The average interest rate for a 30-year, fixed-rate conforming mortgage loan in the U.S. is 7.297%, 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 6.505%, up looking at the same period.
Compare mortgage rates for Oct. 20, 2026
Here’s a quick look at week-over-week rate changes.
Fortune reviewed the latest Mortgage Research Center data available on Oct. 19.
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 7.297%, on a 30-year mortgage where you borrow $300,000, you’d pay roughly $440,197.47 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 $170,546.04 in interest over the life of the loan at the current rate of 6.505%.
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 7.297%. That’s up from 7.260% on the prior day.
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 6.505%. That’s up from 6.479% on the prior day.
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 7.570%. That’s up from 7.535% on the prior day.
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 6.779%. That’s up from 6.731% on the prior day.
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 6.844%. That’s up from 6.813% on the prior day.
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 7.047%. That’s down from 7.104% on the prior day.
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 Sept. 15-16, the Federal Open Market Committee raised the federal funds rate to 3.75% – 4.00%. The FOMC has another meeting on the calendar for Oct. 27-28.
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 are down 2.7% for the week ending Oct. 9 compared to a week earlier, according to data from a recurring survey conducted by the Mortgage Bankers Association.
As rates have skyrocketed over recent weeks, more borrowers have shifted from fixed-rate home loans to adjustable-rate mortgages in an attempt to save where they can, as evidenced by ARMs increasing as a share of total mortgage applications.
Joel Kan, MBA’s vice president and deputy chief economist, observed in a news release that the average rate for a 30-year fixed-rate mortgage had hit the highest point since November 2023.
“As a result, borrowers continue to rely more on ARM loans to help lower their monthly payments,” Kan said. “The ARM share at 10.5% was at its highest level since October 2025.”
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:
- The American Dream now costs $5.3 million—and even college grads will fall $1.2 million short
- Jeff Bezos sold his Seattle mansion for a record $63 million before Washington passed a millionaires tax—he now lives in a $237 million Miami compound
- ‘American dream will continue to exist’: Warren Buffett’s successor is betting big on U.S. housing
- Jeff Bezos says he gets why socialism is surging—but politicians blaming ‘greedy landlords’ have housing all wrong
- Gen Z is defying trends and betting on California—even as older Americans flee to the Sun Belt
- The ultrawealthy are buying nearby homes to keep staff close—and Larry Ellison and Mark Zuckerberg are two examples
- ‘This is not sustainable’: Families with young kids are fleeing NYC’s high cost of living, and the schools are emptying out
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 October 2026?
Based on how we’ve seen the average rate hover above the 7.00% mark for 30-year conventional mortgages, if you get a rate between 6.50% and 7.00%, that’s probably a win in this environment.
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. Also, as the Fed chose to increase its benchmark rate in September 2026, a cut seems unlikely in the immediate future.