The average interest rate for a 30-year, fixed-rate conforming mortgage loan in the U.S. is 6.625%, up from the day before, according to data from Mortgage Research Center.
Meanwhile, the average rate for a 15-year, fixed-rate conforming mortgage loan is 5.782%, up looking at the same period.
Rates current as of July 21, 2026. Fortune publishes a daily mortgage rates post each weekday that data is available.
Compare mortgage rates for July 21, 2026
Here’s a quick look at week-over-week rate changes.
Fortune reviewed the latest Mortgage Research Center data available on July 20.
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What you’d pay in interest with where rates are at on July 21, 2026
We ran the numbers through the mortgage calculator provided by the federal government’s Office of Financial Readiness. At the current rate of 6.625%, on a 30-year mortgage where you borrow $300,000, you’d pay roughly $391,538.04 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 $149,347.70 in interest over the life of the loan at the current rate of 5.782%.
What the Fortune/MRC partnership means for you
Fortune partners with Mortgage Research Center, a company with deep expertise in the mortgage data space, to keep you informed throughout your homebuying journey. We review average rates provided by MRC each workday they’re available, keeping you up to date on a variety of loan types.
Read on to see how mortgage rates have changed from the previous day’s report.
30-year conventional mortgage rates
This may be the most popular mortgage type in the United States.
The current average 30-year mortgage rate is 6.625%. That’s up from 6.595% on the last day’s report.
15-year conventional mortgage rates
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 5.782%. That’s up from 5.738% on the last day’s report.
30-year jumbo mortgage rates
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 6.719%. That’s down from 6.741% on the last day’s report.
30-year FHA mortgage rates
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 5.948%. That’s down from 5.964% on the last day’s report.
30-year VA mortgage rates
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 6.059%. That’s down from 6.064% on the last day’s report.
30-year USDA mortgage rates
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 6.021%. That’s almost unchanged from 6.022% on the last day’s report.
What the Federal Reserve is doing in 2026
It’s not an exact science, but market observers often expect mortgage rates to rise and fall in accordance with when the Federal Reserve hikes or cuts its federal funds rate.
This benchmark rate from the Fed is what banks charge each other to borrow money overnight. When it increases, rates on consumer products like mortgage often increase too. And when it goes down, rates on consumer products often follow suit.
At its most recent meeting June 16-17, the Federal Open Market Committee left the federal funds rate unchanged at 3.50% – 3.75%. The FOMC has another meeting on the calendar for July 28-29.
In an attempt to combat the economic damage from the coronavirus and stave off a recession, the Fed reduced its benchmark rate to effectively zero in 2020. This caused remarkably low mortgage rates, and in January 2021, the average rate hit a record-setting low of 2.65%.
Barring a disaster on the scale of the COVID-19 pandemic, experts do not expect to see mortgage rates quite that low again.
Trends with mortgage applications
Mortgage applications dipped recently. Per data from the Mortgage Bankers Association, applications overall were down 2.7% for the week ending July 10 compared to a week earlier.
“Purchase applications were down over the week and dipped below last year’s pace in the week following the July 4th holiday,” Joel Kan, MBA’s vice president and deputy chief economist, said in a news release.
Refinances as a share of total mortgage applications grew to 43.2%, according to the MBA.
FHA home loans increased to 17.7% of total applications, and adjustable-rate mortgages (ARMs) decreased to 7.1%.
Recent reporting on the housing market from Fortune
For savvy consumers who want to keep up with what’s happening in the housing market and the broader economy, the Fortune newsroom has you covered:
- Retirees wait for the day they can sell their homes and cash in—but there’s a secret Medicare ‘trap’ that could stop them in their tracks
- Billionaires like Ken Griffin are moving to Miami—but middle-class earners can’t copy them and reap the same benefits, real estate experts say
- It’s now cheaper to buy a new home than a used one, thanks to builder incentives and baby boomers who don’t want to sell on the low
- More noncollege-educated men are living at home and falling out of the labor market, forcing a decline in marriages, all thanks to rising rents
- 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
Why you should comparison shop
When you comparison shop for a mortgage, there are two different things you’re comparing. For one thing, you’re comparing different lenders, to see if one may offer you a more advantageous rate. And for another, you’re comparing different loan types to find the one that suits your situation the best.
As an example, someone with a high credit score might find their best deal when taking out a conventional mortgage, but someone whose credit score is less than 600 might be denied for a conventional mortgage but potentially get approval for an FHA home loan.
In high-interest-rate markets, shopping around can make a noticeable difference in how much you pay. Freddie Mac notes that homebuyers who apply with multiple lenders might save as much as $600 to $1,200 per year.
Frequently asked questions
Are a mortgage’s interest rate and APR the same?
While APR and interest rate are the same when referring to a credit card, they’re slightly different terms when it comes to loans. Your APR will generally be a little higher than your interest rate as the APR includes interest plus any fees associated with your loan.
What’s a good mortgage rate in July 2026?
Based on how we’ve seen the average rate hover in the vicinity of 6.50% for 30-year conventional mortgages, if you get a rate just above 6.00%, that’s pretty great for this market.
Will mortgage rates go down?
It’s possible. If the Fed makes a cut to the federal funds rate in 2026, that might influence mortgage rates downward. But there are other factors that impact mortgage rates too, such as inflation, the national debt, and demand for mortgages.