The average interest rate for a 30-year, fixed-rate conforming mortgage loan in the U.S. is 7.118%, very slightly 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 6.273%, down looking at the same period.
Compare mortgage rates for Nov. 3, 2026
Here’s a quick look at week-over-week rate changes.
Fortune reviewed the latest Mortgage Research Center data available on Nov. 2.
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 7.118%, on a 30-year mortgage where you borrow $300,000, you’d pay roughly $427,104.17 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 $163,685.62 in interest over the life of the loan at the current rate of 6.273%.
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 7.118%. That’s very slightly up from 7.108% 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 6.273%. That’s down from 6.339% 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 7.392%. That’s very slightly down from 7.405% 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 6.608%. That’s very slightly down from 6.619% 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 6.683%. That’s slightly down from 6.701% 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 6.967%. That’s slightly down from 6.984% 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 Oct. 27-28, the Federal Open Market Committee kept the federal funds rate at 3.75% – 4.00%. The FOMC has another meeting on the calendar for Dec. 8-9.
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
After weeks of decreasing applications, mortgage applications have gone the other direction. For the week ending Oct. 23, mortgage applications were up 3.4% compared to a week earlier, according to a recurring survey conducted by the Mortgage Bankers Association.
“Mortgage rates declined for the second week in a row,” Joel Kan, MBA’s vice president and deputy chief economist, said in a news release.
Kan added: “The decline in rates gave borrowers some relief, with applications rebounding slightly, particularly conventional applications.”
However, he also noted that purchase applications were still 18% behind last year’s pace, and that refinance applications were down more than 60% compared to a year ago.
Adjustable-rate mortgages increased to 11.3% of total applications.
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 ‘haunted’ housing market’s real problem may be too few people, not too few homes, says J.P. Morgan’s David Kelly
- A 3.4% GDP print hides a ‘haunted’ housing market and a September stall in the economy
- The Pentagon and Britain are bracing for the power to go out. The ultrawealthy got there first, with backup generators, escape homes, and stockpiles
- Coconut Grove is Miami’s billionaire enclave, drawing Larry Page and Ken Griffin. Now luxury hotelier Raffles is building 35 homes there from $4.5M
- Michael Burry of ‘The Big Short’ was asked to give advice to Gen Z: ‘Buy half the house you can afford,’ and ‘If it flies or floats, rent it’
- Jeff Bezos reportedly added a $69.5 million beach house to his $237 million Miami compound. A broker says that’s how billionaires live now
- Goldman sees a housing freeze through 2027. It would lock in an economic divide between millennials
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 November 2026?
Based on how we’ve seen the average rate hover above 7.00% 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. And, with just one Fed meeting left this year, observers do not expect another cut.