Current Mortgage Rates
The average 30-year fixed mortgage rate is 6.43% and the 15-year fixed is 5.79%, according to Freddie Mac’s weekly survey as of July 2, 2026. Rates remain well above the record lows near 3% seen in 2020–2021, after the sharpest climb in four decades.
Mortgage rates move with the broader bond market and the Federal Reserve’s policy stance, not with any single lender. The rate you are actually offered also depends on your credit score, down payment, loan type and points — so shopping several lenders is worth real money.
Mortgage rate trend
The chart shows the annual average 30-year fixed rate. Rates bottomed near 3% during the pandemic, then more than doubled in 2022–2023 as the Federal Reserve raised rates to fight inflation, and have held in the high-6% range since. The current-year figure is a year-to-date average.
| Loan type | Average rate |
|---|---|
| 30-year fixed | 6.43% |
| 15-year fixed | 5.79% |
What moves mortgage rates
Mortgage rates track the yield on 10-year Treasury bonds far more closely than the Fed’s headline rate. When investors expect higher inflation or stronger growth, bond yields — and mortgage rates — rise. When the economy looks weak, they fall.
The Federal Reserve influences rates indirectly: by raising or cutting its benchmark and signaling its inflation outlook, it shifts the whole bond market. That is why rates climbed so fast in 2022–2023 while the Fed was fighting the inflation spike.
How to get a lower mortgage rate
The biggest personal levers are your credit score and down payment — both lower the rate a lender offers. Comparing at least three lenders typically saves more than any other single step, because pricing varies meaningfully between them on the same day.
You can also buy “points” — paying cash upfront to lower the rate — which pays off if you keep the loan long enough. Use the calculators below to see how a given rate changes your monthly payment and how long it takes points to break even.
What is the current mortgage rate?
The average 30-year fixed mortgage rate is 6.43% and the 15-year fixed is 5.79%, per Freddie Mac’s weekly survey as of July 2, 2026. Your own rate depends on your credit, down payment and loan type.
Why are mortgage rates so high?
Rates more than doubled from their 2020–2021 lows when the Federal Reserve raised interest rates to fight inflation. They follow the bond market, so they stay elevated as long as investors expect higher inflation and the Fed keeps policy tight.
Is a 15-year mortgage rate lower than a 30-year?
Yes. The 15-year fixed rate (5.79%) is typically lower than the 30-year (6.43%) because the lender is repaid faster and takes less interest-rate risk. The trade-off is a higher monthly payment.
Should I wait for rates to drop before buying?
That is a market-timing bet no one can make reliably. Many buyers purchase when it fits their life and refinance later if rates fall. What you can control — your credit, down payment and shopping multiple lenders — matters more than guessing the market.