National average rates for the most common loan types
Last checked: April 2026. I have a 30-year mortgage at 7.375% from late 2023, balance around $412,000. When rates dipped below 6.80% in mid-March 2026 I decided to actually shop a refi instead of just reading about it. I applied with five lenders in one week so the credit pulls would fall inside a single FICO inquiry window.
The quotes: Lender A (my current servicer, Rocket): 6.89% / $4,800 in fees. Lender B (AmeriSave): 6.78% matching the national average / $5,200 in fees. Lender C (Better.com): 6.62% / $2,900 in fees. Lender D (a local credit union): 6.70% / $3,400 but required a $500 membership deposit. Lender E (LoanDepot): 6.85% / $6,100.
Better came in 0.27% below my current rate at the lowest closing cost. On a $412K loan that 0.27% saves me ~$74/month — $888/year, or about $26,600 over the remaining 28-year term. Break-even on the $2,900 in closing costs hit at month 40. I took it to Rocket and asked them to match — they came down to 6.68% but wouldn't budge on fees. Better won. Lesson learned: quote 5 lenders, not 3. The spread between my best and worst quote was 0.27% on rate and $3,200 on fees — and the cheapest was a tier-2 online lender, not the big names.
Mortgage rates remain elevated heading into spring 2026, with the 30-year fixed averaging 6.78%. While down from the 2024 highs, rates are still significantly above the sub-3% levels of 2021. Here is where rates stand today across all major loan types:
| Loan Type | Rate | APR | Monthly Payment* | Change (Week) |
|---|---|---|---|---|
| 30-Year Fixed Most Popular | 6.78% | 6.85% | $2,609 | ↑ +0.03% |
| 15-Year Fixed | 5.99% | 6.10% | $3,375 | ↓ -0.05% |
| 5/1 ARM | 6.25% | 7.02% | $2,464 | — 0.00% |
| FHA 30-Year Fixed | 6.45% | 7.15% | $2,519 | ↑ +0.02% |
| VA 30-Year Fixed | 6.22% | 6.38% | $2,456 | ↓ -0.04% |
| Jumbo 30-Year Fixed | 7.05% | 7.12% | $2,683 | ↑ +0.06% |
* Monthly payment based on a $400,000 loan amount. Does not include taxes, insurance, or PMI. Actual rates may vary based on creditworthiness, location, and lender.
Calculate your actual payment: Use our mortgage calculator to see your monthly payment based on your specific loan amount, rate, and down payment.
Mortgage rates have been on a gradual downward trend since their peak in late 2023, when the 30-year fixed briefly touched 8%. However, the decline has been slower than many forecasters predicted. The Federal Reserve cut rates three times in late 2024 and early 2025, but persistent inflation above the 2% target has limited further cuts in 2026.
Most economists expect rates to remain in the 6.25%–7.25% range through 2026, with potential for the lower end of that range if inflation continues to cool. The spring home-buying season typically sees slightly higher rates due to increased demand.
Key takeaway: If you are shopping for a home, do not try to time the market. Focus on finding a home you can afford at today's rates. If rates drop later, you can refinance. Use our refinance calculator to see when refinancing makes sense.
Your individual rate may be higher or lower than the national averages shown above. Here are the main factors that determine your rate:
Your credit score is the single biggest factor in your mortgage rate. Borrowers with scores of 760+ typically get the best rates, while those with scores below 620 may pay 1-2% more. Even a small score improvement can save you thousands over the life of the loan. Check your score with our credit score simulator.
A larger down payment reduces the lender's risk and typically results in a lower rate. Putting down 20% or more also eliminates the need for private mortgage insurance (PMI), which can add $100-$300/month. Use our home affordability calculator to find your ideal down payment.
Fixed-rate mortgages offer stability but typically start higher than adjustable-rate mortgages (ARMs). ARMs start lower but can increase after the initial fixed period. FHA loans have lower credit requirements but require mortgage insurance. VA loans (for eligible veterans) often have the best rates and no down payment requirement.
Shorter loan terms (15-year vs. 30-year) come with lower rates because the lender's risk window is shorter. A 15-year mortgage will save you significantly on total interest, but the higher monthly payment is not for everyone.
Mortgage rates vary by state and even by county. Urban areas with more lender competition may offer slightly better rates. Property type (single-family vs. condo vs. multi-unit) also affects your rate. Check rates in your state with our state mortgage rate pages.
A rate lock guarantees your interest rate for a set period (typically 30-60 days) while your loan is processed. Here is when locking makes sense:
Our advice for April 2026: With rates relatively stable and the spring market heating up, locking your rate within a week of finding a home is generally prudent. Rates are unlikely to drop significantly in the near term.
The content on this page is for informational purposes only and should not be considered financial advice. Rates, terms, and offers are subject to change. We may earn a commission through affiliate links at no extra cost to you. See our full disclaimer.
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