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All rates listed in this article are based on average mortgage rate data. A real borrower's rates and APRs will vary from these averages based on their credit score, income, debt, down payment size, home type, and location.
The average 30-year fixed mortgage rate is 6.89%, and the average 15-year fixed rate is 6.39%. Both edged up again Tuesday, marking a third straight day of increases and putting the 30-year rate at its highest level since June 2025.
Tuesday's move traced back to escalating fighting between the U.S. and Iran, which pushed oil prices higher and bond yields followed. Rising fuel costs tend to feed directly into inflation expectations that bond investors price in, and that connection has been a recurring driver of rate movement during the Iran conflict.
This article shows national averages. The exact number you're offered will depend on your credit profile, loan type, and lender. If you're rate shopping, the next step is comparing your personalized rate against these national averages.
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Today's mortgage rates at a glance
Here's where the major loan products stand as of the most recent settled index:
| Loan Type | Rate | Daily Change |
|---|---|---|
| 30-Year Fixed | 6.89% | +0.02% |
| 15-Year Fixed | 6.39% | +0.01% |
| 30-Year Jumbo | 6.92% | +0.00% |
| 7/6 SOFR ARM | 6.45% | +0.03% |
| 30-Year FHA | 6.41% | +0.01% |
| 30-Year VA | 6.43% | +0.01% |
These are national averages — your actual rate depends on your credit score, down payment, loan amount, and lender.
Keep in mind every lender prices loans differently based on credit score, down payment, loan size, and property type, so the rate you're quoted will not match the national average exactly.
What's moving rates this week
Mortgage rates track the bond market, not the Federal Reserve's rate decisions directly, and this week has shown three distinct drivers across three days: a Fed speech on Friday, routine month-end trading on Monday, and geopolitical tension on Tuesday.
Fighting between the U.S. and Iran intensified Tuesday, and oil prices moved higher fairly quickly in response, with bond yields following. This has been a familiar pattern throughout the Iran conflict — rising fuel costs feed into inflation expectations, and bond investors price that in by demanding higher yields, which pushes mortgage rates up as well.
The cumulative effect of three consecutive increases has pushed the 30-year fixed rate to its highest level since June 2025, though it remains meaningfully below that period's peak of 6.97%. Despite the string of increases, the day-to-day moves have each been modest — a borrower shopping today wouldn't see drastically different pricing than earlier this week or even several weeks ago.
Heading into the rest of the week, oil prices and any developments in the Iran conflict remain the variable most likely to drive further movement, alongside the usual mix of economic data releases.
What a $350,000 mortgage could cost at today's average rates
What would today's average rates mean for monthly payments? This table shows the effect of average rates on monthly payments in hypothetical mortgage loan scenarios.
Your numbers will be different — they'll be based on your personal finances, property type, and location.
| Loan Type | Rate | Term | Est. Monthly P&I |
|---|---|---|---|
| 30-Year Fixed | 6.89% | 30 yrs | $2,303 |
| 15-Year Fixed | 6.39% | 15 yrs | $3,028 |
| 30-Year Jumbo | 6.92% | 30 yrs | $2,310 |
| 7/6 SOFR ARM | 6.45% | 30 yrs | $2,201 |
| 30-Year FHA | 6.41% | 30 yrs | $2,192 |
| 30-Year VA | 6.43% | 30 yrs | $2,196 |
Please note that these sample payments also show principal and interest only. They don't include property taxes, homeowners insurance, or mortgage insurance, all of which affect your actual monthly payment.
Better's mortgage calculator can show payments at different interest rates and with insurance and taxes included.
Fixed vs. ARM vs. government-backed: which rate fits you?
Not every borrower is shopping for the same loan, and the "best" rate depends on which product fits your situation:
- 30-year fixed offers predictable payments for the life of the loan. It's the most common choice for buyers who plan to stay in the home long-term or simply want payment stability. See fixed vs. adjustable-rate mortgages for a full breakdown of how the two compare.
- 7/6 SOFR ARM starts with a lower initial rate, currently averaging 6.45% versus 6.89% for a 30-year fixed, that adjusts every six months after an initial seven-year fixed period. This can make sense for borrowers who expect to sell, refinance, or pay off the loan before the adjustable period begins, but it carries the risk that rates could be higher when it resets. Our guide on refinancing an ARM loan covers your options before that reset window arrives.
- FHA loans (6.41%) allow for lower down payments and more flexible credit requirements, backed by the Federal Housing Administration, but require mortgage insurance premiums that don't automatically go away like conventional PMI in most cases. See FHA vs. conventional loans for a fuller comparison.
- VA loans (6.43%) are available to eligible veterans, active-duty service members, and some surviving spouses, often with no down payment required and no ongoing mortgage insurance. Our VA loan vs. FHA breakdown covers which program tends to cost less depending on your situation.
- Jumbo loans (6.92%) apply to loan amounts above the conforming loan limit set by the Federal Housing Finance Agency (FHFA) each year, and typically carry stricter credit and reserve requirements.
Not sure what kind of loan you need? A pre-approval can estimate payments for different loans.
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Should you lock today or wait?
There's no universal answer to this question, and buyers should be wary of anyone who guarantees predictions about future rate movement. That said, you can weigh some concrete facts into your decision:
- Rates have now risen for three straight sessions, each for a different reason. A Fed speech, routine trading mechanics, and geopolitical tension have all played a role this week — worth knowing if you're wondering why rates keep drifting up.
- The 30-year rate is at its highest since June 2025, but still below that period's peak. Today's average sits meaningfully below the 6.97% high from June 2025.
- A rate lock protects you from increases between now and closing, typically for a set window (often 30–60 days), but it also means you won't benefit if rates drop further after you lock. Many lenders offer float-down options that allow you to lock a rate and then move to a lower rate should it drop materially before closing.
If you already have a mortgage at a higher rate than today's averages, it may be worth checking when it makes sense to refinance, which walks through the break-even math against current refinance rates.
Timing a rate lock is ultimately a personal risk decision: how much certainty you want versus how much upside you're willing to give up.
Frequently Asked Questions
I have a 620 credit score. Can I still qualify for a mortgage at today's rates, or will I get a much higher rate?
620 is the minimum qualifying score for many types of conventional mortgages, but meeting that benchmark doesn't guarantee mortgage approval. Underwriters also look at your income, debts, down payment size, property type, and other factors to decide whether to approve your loan.
Is it worth refinancing right now if my current rate is 7.5%?
It could be, depending on how long you plan to stay in the home and what closing costs you'd pay. Do your own math to compare your eventual savings from the new loan to the upfront cost of getting the new loan.
What's the difference between the rate I see online and the rate a lender will actually offer me?
Published national averages, like the ones on this page, reflect a broad mix of credit scores, down payments, and loan types. Your actual quote is based on your specific credit score, debt-to-income ratio, down payment, property type, and loan amount, so it can land above or below the published average.
I'm a veteran with no down payment saved. How does a VA loan rate compare to a conventional loan today?
VA loans are currently averaging 6.43%, meaningfully below the 6.89% conventional 30-year fixed rate, and VA loans don't require a down payment or ongoing mortgage insurance, which conventional loans typically do below 20% down. For eligible veterans and service members, that combination often makes VA loans the lower-cost option overall, not just on rate.
What happens if I lock my rate today and rates drop before closing?
If you lock your rate, you're generally protected from increases, but you also won't automatically benefit if rates fall further, unless your lender specifically offers a float-down option that lets you capture a lower rate for a fee or under certain conditions. It's worth asking your lender directly whether float-down is available before you lock.
Why do mortgage rates change every day even when the Fed hasn't changed its rate?
Mortgage rates are priced off mortgage-backed securities (MBS) and bond yields, which move daily based on inflation data, economic reports, geopolitical events, and investor sentiment — not directly off the Fed's benchmark rate. That's why rates can shift for reasons ranging from a Fed speech to overseas conflict, as they have this week.
The bottom line
Today's average rates climbed for a third consecutive day, driven by rising oil prices tied to escalating U.S.-Iran tensions. The 30-year fixed rate is now at its highest level since June 2025, though it remains below that period's peak.
National averages offer a barometer for mortgage costs, but they don't apply directly to your loan. The most reliable way to know what you'd actually qualify for is to start your pre-approval and check your personalized rate directly.
...in as little as 3 minutes — no credit impact
Rates shown are daily average interest rates, not APRs, based on Better Mortgage data and are for informational purposes only. Rates are not guaranteed, may include borrower-paid or lender credits, and actual rates and terms vary by borrower and transaction. Comparison to industry average rates may not reflect individual borrower scenarios and is not a guarantee of lower rates or savings.