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Mortgage rates Thursday, July 23, 2026 | Fortune
See Thursday’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 6.699%, up 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 5.842%, up in the same time period.
Compare mortgage rates for July 23, 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 | 6.699% | 6.589% | +11 |
| 15-year conventional | 5.842% | 5.738% | +10 |
| 30-year jumbo | 6.783% | 6.758% | +3 |
| 30-year FHA | 6.018% | 5.940% | +8 |
| 30-year VA | 6.119% | 6.053% | +7 |
| 30-year USDA | 6.049% | 5.969% | +8 |
| 30-year conventional | |
|---|---|
| Rate | 6.699% |
| Rate A Week Before | 6.589% |
| Approximate Basis Points Change | +11 |
| 15-year conventional | |
| Rate | 5.842% |
| Rate A Week Before | 5.738% |
| Approximate Basis Points Change | +10 |
| 30-year jumbo | |
| Rate | 6.783% |
| Rate A Week Before | 6.758% |
| Approximate Basis Points Change | +3 |
| 30-year FHA | |
| Rate | 6.018% |
| Rate A Week Before | 5.940% |
| Approximate Basis Points Change | +8 |
| 30-year VA | |
| Rate | 6.119% |
| Rate A Week Before | 6.053% |
| Approximate Basis Points Change | +7 |
| 30-year USDA | |
| Rate | 6.049% |
| Rate A Week Before | 5.969% |
| Approximate Basis Points Change | +8 |
Fortune reviewed the latest Mortgage Research Center data available on July 22.
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 6.699%, on a 30-year mortgage where you borrow $300,000, you’d pay roughly $396,832.49 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 $151,086.49 in interest over the life of the loan at the current rate of 5.842%.
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 from one day to the next.
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 6.699%. That’s up from 6.674% 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 5.842%. That’s up from 5.821% 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 6.783%. That’s up from 6.770% 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 6.018%. That’s ever so slightly up from 6.012% 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 6.119%. That’s up from 6.108% 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 6.049%. That’s slightly down from 6.051% on the last day’s report.
What the Federal Reserve is doing in 2026
The Fed does not set mortgage rates, but does indirectly influence them by what it does with the federal funds rate. That benchmark rate is what banks charge each other to borrow money overnight.
When the Fed increases the federal funds rate, mortgage rates often rise, and conversely, mortgage rates often decrease when the Fed cuts the federal funds rate. At its most recent meeting June 16-17, the Federal Open Market Committee left the federal funds rate at 3.50% – 3.75%.
The FOMC has another meeting coming up on July 28-29.
Some would-be homebuyers probably remember when the average mortgage rate dropped to a startling low of 2.65% in January 2021. That came as the Fed had cut the federal funds rate to effectively zero, trying to stave off a pandemic-induced recession.
However, barring a disaster of that level, experts do not expect mortgage rates to drop that low again in the foreseeable future.
Trends with mortgage applications
Mortgage applications are up slightly. That’s according to data from the Mortgage Bankers Association showing that for the week ending July 17, home loan applications increased 1.9% compared to a week earlier—despite elevated mortgage interest rates.
“Growing home inventory in many markets is supporting more purchase activity,” Mike Fratantoni, SVP and chief economist at MBA, observed in a news release.
While purchase activity was up, refinance applications were down as a share of overall mortgage applications. And, FHA and VA loan applications decreased as a share of the total.
Recent reporting on the housing market from Fortune
If you want to stay in the loop and understand what’s happening with the economy, Fortune has your back. See what the newsroom has been reporting on recently:
- The millennial generation has split, new Fed research shows: Those over 35 are edging toward boomer-style wealth, while everyone else falls behind
- Google’s founders are snapping up Miami mansions, as billionaires flee California’s proposed tax—and the company is buying office space to accommodate
- Retirees wait for the day they can sell their homes and cash in—but there’s a secret Medicare ‘trap’ that could stop them in their tracks
- Billionaires like Ken Griffin are moving to Miami—but middle-class earners can’t copy them and reap the same benefits, real estate experts say
- It’s now cheaper to buy a new home than a used one, thanks to builder incentives and baby boomers who don’t want to sell on the low
- More noncollege-educated men are living at home and falling out of the labor market, forcing a decline in marriages, all thanks to rising rents
- This CEO pays $1.7 million a year so employees can live in one of America’s most expensive neighborhoods
Why you should comparison shop
Bear in mind that you can comparison shop from a couple different angles. On one hand, it’s worth considering different mortgage types to understand what the best type of loan is for your needs.
If you have exceptional credit, you might get the best deal for your situation from a conventional loan. But, if you have a credit score below 600, you’d likely get denied for a conventional mortgage while still having a chance at approval for an FHA home loan.
There’s also comparison shopping by applying with different lenders. Freddie Mac notes that in markets with high interest rates, homebuyers who shop around with multiple lenders might save from $600 to $1,200 per year compared to those who don’t.
Frequently asked questions
Are a mortgage’s interest rate and APR the same?
They’re not quite the same. Your APR will include interest plus any applicable fees, meaning it will generally be a slightly higher number than interest rate alone.
What’s a good mortgage rate in July 2026?
With the average for a 30-year conventional mortgage hovering in the 6.50% vicinity these days, if you snag a rate slightly above 6.00%, that’s pretty good.
Will mortgage rates go down?
Perhaps. If the Fed decreases the federal funds rate in 2026, there’s a chance mortgage rates might dip accordingly. But other factors are at play too, with inflation, the national debt, and the demand for home loans all impacting mortgage rates.