Current Mortgage Rates Guide
Current average mortgage rates by loan type, factors that affect your rate, and strategies to get the best deal
Key Numbers
30-Yr Fixed
~6.11%
15-Yr Fixed
~5.50%
VA Loans
~5.38%
Year Ago
6.89%
The 30-year fixed rate is averaging 6.53% as of May 28, 2026, according to Freddie Mac’s Primary Mortgage Market Survey — up slightly from 6.51% the prior week. Rates have drifted higher since the late-February lows near 5.99%, reflecting persistent inflation concerns and elevated Treasury yields. VA loans continue to offer the lowest rates, while FHA loans provide accessible options for borrowers with lower credit scores.
| Loan Type | Current Rate | Week Ago | Year Ago |
|---|---|---|---|
| 30-Year Fixed | 6.53% | 6.51% | 6.94% |
| 15-Year Fixed | 5.87% | 5.85% | 6.24% |
| 30-Year FHA | ~6.29% | ~6.27% | ~6.82% |
| 30-Year VA | ~5.83% | ~5.81% | ~6.37% |
| 30-Year Jumbo | ~6.86% | ~6.84% | ~7.22% |
| 5/1 ARM | ~6.88% | ~6.86% | ~7.18% |
Conventional rates from Freddie Mac PMMS (May 28, 2026). FHA, VA, jumbo, and ARM rates are national averages from Bankrate and Mortgage News Daily. Your actual rate depends on credit score, down payment, and other factors. Last updated: June 1, 2026.
PMMS release schedule: Freddie Mac publishes new survey results every Thursday at 12 p.m. ET. Mortgage News Daily updates weekday afternoons.
Last FOMC meeting: May 6–7, 2026. The Fed held rates steady at 3.50–3.75%. Next FOMC meeting: June 16–17, 2026. Fed decisions influence mortgage rates indirectly through their effect on the 10-year Treasury yield.
Rates elevated in late May 2026: After briefly touching 5.99% in late February — the lowest since late 2022 — rates have climbed back above 6.5%. Persistent inflation and elevated Treasury yields have pushed mortgage rates higher. Most forecasters still expect 1–2 additional Fed cuts later in 2026, which could bring 30-year rates back toward the 6.0%–6.3% range.
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Rates by Loan Type
Each loan type serves a different borrower profile. Conventional loans offer the most flexibility, government-backed loans lower the barrier to entry, and jumbo loans cover amounts above the conforming limit.
Conventional Fixed-Rate Loans
| Term | Rate | APR | Min Down | Min Credit |
|---|---|---|---|---|
| 30-Year Fixed | 6.53% | ~6.65% | 3% | 620 |
| 20-Year Fixed | ~6.28% | ~6.41% | 3% | 620 |
| 15-Year Fixed | 5.87% | ~6.00% | 3% | 620 |
| 10-Year Fixed | ~5.68% | ~5.85% | 3% | 620 |
Government-Backed Loans
| Loan Type | Rate | Min Down | Min Credit | Eligibility |
|---|---|---|---|---|
| VA | ~5.83% | 0% | None* | Veterans, active duty, spouses |
| USDA | ~6.03% | 0% | 640 | Rural areas, income limits apply |
| FHA | ~6.29% | 3.5% | 580 | Any qualified borrower |
*VA has no official minimum credit score, but most lenders require 620+. FHA accepts 500–579 with 10% down.
Jumbo & ARMs
| Loan Type | Rate | Min Down | Min Credit | Notes |
|---|---|---|---|---|
| 30-Year Jumbo | ~6.86% | 10–20% | 700+ | Above $832,750 conforming limit |
| 15-Year Jumbo | ~6.23% | 10–20% | 700+ | 6+ months reserves typically required |
| 5/1 ARM | ~6.88% | 5% | 620 | Fixed 5 yrs, then adjusts annually |
| 7/1 ARM | ~6.73% | 5% | 620 | Fixed 7 yrs, then adjusts annually |
ARM caution: With the 5/1 ARM now at ~6.88% — actually above the 30-year fixed at 6.53% — ARMs offer essentially no initial savings in the current environment. This “inverted ARM premium” reflects lender risk pricing around potential rate cuts. The 2026 conforming loan limit is $832,750 (up to $1,249,125 in high-cost areas); loans above these amounts require jumbo financing.
What Determines Your Rate
Your mortgage rate depends on both market conditions and your personal financial profile. Credit score is the single largest personal factor, followed by down payment size and property type.
Credit Score Impact
How much can your credit score raise or lower your mortgage rate? On a $400,000 30-year loan, the difference between a 760+ and a 620 score is currently about $361/month — or roughly $130,000 in total interest over the life of the loan. Improving your score before applying is often the highest-ROI action a borrower can take.
| FICO Score | Est. 30-Yr Rate | Rate Premium | Monthly P&I* |
|---|---|---|---|
| 760+ | 6.32% | Best rate | $2,481 |
| 740–759 | 6.53% | +0.21% | $2,535 |
| 720–739 | 6.72% | +0.40% | $2,587 |
| 700–719 | 6.89% | +0.57% | $2,631 |
| 680–699 | 7.07% | +0.75% | $2,678 |
| 620–659 | 7.69% | +1.37% | $2,842 |
*Monthly principal & interest on a $400,000, 30-year loan at current market rates. Rate premiums are based on typical lender pricing adjustments (LLPAs) and remain consistent regardless of market level. The $361/month spread between a 760+ and 620–659 score equals approximately $130,000 in additional interest over 30 years.
Down Payment & LTV
How much does your down payment affect your interest rate? A 20% down payment eliminates PMI and typically earns the best available rate. Each step down adds both a rate premium and a monthly PMI cost — meaning the real savings of a larger down payment are larger than the rate column alone suggests.
| Down Payment | LTV | Rate Impact | PMI? |
|---|---|---|---|
| 20%+ | ≤80% | Best rates | No |
| 15% | 85% | +0.125% | Yes |
| 10% | 90% | +0.25% | Yes |
| 5% | 95% | +0.50% | Yes |
| 3% | 97% | +0.75% | Yes |
Other Personal Factors
| Factor | Lower Rate | Higher Rate |
|---|---|---|
| Property type | Single-family primary | Investment, multi-unit |
| Debt-to-income | Below 36% | Above 43% |
| Loan purpose | Purchase | Cash-out refinance |
| Points paid | Buying 1–2 points | Zero points / lender credit |
10-Year Treasury connection: Mortgage rates closely track the 10-year Treasury yield. When Treasury yields rise, mortgage rates typically follow within days. Inflation data, Fed policy, and economic growth all influence Treasury yields.
Getting the Best Rate
According to Freddie Mac, borrowers who get five rate quotes save an average of $3,000 over the life of the loan. All mortgage inquiries within a 45-day window count as a single credit pull.
Pre-Application Checklist
| Action | Timeline | Potential Impact |
|---|---|---|
| Pay credit cards below 30% utilization | 1–2 months | +20–50 FICO points |
| Dispute credit report errors | 30–90 days | +10–100 points |
| Avoid new credit applications | 3–6 months | Protects score |
| Increase down payment to 20% | Varies | Lower rate + no PMI |
| Pay off small debts to lower DTI | Immediate | Better approval odds |
Rate Locks & Points
| Lock Period | Typical Premium | Common Use |
|---|---|---|
| 30 days | Base rate | Standard closings, refinances |
| 45 days | +0.125% | Most purchases |
| 60 days | +0.25% | New construction, complex deals |
| 90+ days | +0.375%+ | Extended builds |
Buy Discount Points If
Staying 7+ years, have extra cash after closing, and low risk of refinancing soon. One point (1% of loan) typically lowers the rate by 0.25%, with a break-even around 5–6 years.
Skip Points If
Planning to move within 5 years, tight on closing funds, or rates may drop further (making a refinance likely). A float-down option (typically 0.125–0.25% extra) can hedge against declining rates.
Rate volatility: Rates can change multiple times per day. The rates shown here are national averages — always get a personalized Loan Estimate from at least 3–5 lenders for accurate pricing.
A higher score can mean a lower rate for 30 years.
SmartCredit's ScoreBoost simulates how a paydown could move you into a better pricing tier before you lock. See your scores for $1.
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This content is for educational and informational purposes only and does not constitute financial, tax, or legal advice. Consult a qualified professional for guidance tailored to your situation.