Mortgage rates today — and what they actually cost you
The 30-year fixed sits at 6.43% this week, down 0.06 of a point. On a typical $360k loan that is $2,259 a month before taxes and insurance — here is how the number is built, and how to move it in your favor.
| Loan type | Rate | APR | Weekly change |
|---|---|---|---|
| 30-year fixed | 6.43% | 6.51% | ▾ 0.06 pts |
| 15-year fixed | 5.79% | 5.94% | ▾ 0.04 pts |
| FHA 30-year | 6.18% | 7.04% | ▾ 0.05 pts |
| VA 30-year | 6.05% | 6.28% | ▾ 0.03 pts |
| 5/1 ARM | 6.61% | 7.42% | ▴ +0.02 pts |
| Jumbo 30-year | 6.58% | 6.66% | ▾ 0.07 pts |
Source: Freddie Mac PMMS and lender averages, July 2026. APR includes points and lender fees; assumes 20% down and a 740+ score.
A mortgage rate is not a single number a bank picks — it is the bond market's price for lending you money for three decades, plus a margin. When investors buy mortgage-backed securities, they push rates down; when they sell, rates rise. That is why your quote moves with the 10-year Treasury far more than with anything the Federal Reserve announced this week.
What you control sits on top of that market rate. A stronger credit score A 300–850 number summarizing your credit risk. It is the single biggest lever on the rate a lender offers you. Full definition → , a larger down payment, and a shorter term each shave the margin. Paying discount points Discount points — an upfront fee equal to 1% of the loan that buys down your rate, usually by about 0.25%. buys the rate down further, though only pays off if you keep the loan past the break-even point.
Two costs hide outside the headline rate. Put less than 20% down and you add private mortgage insurance Private mortgage insurance — a monthly premium protecting the lender, not you, until you reach 20% equity. ; every month your servicer also collects property taxes and homeowners insurance into an escrow A holding account your servicer uses to collect and pay property taxes and insurance alongside your mortgage payment. Full definition → account. The mortgage calculator below folds all of it into one figure.
Where rates have been
Source: Freddie Mac Primary Mortgage Market Survey via FRED. Annual averages; latest weekly reading shown.
Run your own payment
The rate is pre-filled with this week's 30-year average. Change the loan amount and term to see how the monthly figure and lifetime interest respond.
Fixed or adjustable?
A fixed rate makes sense when
- You plan to stay put well past five years
- You want one payment that never surprises you
- Rates are near a cycle low and you want to lock it
- Your budget has no room for a payment that could rise
An ARM can make sense when
- You expect to move or refinance within the fixed window
- The intro rate saves enough to matter now
- You could absorb a higher payment if rates climb later
- You are buying in a market where ARMs price well below fixed
What buyers ask before they lock
Should I wait for rates to fall further before buying?
Timing the rate market is a losing game — the 30-year has moved less than a point in either direction for two years. The larger levers are your credit score and down payment, both of which you control. If the payment works at 6.43%, buy; if rates drop later, you refinance.
What credit score do I need for the best mortgage rate?
Conventional pricing improves in tiers up to 740, where it flattens. FHA is more forgiving — approvals happen down to 580 with 3.5% down, and to 500 with 10% down — but you pay mortgage insurance for the life of the loan unless you refinance out.
Is a 15-year mortgage worth the higher payment?
On a $360,000 loan the 15-year runs about $738 more each month, but it saves roughly $273,708 in interest over the life of the loan. It is a forced-savings trade: worth it if the payment never strains the rest of your budget.
How much are closing costs?
Budget 2–5% of the loan amount — lender fees, title, appraisal, and prepaid taxes and insurance. On a $360,000 mortgage that is roughly $7,000–$18,000, some of which is negotiable and some of which the seller can cover.