The average interest rate for a 30-year, fixed-rate conforming mortgage loan in the U.S. is 6.218%, according to data available from mortgage data company Optimal Blue. That’s down approximately 4 basis points from the prior business day’s report, and down approximately 7 basis points from a week ago. Read on to compare average rates for a variety of conventional and government-backed mortgage types and see whether rates have increased or decreased.

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Current mortgage rates data:

Note that Fortune reviewed Optimal Blue’s latest available data on Oct. 15, with the numbers reflecting home loans locked in as of Oct. 14.

What’s happening with mortgage rates in the market?

If it appears 30-year mortgage rates have been stuck on the brink of 7% for an eternity, that impression is not too far off from reality. Many watching the market expected rates to decrease when the Federal Reserve began reducing the federal funds rate last September, but that hope did not materialize. There was a brief decline leading up to the September 2024 Fed meeting, but rates swiftly increased afterward.

In fact, by January 2025 the average rate for a 30-year, fixed-rate mortgage passed 7% for the first time since last May, according to Freddie Mac figures. That’s considerably higher than the historic average low of 2.65% witnessed in January 2021, when the government was still attempting to boost the economy and prevent a pandemic-induced recession.

Barring another catastrophe, experts agree we won’t see mortgage rates in the 2% to 3% range in our lifetimes. And, with President Donald Trump’s pursuit of policies such as tariffs and deportations, some analysts have long feared the labor market could tighten and inflation could reignite. Against that backdrop, U.S. homebuyers have faced high mortgage rates for some time—though some found ways to make their purchase more affordable, such as negotiating rate buydowns with a builder when buying newly constructed housing.

Would-be homebuyers did get some relief in late August and early September of 2025. At that point, mortgage interest rates trended notably downward, falling closer to 6% (for 30-year, fixed-rate conforming loans) than had been seen in almost a year.

This dip was largely in anticipation of the Fed’s Sept. 16-17 meeting, with markets expecting the first cut to the federal funds rate of 2025. The central bank delivered, reducing its benchmark rate by a quarter percentage point.

How to get the best mortgage rate you can

While economic conditions are out of your control, your financial profile as an applicant also has a major impact on how low a mortgage rate you’re offered. With that in mind, strive to do the following:

Ensure your credit is in excellent shape. The minimum credit score to get a conventional mortgage is generally 620 (for FHA loans, you may be able to qualify with a score of 580 or a score as low as 500 and a 10% down payment). But, if you’re hoping to get a low rate that could potentially save you five or even six figures in interest over the life of your loan, you’ll want a score quite a bit higher. For example, lender Blue Water Mortgage notes that a score of at least 740 is considered top tier.
Keep your debt-to-income (DTI) ratio low. You can calculate your DTI by dividing your monthly debt payments by your gross monthly income, then multiplying by 100. For example, someone with a $3,000 monthly income and $750 in monthly debt payments has a 25% DTI. It’s typically best when applying for a mortgage to have a DTI of 36% or below, though you may get approved with a DTI as high as 43%
Get prequalified with multiple lenders. You may wish to try a mix of large banks, local credit unions, and online lenders and compare offers. Plus, getting connected with loan officers at several different institutions can help you evaluate what you’re looking for in a lender and which one will be best able to meet your needs. Just make sure when you’re comparing rates that you’re doing it in a way that’s apples to apples—if one estimate relies on you purchasing mortgage discount points and another does not, it’s important to understand there’s an upfront cost for buying down your rate with points.

Mortgage interest rates historical chart

An important piece of context to the discussion surrounding high mortgage rates is that rates in the ballpark of 7% feel high because of the recent memory of rates in the range of 2% to 3%. Those rates were possible as the federal government took virtually unprecedented action trying to prevent recession as the country battled a global pandemic.

However, under more typical economic conditions, experts agree we’re unlikely to see such dramatically low interest rates again. And, historically, rates in the vicinity of 7% are not abnormally high.

Consider this St. Louis Fed (FRED) chart tracking Freddie Mac data on the 30-year, fixed-rate mortgage average. From the 1970s through the 1990s, such rates were more or less the norm, with a massive spike in the early 1980s. In fact, September, October, and November of 1981 all saw mortgage interest rates above 18%.

Chart from the Federal Reserve Bank of St. Louis showing the history of the average interest rate on a 30-year, fixed-rate mortgage in the U.S.

Still, that historical context is scant comfort for homeowners who may want to move but are locked in with a once-in-a-lifetime low interest rate. Such situations are common enough in the current market that low pandemic-era rates keeping homeowners put when they’d otherwise move have become known as the “golden handcuffs.”

Factors that impact mortgage interest rates

The state of the U.S. economy may well be the biggest thing impacting mortgage rates. If lenders are worried about inflation, they can hike rates to protect their future earnings. And, the national debt is another big factor. When the government has to borrow large sums to cover its spending, that can push interest rates higher.

Demand for home loans plays a big role too. If not many consumers are seeking loans, lenders might cut rates to attract borrowers. But if demand is high, they might raise rates to cover the costs of handling more loans.

The Federal Reserve’s actions are also crucial. The Fed can influence mortgage rates both by adjusting the federal funds rate and by managing its balance sheet.

That first factor, the federal funds rate, gets a lot of coverage in the media. When the Fed hikes or cuts it, mortgage rates often follow. But keep in mind, the Fed doesn’t set mortgage rates directly, and they don’t always move in perfect step with the fed funds rate.

The Fed also impacts rates on long-term financial products like mortgages via its balance sheet. During economic downturns, the central bank can buy assets like mortgage-backed securities (MBS) to inject money into the economy.

But recently, the Fed has been trimming its balance sheet, letting assets mature without buying new ones. This tends to push interest rates up. So while everyone watches for federal funds rate decisions, what the Fed does with its balance sheet might matter even more for your mortgage rate.

Why it’s important to compare mortgage rates

Comparing rates on different types of loans and shopping around with different lenders are both important steps in getting the best mortgage for your situation.

If your credit is in stellar shape, opting for a conventional mortgage could very well be the best choice for you. But, if your score is sub-600, an FHA loan may give you a chance a conventional loan would not.

When it comes to shopping around with different banks, credit unions, and online lenders, it can make a tangible difference in how much you pay. Freddie Mac research shows that in a market with high interest rates, homebuyers may be able to save $600 to $1,200 annually if they apply with multiple mortgage lenders.

Current rate	6.218%
One week ago	6.292%
One month ago	6.263%

Current rate	6.483%
One week ago	6.484%
One month ago	6.432%

Current rate	6.124%
One week ago	6.099%
One month ago	6.082%

Current rate	5.876%
One week ago	5.902%
One month ago	5.727%

Current rate	6.021%
One week ago	6.226%
One month ago	6.056%

Current mortgage rates data:

30-year conventional

30-year jumbo

30-year FHA

30-year VA

30-year USDA

15-year conventional

What’s happening with mortgage rates in the market?

How to get the best mortgage rate you can

Mortgage interest rates historical chart

Factors that impact mortgage interest rates

Why it’s important to compare mortgage rates

Current mortgage rates report for Oct. 16, 2025: Rates drop even lower