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Mortgage rates Friday, July 31, 2026 | Fortune
See Friday’s report on average mortgage rates on different types of home loans so you can pick the best mortgage for your needs as you house shop
Glen Luke Flanagan · Fortune
The average interest rate for a 30-year, fixed-rate conforming mortgage loan in the U.S. is 6.721%, down from the day before, according to data from Mortgage Research Center.
Meanwhile, the average rate for a 15-year, fixed-rate conforming mortgage loan is 5.882%, unchanged for that same time period.
Compare mortgage rates for July 31, 2026
Here’s a quick look at week-over-week rate changes.
| Mortgage Type | Rate | Rate A Week Before | Approximate Basis Points Change |
|---|---|---|---|
| 30-year conventional | 6.721% | 6.772% | -5 |
| 15-year conventional | 5.882% | 5.937% | -6 |
| 30-year jumbo | 6.876% | 6.883% | -1 |
| 30-year FHA | 6.101% | 6.088% | +1 |
| 30-year VA | 6.159% | 6.191% | -3 |
| 30-year USDA | 6.099% | 6.151% | -5 |
| 30-year conventional | |
|---|---|
| Rate | 6.721% |
| Rate A Week Before | 6.772% |
| Approximate Basis Points Change | -5 |
| 15-year conventional | |
| Rate | 5.882% |
| Rate A Week Before | 5.937% |
| Approximate Basis Points Change | -6 |
| 30-year jumbo | |
| Rate | 6.876% |
| Rate A Week Before | 6.883% |
| Approximate Basis Points Change | -1 |
| 30-year FHA | |
| Rate | 6.101% |
| Rate A Week Before | 6.088% |
| Approximate Basis Points Change | +1 |
| 30-year VA | |
| Rate | 6.159% |
| Rate A Week Before | 6.191% |
| Approximate Basis Points Change | -3 |
| 30-year USDA | |
| Rate | 6.099% |
| Rate A Week Before | 6.151% |
| Approximate Basis Points Change | -5 |
Fortune reviewed the latest Mortgage Research Center data available on July 30.
What you’d pay in interest with where rates are at today
We ran the numbers through the mortgage calculator provided by the federal government’s Office of Financial Readiness. At the current rate of 6.721%, on a 30-year mortgage where you borrow $300,000, you’d pay roughly $398,409.23 in interest over the life of the loan.
On a 15-year mortgage with the same loan amount used for the estimate, you’d pay roughly $152,246.86 in interest over the life of the loan at the current rate of 5.882%.
What the Fortune/MRC partnership means for you
Fortune partners with Mortgage Research Center, a company with deep expertise in the mortgage data space, to keep you informed throughout your homebuying journey. We review average rates provided by MRC each workday they’re available, keeping you up to date on a variety of loan types.
Read on to see how mortgage rates have changed day by day.
30-year conventional mortgage rates
This may be the most popular mortgage type in the United States.
The current average 30-year mortgage rate is 6.721%. That’s down from 6.730% on the last day’s report.
15-year conventional mortgage rates
This type of mortgage is popular with homeowners seeking to minimize interest payments over the life of their loan.
The current average 15-year mortgage rate is 5.882%. That’s unchanged from 5.882% on the last day’s report.
30-year jumbo mortgage rates
A jumbo mortgage is one that exceeds the conforming loan limits set by the Federal Housing Finance Agency. While the limit can vary in certain high-cost-of-living-areas, in most of the U.S., it’s $832,750 for 2026.
The current average rate on a 30-year jumbo loan is 6.876%. That’s up from 6.852% on the last day’s report.
30-year FHA mortgage rates
This type of mortgage is oftentimes more accessible to borrowers with slightly lower credit scores than conventional mortgages. Lenders are protected because these loans are insured by the Federal Housing Administration.
The current average rate on a 30-year FHA home loan is 6.101%. That’s barely changed from 6.103% on the last day’s report.
30-year VA mortgage rates
These loans are, in general, available to U.S. military members and veterans and surviving spouses. One attractive feature is that they have no minimum down payment requirement, unlike most other mortgage types.
The current average rate on a 30-year VA home loan is 6.159%. That’s down from 6.183% on the last day’s report.
30-year USDA mortgage rates
A USDA loan is meant to help low- to moderate-income borrowers purchase a home in an eligible rural area. Like VA loans, USDA loans have no minimum down payment requirement.
The current average rate on a 30-year USDA home loan is 6.099%. That’s down from 6.146% on the last day’s report.
What the Federal Reserve is doing in 2026
The Fed does not set rates on mortgages and other consumer financial products directly. But, the Fed does set something called the federal funds rate—the rate banks charge each other to borrow money overnight. And rates on consumer products often fluctuate alongside changes the central bank makes to the federal funds rate.
For example, when the Fed hikes that rate, banks often respond by increasing rates on mortgages and similar products. When the Fed decreases its rate, financial institutions may similarly decrease rates on consumer products.
The most recent meeting of the Federal Open Market Committee occurred July 28-29, and the Fed left the federal funds rate at 3.50% – 3.75%. There’s another FOMC meeting set for Sept. 15-16.
While trying to prevent a recession from the coronavirus pandemic in 2020, the Fed slashed its rate to effectively zero. In this environment, mortgage rates dropped dramatically, hitting a historical low average of 2.65% in January 2021.
But, barring another global catastrophe, experts do not think mortgage rates will go that low again in the foreseeable future.
Trends with mortgage applications
Mortgage applications are down overall. Compared to a week prior, applications were down 6.4% for the week ending July 24, according to data from the Mortgage Bankers Association.
Purchase applications decreased 3% while refi applications decreased by a whopping 10%.
“Despite housing inventory increasing in certain markets, higher rates have added to ongoing affordability challenges for many homebuyers, which drove the decrease in purchase activity over the week,” Joel Kan, MBA’s vice president and deputy chief economist, said in a news release.
Adjustable-rate mortgages (ARMs) decreased to 8.1% of total applications, according to the MBA.
Recent reporting on the housing market from Fortune
If you’re looking to be a more informed consumer, check out Fortune’s reporting on what’s going on with housing and the economy as a whole:
- Ultra-rich are buying up $49 million mansions in London, with ‘Trump unease’ generating a 10% rise in Americans investing in Britain
- How Washington’s war on ‘Wall Street landlords’ could backfire on Gen Z renters
- Foreign buyers seem to be following Zohran Mamdani’s cue — and fleeing American real estate
- No, Miami isn’t more expensive than New York. But it may be less ‘affordable’
- The millennial generation is split in 2: an older crowd with boomer-style comfort, a younger set going ‘back to the early 1900s’
- ‘It’s called StreetEasy, not StreetHard’: Mamdani cracks down on scourge of ‘housefishing’ and ‘real estate slop’
- The millennial generation has split, new Fed research shows: Those over 35 are edging toward boomer-style wealth, while everyone else falls behind
Why you should comparison shop
Shopping around can help you save money on physical products, and the same holds true for financial products such as home loans. In fact, homebuyers in high-interest environments who apply with multiple lenders might save from $600 to $1,200 per year compared to those who don’t, according to Freddie Mac.
Keep in mind there are two big factors you’re considering when shopping around for a mortgage. One of those is which lender will offer you the lowest rate and which may have the service that aligns with your expectations.
The other is what type of loan you’re going to ultimately take out. For example, someone with a high credit score may get a great deal on a conventional mortgage, whereas someone with a credit score less than 600 may get denied for a conventional mortgage but still have a chance at taking out an FHA home loan.
Frequently asked questions
Are a mortgage’s interest rate and APR the same?
Not quite. Your APR will typically be the higher number, as it factors in interest plus any applicable fees.
What’s a good mortgage rate in July 2026?
Since we’ve been observing the average rate for a 30-year conventional home loan fluctuating in the vicinity of 6.50%, getting a rate just above 6.00% is probably a solid win.
Will mortgage rates go down?
It’s possible but far from certain. If the Fed opts for a cut to the federal funds rate in 2026, mortgage rates might dip accordingly. However, there are other factors that play an important role in where mortgage rates end up—including the national debt, demand for home loans, and inflation.