Current Mortgage Rates — Updated Weekly
30-Year Fixed
6.37%
15-Year Fixed
5.72%
5/1 ARM
6.06%
Fed Funds Rate
3.64%
Historical Mortgage Rate Trends
30-Year Fixed, 15-Year Fixed & 5/1 ARM rates over time — Federal Reserve data (FRED)
Mortgage Payment Calculator
Mortgage Calculator
$80,000
Monthly Payment
$1,995
Principal + Interest only
Based on a 30-year fixed-rate mortgage with 20% down payment.
Mortgage Rate Spread
The difference between 30-year mortgage rates and the Fed Funds Rate
A wider spread may indicate market uncertainty or tighter lending conditions. A narrower spread suggests more favorable borrowing conditions.
Mortgage Rate Comparison
| Loan Type | Current Rate | Last Week | Change | Best For |
|---|---|---|---|---|
| 30-Year Fixed | 6.37% | 6.30% | +0.07% | Lower monthly payments, stability |
| 15-Year Fixed | 5.72% | 5.64% | +0.08% | Pay off faster, less total interest |
| 5/1 ARM | 6.06% | 5.95% | +0.11% | Short-term homeowners, lower initial rate |
Understanding Mortgage Types
Click each card to learn about the different mortgage options and when they're best suited.
Rates near the 5-year average
Current 30-year rate is 6.37%, within 1% of the 5-year average of 6.54%. Rates are in line with recent historical norms.
What is the Federal Funds Rate?
The Federal Funds Rate is the interest rate at which banks lend money to each other overnight. Set by the Federal Reserve, it is the benchmark that influences all other interest rates — including mortgage rates. When the Fed raises rates to combat inflation, mortgage rates typically rise within weeks. When the Fed cuts rates, mortgage rates usually follow.
Currently at 3.64% — the Fed Funds Rate has fallen 1.69 percentage points over the past 6 months, providing some relief to borrowers.
Understanding Mortgage Rates
How Mortgage Rates Are Set
Mortgage rates are primarily influenced by:
- Federal Funds Rate: The Fed's benchmark rate influences overall interest rates in the economy
- Bond Markets: Mortgage-backed securities (MBS) yields directly impact mortgage rates
- Inflation Expectations: Higher inflation leads to higher rates
- Economic Growth: Strong growth tends to push rates up
- Housing Market Demand: Supply and demand for mortgages affects pricing
Tips for Getting the Best Rate
- Maintain a high credit score (740+ gets the best rates)
- Save for a larger down payment (20%+ avoids PMI)
- Compare quotes from multiple lenders
- Consider buying discount points to lower rate
- Keep debt-to-income ratio below 36%
- Lock your rate when you have a good offer
- Consider 15-year or ARM options for lower rates
Current Rate Environment
Mortgage rates have experienced significant volatility in recent years, influenced by Federal Reserve monetary policy shifts, inflationary pressures, and housing market dynamics. Historically, rates below 4% are considered low, while rates above 6% are relatively high compared to the past two decades.
The Federal Funds Rate set by the Fed influences mortgage rates, but they're not directly tied. Mortgage rates typically run 2-3 percentage points above the Fed Funds Rate to account for credit risk, processing costs, and profit margins for lenders. When the Fed raises rates to combat inflation, mortgage rates generally increase as well.
Frequently Asked Questions
What is today's 30-year fixed mortgage rate?
As of 2026-05-07, the 30-year fixed mortgage rate is 6.37%, according to Federal Reserve data. Rates are updated weekly every Thursday.
How does the Federal Reserve affect mortgage rates?
The Federal Reserve sets the Federal Funds Rate, which is the benchmark interest rate for the U.S. economy. When the Fed raises this rate, mortgage rates typically increase within weeks. When the Fed cuts rates, mortgage rates usually follow, though the relationship is not always immediate or one-to-one.
What is the difference between a 30-year and 15-year mortgage?
A 30-year mortgage offers lower monthly payments spread over 360 months, while a 15-year mortgage has higher monthly payments but significantly lower total interest paid and faster equity building. The 15-year rate is typically 0.5-0.75% lower than the 30-year rate.
Is a fixed or adjustable rate mortgage better?
A fixed-rate mortgage offers payment stability and is better for buyers planning to stay in a home long-term. An adjustable rate mortgage (ARM) offers a lower initial rate but carries risk of rate increases after the fixed period ends — typically 5 years for a 5/1 ARM. ARMs are best for buyers who plan to sell or refinance before the adjustment period begins.
How often do mortgage rates change?
Mortgage rates change daily based on bond market activity, economic data, and Federal Reserve policy. The Federal Reserve Economic Data (FRED) series used on this page updates weekly, every Thursday, reflecting the most recent weekly average.
What credit score do you need for the best mortgage rate?
While this site tracks national average rates, individual rates vary by lender and borrower profile. Generally, a credit score of 740 or higher qualifies for the best available rates. Scores below 620 may have difficulty qualifying for conventional mortgages.
Data Sources & Updates
Federal Reserve Economic Data (FRED)
- 30-Year Fixed: Series MORTGAGE30US — Weekly data
- 15-Year Fixed: Series MORTGAGE15US — Weekly data
- 5/1 ARM: Series MORTGAGE5US — Weekly data
- Fed Funds Rate: Series FEDFUNDS — Daily data, weekly average
Update Frequency
- All mortgage rates update weekly (typically Thursday)
- Federal Funds Rate updates daily
- Data reflects the most recent observation available from FRED
- Historical data shown is as published by the Federal Reserve
Note: Rates shown are national averages. Your actual rate may vary based on credit score, down payment, property type, and lender-specific factors. Always verify current rates directly with lenders when making financial decisions.