently asked questions
Are a mortgage’s interest rate and APR the same?
No, they are related, but not precisely the same. Your APR includes the interest you’ll pay and also factors in any additional fees.
What’s a good mortgage rate in July 2026?
We’ve been seeing the average rate for a 30-year conventional mortgage hovering near 6.50% recently. So, if you get a rate just above 6.00%, that’s pretty solid.
Will mortgage rates go down?
No one knows with absolute certainty, but it is possible. If the Fed makes a cut to the federal funds rate in 2026, that could motivate a dip in mortgage rates. But, other factors also impacting mortgage rates include demand for home loans, the national debt, and inflation.
