Current Mortgage Rates: Today's Averages for 30-Year Fixed, 15-Year Fixed, and ARMs

Today's Average Mortgage Rates by Loan Type

As of June 2026, Bankrate reported that inflation and other factors have driven mortgage rates up to the 6.5% range. This gives a broad sense of where 30-year fixed rates currently sit, though day-to-day movements and lender-specific pricing create a wide spectrum of actual offers. Rates change daily, so check a reputable source for the most up-to-date figures.

• 30-year fixed: typically in the 6.5% area as of June 2026, but individual offers vary based on credit, loan-to-value, and other factors.
• 15-year fixed: generally runs lower than the 30-year, reflecting a shorter term and lower lender risk.
• 5/1 ARM: initial rates may be lower than fixed products, but actual rates vary widely and depend on the lender and market conditions.

Sources: Bankrate

Illustrative APR Ranges from the CFPB

The CFPB's Explore interest rates tool provides illustrative APR ranges based on lender data. These figures are from April 1, 2025, and are not current averages. They show the range of offers borrowers might see, depending on credit score and loan program.

Sources: Consumer Financial Protection Bureau

How to Read Mortgage Rate Quotes

A mortgage rate quote is more than a single number. Lenders quote based on your credit score, down payment, and loan type, and they often express the cost as an annual percentage rate (APR), which includes fees and discount points. The CFPB's tool illustrates this: as of April 1, 2025, borrowers with a 700 credit score might see offers from 5.875% to 8.125% APR on a 30-year fixed, while those with a 625 score could see offers from 6.125% to 8.875%. That spread shows why comparing full loan estimates is essential.

• The nominal interest rate drives your monthly payment, but APR reflects the total cost of credit, including fees.
• Your credit score, down payment, and loan type (conventional, FHA, VA) directly affect the rate you're offered.
• Rates are quoted for a specific loan amount and property type; changes in any of those can alter the offer.

Sources: Consumer Financial Protection Bureau

Fixed vs. Adjustable-Rate Trends

Fixed-rate mortgages lock in your interest rate for the life of the loan, which provides predictable monthly payments. Adjustable-rate mortgages (ARMs) typically start with a lower fixed rate for an initial period, then adjust periodically. For the 30-year fixed, the benchmark is the 10-year Treasury yield, and historical data shows how volatile that can be: rates hit nearly 20% in late 1981, fell below 3% in the early 2020s, and rose above 6% after the pandemic as central bank policy shifted.

• Fixed rates are set by adding a spread to the 10-year Treasury yield, so they move with bond market expectations.
• ARM initial rates are often lower, but they expose you to future rate adjustments.
• Recent Fed rate cuts did not automatically lower mortgage rates; after the September 2024 cut, the 30-year rate actually rose from 6.09% to 6.84% by late November.

Sources: Fannie Mae, Texas Real Estate Research Center, Consumer Financial Protection Bureau

Historical Context: How Rates Compare Over Time

Mortgage rates have swung widely in response to inflation and Federal Reserve policy. In late 1981, rates reached nearly 20% as the Fed aggressively fought inflation. After the COVID-19 pandemic, rates fell to a trough under 3%, then rose above 6% as the Fed reversed course. The average 30-year fixed rate peaked at 7.79% in October 2023 and eased to 6.35% in 2024. As of June 2026, rates sit in the 6.5% range.

• 2021: 30-year fixed averaged 2.65% in January.
• October 2023: 30-year fixed hit 7.79%.
• 2024–2026: Rates have fluctuated between the high 6s and mid-6% region.

Sources: Texas Real Estate Research Center, Consumer Financial Protection Bureau, Bankrate

Where to Find More Precise, Personalized Rates

Published averages are a starting point, but your own offer depends on your financial profile. Lenders price mortgages individually, and the CFPB's Explore interest rates tool provides illustrative ranges based on credit score and loan program. For the most accurate picture, request quotes from multiple lenders for the same loan amount, term, and property type, then compare the APR and total closing costs.

• Use the CFPB's rate tool to see how credit score and loan type affect APR ranges.
• Ask lenders for the same loan amount, loan-to-value ratio, and points to make apples-to-apples comparisons.
• Remember that your rate may fall outside the published averages, both higher and lower.

Sources: Consumer Financial Protection Bureau

Why Today's Rates Are Determined by the Bond Market and Fed Policy

The 30-year fixed mortgage rate is benchmarked to the 10-year Treasury note: when the 10-year yield moves, mortgage rates tend to follow. That's because lenders use the 10-year as a reference point and add a spread to cover their costs and the risk of mortgage-backed securities. The federal funds rate, which the Fed controls, is a short-term rate and does not directly set long-term mortgage rates. Instead, long-term rates are influenced by the bond market and expectations for inflation, growth, and monetary policy. Federal Reserve purchases and sales of mortgage-backed securities also affect the spread, with quantitative tightening pushing rates up.

• The 10-year Treasury yield is the key benchmark for 30-year fixed rates.
• Investor expectations for inflation, growth, and Fed policy move the 10-year yield.
• The Fed's short-term rate decisions matter, but indirectly: after a Fed cut, mortgage rates can still rise if bond yields climb.
• When the Fed shrinks its balance sheet, private investors demand higher yields on MBS, pushing mortgage rates up.

Sources: Fannie Mae, Texas Real Estate Research Center, Chase, Bankrate

Why Lender-Specific Offers Differ from the Published Averages

Published averages aggregate many quotes, but your offer depends on your credit score, down payment, loan size, and property type. Lenders also add their own origination fees and profit margins, and they may offer discount points to buy down the rate. The CFPB tool shows how wide the spread can be: for a 30-year fixed, APR offers ranged from 5.875% to 8.125% even for similar borrowers, depending on the lender and loan details.

• Credit score is a major driver: a 625 score typically gets a higher rate than a 700 score.
• Loan program matters: VA and FHA loans had illustrative APR ranges from 5.375% to 7.875%, compared with conventional loans at 5.875% to 8.125%.
• Lender overhead and pricing policies create variation, even for identical borrower profiles.

Sources: Consumer Financial Protection Bureau

Key Economic Indicators That Influence Daily Rate Movements

Mortgage rates respond to signals about inflation, employment, and economic growth. Strong economic data can push bond yields higher, lifting mortgage rates, while weak data or rate-cut expectations can pull them down. Federal Reserve policy announcements, Treasury auctions, and geopolitical events also move yields.

• Inflation reports: higher inflation generally leads to higher yields and mortgage rates.
• Employment data: strong job gains can signal growth and push rates up.
• Federal Reserve statements: clues about future policy can shift bond markets.
• Global demand for U.S. Treasuries affects the 10-year yield.

Sources: Fannie Mae, Texas Real Estate Research Center, Chase

How to Interpret These Rates When Comparing Personalized Lender Quotes

When you get a lender quote, focus on the APR—it includes fees and points, giving you a fuller picture of the loan's cost. Compare quotes with the same loan term, loan amount, and points to ensure you're comparing like for like. Consider both the monthly payment and the total interest paid over the life of the loan.

• Always compare APR, not just the interest rate, because APR reflects the true cost.
• Make sure all quotes are for the same loan program (e.g., conventional 30-year fixed) and down payment.
• Ask for a loan estimate from each lender, which breaks down all fees and terms.

Sources: Consumer Financial Protection Bureau