Today's snapshot: The average 30-year fixed mortgage rate is 6.29% as of April 30, 2026. The 15-year fixed rate sits at 5.59%. Rates moved higher this week after the Federal Reserve held its benchmark rate steady at 3.50–3.75% amid geopolitical uncertainty and rising oil-driven inflation. Forecasters expect rates to remain in the 6.1–6.3% range through the rest of 2026.
Today's rates by loan type
Different loan programs carry different rates. Government-backed loans (FHA, VA, USDA) often offer lower base rates than conventional loans, but they come with mortgage insurance costs that affect your total APR. Here's the full breakdown for April 30, 2026.
| Loan type | Rate | APR | Change (wk) | Monthly P&I ($320k) |
|---|---|---|---|---|
| 30-year fixed | 6.29% | 6.43% | ▲ +0.06 | $1,976 |
| 15-year fixed | 5.59% | 5.66% | ▼ −0.01 | $2,612 |
| 30-year FHA | 6.00% | 6.85% | ▲ +0.07 | $1,919 |
| 30-year VA | 5.88% | 6.10% | ▲ +0.05 | $1,895 |
| 30-year USDA | 5.99% | 6.15% | ▲ +0.07 | $1,917 |
| 5/1 ARM | 6.40% | 7.12% | — flat | $1,997 |
| 30-year jumbo | 6.55% | 6.62% | ▲ +0.03 | $2,028 |
| 30-yr refi | 6.54% | 6.68% | ▲ +0.27 | $2,026 |
Rate vs. APR: The interest rate is what you pay on the loan amount. The APR includes the rate plus lender fees, mortgage insurance, and other costs — it's the true cost of borrowing. Always compare APRs across lenders, not just interest rates. FHA loans show a big gap between rate and APR because of the required mortgage insurance premium.
Rates by credit score — how your score affects your rate
Your credit score is one of the biggest factors in the rate you'll receive. Here's how today's rates break down by credit score tier for a 30-year conventional loan.
30-year fixed rate by credit score
The difference between a 760+ score and a 620 score is 1.45% in rate — which translates to $300 per month and over $108,000 in extra interest over 30 years. If your score is below 740, improving it before applying could be the most valuable financial move you make. See our full guide on credit scores for buying a house.
See how today's rates affect your payment
Enter today's rate into our calculator along with your home price and down payment
Use the mortgage calculatorWhy rates moved this week
Mortgage rates ticked higher this week after the Federal Reserve held its benchmark rate steady at 3.50–3.75% at the April 28–29 FOMC meeting. This was the third consecutive rate pause of 2026.
The main factors driving rates higher right now are oil prices and geopolitics. Oil prices have climbed above $104 per barrel amid ongoing conflict in the Middle East, putting upward pressure on inflation. The March consumer price index report showed inflation rising 3.3% year over year — the fastest pace since April 2024.
The 10-year Treasury yield, which mortgage rates closely track, rose to 4.40% today from 4.37% yesterday. Higher Treasury yields directly translate to higher mortgage rates.
For buyers, this means rates are likely to stay in the mid-6% range for the near term. Waiting for significantly lower rates may not be a winning strategy in this environment.
Mortgage rate forecast for 2026–2027
Expert rate projections
| Period | Fannie Mae forecast | MBA forecast | Average |
|---|---|---|---|
| Q2 2026 (now) | 6.20% | 6.20% | 6.20% |
| Q3 2026 | 6.10% | 6.20% | 6.15% |
| Q4 2026 | 6.10% | 6.10% | 6.10% |
| Q1 2027 | 6.00% | 6.10% | 6.05% |
| Q2 2027 | 6.10% | 6.30% | 6.20% |
Sources: Fannie Mae Housing Forecast (March 2026), Mortgage Bankers Association Forecast (March 2026). Forecasts are subject to significant uncertainty.
The bottom line: both Fannie Mae and the MBA expect rates to remain in the low-to-mid 6% range through 2027. A meaningful drop below 6% is not expected unless inflation falls significantly or the economy weakens enough to force Fed rate cuts.
This means that if you're shopping for a home and find one you love at a price you can afford, waiting for lower rates is likely not worth it — especially with home prices continuing to rise in most markets. You can always refinance later if rates drop.
5 ways to lock the lowest possible rate
How to beat the average
Raise your credit score above 740
The biggest rate drops happen at the 740 threshold. Even moving from 700 to 740 can save you 0.25% or more. See our guide on improving your credit score.
Compare at least 3–5 lenders
Rates can vary by 0.5% or more between lenders for the exact same borrower profile. Getting multiple quotes is free and can save you tens of thousands. Include at least one credit union, one online lender, and one traditional bank.
Put 20% or more down
Larger down payments get lower rates because they reduce the lender's risk. At 20%, you also avoid PMI — saving $100–$300 per month. See our down payment savings guide.
Consider a 15-year term
15-year rates are currently 0.60–0.70% lower than 30-year rates. If you can afford the higher payment, you'll save enormously on interest. See our 15 vs. 30 year comparison.
Buy discount points
One discount point costs 1% of the loan amount and typically reduces your rate by 0.25%. On a $320,000 loan, one point costs $3,200 and saves about $52/month. If you plan to stay 5+ years, points usually pay for themselves.