The average interest rate for a 30-year, fixed-rate conforming mortgage loan in the U.S. is 6.499%, up approximately 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 5.893%, up about 18 basis points for the same period.
Rates current as of July 9, 2026. Fortune publishes a daily mortgage rates post each weekday that data is available.
Compare mortgage rates for July 9, 2026
Here’s a quick look at week-over-week rate changes.
Fortune reviewed the latest Optimal Blue data available on July 8, reflecting rates for loans locked in as of July 7.
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What you’d pay in interest with where rates are at on July 9, 2026
We ran the numbers through the mortgage calculator provided by the federal government’s Office of Financial Readiness. At the current rate of 6.499%, on a 30-year mortgage where you borrow $300,000, you’d pay roughly $382,560.05 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 $152,566.98 in interest over the life of the loan at the current rate of 5.893%.
Read on to see how mortgage rates have changed from one day to the next.
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 6.499%. That’s up from 6.474% on the last day’s report.
15-year conventional mortgage: Up about 18 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 5.893%. That’s up from 5.713% on the last day’s report.
30-year jumbo mortgage: Up 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 6.558%. That’s up from 6.500% on the last day’s report.
30-year FHA mortgage: Up about 1 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 6.312%. That’s up from 6.304% on the last day’s report.
30-year VA mortgage: Almost unchanged
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 6.120%. That’s barely up from 6.118% on the last day’s report.
30-year USDA mortgage: Up 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 6.299%. That’s up from 6.242% on the last day’s report.
What the Federal Reserve is doing in 2026
The Fed does not set mortgage rates, but does indirectly influence them by what it does with the federal funds rate. That benchmark rate is what banks charge each other to borrow money overnight.
When the Fed increases the federal funds rate, mortgage rates often rise, and conversely, mortgage rates often decrease when the Fed cuts the federal funds rate. At its most recent meeting June 16-17, the Federal Open Market Committee left the federal funds rate at 3.50% – 3.75%.
The FOMC has another meeting coming up on July 28-29.
Some would-be homebuyers probably remember when the average mortgage rate dropped to a startling low of 2.65% in January 2021. That came as the Fed had cut the federal funds rate to effectively zero, trying to stave off a pandemic-induced recession.
However, barring a disaster of that level, experts do not expect mortgage rates to drop that low again in the foreseeable future.
Trends with mortgage applications
Mortgage applications are slightly down. According to data from the Mortgage Bankers Association, applications were down overall by 2.2% for the week ending July 3 when compared to the week prior. Purchase applications were down 1% and refinances by 4%, per the MBA.
“Mortgage application volume was little changed during the week of the nation’s 250th Independence Day celebration,” Mike Fratantoni, MBA’s SVP and chief economist, said in a news release.
Meanwhile adjustable-rate mortgages (ARMs) increased to 7.8% of total applications, according to MBA data.
Recent reporting on the housing market from Fortune
If you want to stay in the loop and understand what’s happening with the economy, Fortune has your back. See what the newsroom has been reporting on recently:
- This CEO pays $1.7 million a year so employees can live in one of America’s most expensive neighborhoods
- 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
Why you should comparison shop
Bear in mind that you can comparison shop from a couple different angles. On one hand, it’s worth considering different mortgage types to understand what the best type of loan is for your needs.
If you have exceptional credit, you might get the best deal for your situation from a conventional loan. But, if you have a credit score below 600, you’d likely get denied for a conventional mortgage while still having a chance at approval for an FHA home loan.
There’s also comparison shopping by applying with different lenders. Freddie Mac notes that in markets with high interest rates, homebuyers who shop around with multiple lenders might save from $600 to $1,200 per year compared to those who don’t.
Frequently asked questions
Are a mortgage’s interest rate and APR the same?
They’re not quite the same. Your APR will include interest plus any applicable fees, meaning it will generally be a slightly higher number than interest rate alone.
What’s a good mortgage rate in July 2026?
With the average for a 30-year conventional mortgage hovering in the 6.50% vicinity these days, if you snag a rate slightly above 6.00%, that’s pretty good.
Will mortgage rates go down?
Perhaps. If the Fed decreases the federal funds rate in 2026, there’s a chance mortgage rates might dip accordingly. But other factors are at play too, with inflation, the national debt, and the demand for home loans all impacting mortgage rates.
