The average interest rate for a 30-year, fixed-rate conforming mortgage loan in the U.S. is 7.333%, 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 6.513%, slightly up for the same time period.
Compare mortgage rates for Oct. 21, 2026
Here’s a quick look at week-over-week rate changes.
Fortune reviewed the latest Mortgage Research Center data available on Oct. 21, 2026.
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 7.333%, on a 30-year mortgage where you borrow $300,000, you’d pay roughly $442,844.67 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 $170,783.54 in interest over the life of the loan at the current rate of 6.513%.
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 day prior.
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 7.333%. That’s up from 7.297% 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 6.513%. That’s slightly up from 6.505% 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 7.529%. That’s down from 7.570% 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 6.802%. That’s up from 6.779% 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 6.898%. That’s up from 6.844% 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 7.164%. That’s up from 7.047% on the last day’s report.
What the Federal Reserve is doing in 2026
The Fed does not set mortgage interest rates directly. However, the central bank does set something called the federal funds rate, which is what banks charge each other to borrow money overnight.
Much of the time, rates on consumer products such as mortgages move alongside changes to the federal funds rate. So, if the Fed hikes or cuts its benchmark rate, mortgage rates might move up or down accordingly.
At its most recent meeting Sept. 15-16, the Federal Open Market Committee hiked the federal funds rate to 3.75% – 4.00%. The FOMC has another meeting approaching on Oct. 27-28.
Many would-be homebuyers probably remember the historical low average mortgage rate of 2.65%, reached in January 2021. But this came as the Fed slashed the federal funds rate to effectively zero, trying to hold off a recession connected with the coronavirus pandemic.
Barring a disaster of pandemic-level proportions, experts do not expect we’ll see mortgage rates go 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
Keep up on what’s happening with housing and the economy in general by following the work of the Fortune newsroom:
- Goldman sees a housing freeze through 2027. It would lock in an economic divide between millennials
- Larry Page could dodge nearly $15 billion in taxes after leaving California and spending $173 million on a Miami compound
- 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
Why you should comparison shop
In a high-interest-rate market, homebuyers who apply with multiple mortgages might save between $600 to $1,200 annually compared to those who do not, according to Freddie Mac.
When comparison shopping for a mortgage, keep in mind you’re comparing two factors. For one thing, you’re comparing different lenders to find the one that will offer you the best rate, service that aligns with your expectations, etc. And for another, you’re comparing different types of loans.
For instance, someone with a nearly perfect credit score might get the best deal for their situation with a conventional mortgage. But someone with a credit score under 600, who would likely be denied for a conventional mortgage, might still have a chance at approval for an FHA loan in some circumstances.
Frequently asked questions
Are a mortgage’s interest rate and APR the same?
They’re related but not entirely the same. Your APR includes your interest rate plus any applicable fees, meaning it will generally be the higher of the two numbers.
What’s a good mortgage rate in October 2026?
Scoring a rate above 6.50% but below 7.00% means you’re probably doing good, as we’ve seen the average for 30-year conventional home loans hovering above the 7.00% mark recently.
Will mortgage rates go down?
It’s possible but nothing is set in stone. Mortgage rates might go down if the Fed proceeds with a cut to the federal funds rate in 2026. But, other factors influencing mortgage rates include inflation, the national debt, and the current demand for home loans. Also, as the Fed increased its benchmark rate in September 2026, a cut in the near future appears unlikely.