MortgageCast

The average 30-year fixed-rate mortgage stands at approximately 6.04%, though rates vary slightly depending on the source and loan type. The most widely cited rate from Optimal Blue data is 6.038% for a 30-year conforming mortgage, representing a modest decline of about 5 basis points from the previous day and 6 basis points from a week ago. Alternative sources report similar figures, with NerdWallet citing 5.88% to 5.90% and Bankrate reporting 6.16% for 30-year fixed mortgages. This consistency across sources suggests the market has stabilized near the 6% threshold after months of volatility. For those seeking shorter loan terms, 15-year fixed-rate mortgages average 5.341% to 5.50%, offering a lower rate in exchange for higher monthly payments.

Different loan programs feature distinct rate structures. Jumbo mortgages, which exceed conforming loan limits, currently average 6.249%, while government-backed options provide more favorable rates: VA loans average 5.700%, USDA loans 5.811%, and FHA loans 5.908%. Refinancing rates are slightly higher, with 30-year conventional refis averaging 6.17% according to Zillow data, though jumbo refis reach 6.81%. These variations reflect lender risk assessments and government backing, making government-backed loans particularly attractive for eligible borrowers.

Mortgage rates have remained relatively stable throughout 2026, hovering consistently near 6% after Federal Reserve rate cuts in late 2024 failed to produce the significant decreases many homeowners anticipated. Despite recent stability, current rates remain substantially elevated compared to pandemic-era lows of 2-3%, with experts agreeing such rates are unlikely to return in the foreseeable future. The lock-in effect continues affecting homeowners, as 82.8% of those with existing mortgages secured rates below 6%, creating minimal incentive to refinance or relocate.