The average interest rate for a 30-year, fixed-rate conforming mortgage loan in the U.S. is 6.474%, 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 5.692%, down about 9 basis points for the same period.
Rates current as of July 3, 2026. Fortune publishes a daily mortgage rates post each weekday that data is available.
Compare mortgage rates for July 3, 2026
Here’s a quick look at week-over-week rate changes.
Fortune reviewed the latest Optimal Blue data available on July 2, reflecting rates for loans locked in as of July 1.
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What you’d pay in interest with where rates are at on July 3, 2026
We ran the numbers through the mortgage calculator provided by the federal government’s Office of Financial Readiness. At the current rate of 6.474%, on a 30-year mortgage where you borrow $300,000, you’d pay roughly $380,786.00 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 $146,746.37 in interest over the life of the loan at the current rate of 5.692%.
Read on to see how mortgage rates have changed from one day to the next.
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 6.474%. That’s up from 6.452% on the last day’s report.
15-year conventional mortgage: Down 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 5.692%. That’s down from 5.775% on the last day’s report.
30-year jumbo mortgage: Up about 12 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 6.522%. That’s up from 6.401% 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 6.268%. That’s down from 6.286% on the last day’s report.
30-year VA mortgage: Up about 6 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 6.093%. That’s up from 6.031% on the last day’s report.
30-year USDA mortgage: Down about 1 basis point
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 6.269%. That’s down from 6.276% on the last day’s report.
What the Federal Reserve is doing in 2026
Savvy watchers of the market keep a close eye on the Federal Reserve for good reason. For one thing, when the Fed raises or cuts its benchmark federal funds rate, financial institutions often change rates on consumer financial products (like mortgages) accordingly.
The federal funds rate is what banks charge each other to borrow money overnight. At its most recent meeting June 16-17, the Fed left that rate at 3.50% – 3.75%. There’s another meeting of the Federal Open Market Committee (FOMC) set for July 28-29.
During the havoc caused by the coronavirus pandemic, the Fed slashed its benchmark rate to effectively zero in 2020, trying to head off a recession. In January 2021, mortgage rates hit a shocking low average of 2.65%. However, barring another global catastrophe, experts do not expect to see mortgage rates that low again.
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
If you’re looking to stay informed as you navigate the housing market and the broader economy, Fortune’s reporting empowers you to do so. See recent pieces:
- Americans are escaping the U.S. for New Zealand where house prices have hit a new low—but only wealthy Americans with $3 million spare can invest
- 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
Why you should comparison shop
In an environment where rates are high, applying with multiple lenders might save you anywhere from $600 to $1,200 annually, according to Freddie Mac.
Keep in mind when comparison shopping for a mortgage you want to evaluate two different angles. The first is selecting a lender that can offer you a competitive rate and that will provide service aligning with your needs.
And the second is comparing different loan types. For example, you might find you can get an excellent deal on a conventional mortgage if you have near-perfect credit. But if your credit score is sub-600, you might get denied for a conventional mortgage while having more chance of approval for an FHA loan.
Frequently asked questions
Are a mortgage’s interest rate and APR the same?
No, your APR will typically be a higher number than your interest rate, as APR factors in both the interest plus any applicable fees on your loan.
What’s a good mortgage rate in July 2026?
We’ve seen the average rate on a 30-year conventional mortgage hovering in the vicinity of 6.50% recently. So, landing a rate on your mortgage just above 6.00% is probably a solid win in such a market.
Will mortgage rates go down?
There’s potential but no certainty for rates to go down. If the Fed cuts the federal funds rate in 2026, lenders might decrease mortgage rates accordingly. But other factors that impact mortgage rates include the demand for mortgages, inflation, and the national debt.
