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%
Mortgage rates have fallen to their lowest level since September 2022. The 30-year fixed rate is averaging 6.01% as of February 19, 2026, according to Freddie Mac’s Primary Mortgage Market Survey — down from 6.85% a year ago. 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 | 6.01% | 6.09% | 6.85% |
| 15-Year Fixed | 5.35% | 5.44% | 6.04% |
| 30-Year FHA | ~5.75% | ~5.80% | ~6.55% |
| 30-Year VA | ~5.25% | ~5.38% | ~6.10% |
| 30-Year Jumbo | ~6.30% | ~6.35% | ~6.95% |
| 5/1 ARM | ~6.35% | ~6.38% | ~6.90% |
Conventional rates from Freddie Mac PMMS (Feb 19, 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.
PMMS release schedule: Freddie Mac publishes new survey results every Thursday at 12 p.m. ET. Mortgage News Daily updates weekday afternoons.
Next FOMC meeting: March 17–18, 2026. Fed rate decisions influence mortgage rates indirectly through their effect on the 10-year Treasury yield.
Lowest since late 2022: With the Fed holding rates steady and inflation moderating, most forecasters expect rates to hover around 5.8%–6.3% through 2026, an improvement from the 7%+ rates of late 2023.
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 | 6.01% | ~6.13% | 3% | 620 |
| 20-Year Fixed | ~5.75% | ~5.88% | 3% | 620 |
| 15-Year Fixed | 5.35% | ~5.51% | 3% | 620 |
| 10-Year Fixed | ~5.25% | ~5.42% | 3% | 620 |
Government-Backed Loans
| Loan Type | Rate | Min Down | Min Credit | Eligibility |
|---|---|---|---|---|
| VA | ~5.25% | 0% | None* | Veterans, active duty, spouses |
| USDA | ~5.50% | 0% | 640 | Rural areas, income limits apply |
| FHA | ~5.75% | 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 | ~6.30% | 10–20% | 700+ | Above $832,750 conforming limit |
| 15-Year Jumbo | ~5.70% | 10–20% | 700+ | 6+ months reserves typically required |
| 5/1 ARM | ~6.35% | 5% | 620 | Fixed 5 yrs, then adjusts annually |
| 7/1 ARM | ~6.20% | 5% | 620 | Fixed 7 yrs, then adjusts annually |
ARM caution: With 30-year fixed rates near 6%, ARMs offer less initial savings than usual. 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
| FICO Score | Est. 30-Yr Rate | Rate Premium | Monthly P&I* |
|---|---|---|---|
| 760+ | 5.79% | Best rate | $2,339 |
| 740–759 | 6.01% | +0.22% | $2,399 |
| 720–739 | 6.19% | +0.40% | $2,449 |
| 700–719 | 6.36% | +0.57% | $2,497 |
| 680–699 | 6.54% | +0.75% | $2,548 |
| 620–659 | 7.16% | +1.37% | $2,726 |
*Monthly principal & interest on a $400,000, 30-year loan. Rates are illustrative based on typical lender pricing adjustments (LLPAs).
Down Payment & LTV
| 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.
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.