The average 30-year fixed mortgage rate was 7.40% as of October 8, 2026 (Freddie Mac PMMS). Your exact rate depends on your credit score, loan type, down payment, and lender — on myFICO’s calculator on October 14, 2026, a 780+ FICO score meant 7.47% and a 620+ score 8.17% on a $300,000 30-year loan, about $52,369 more in interest over the life of the loan. This hub covers every mortgage rate type, what drives them, and how to compare across lenders.
Current Mortgage Rates at a Glance (2026)
| Loan Type | Average Rate | Best Rate Available | Notes |
|---|---|---|---|
| 30-Year Fixed | 7.40% | Varies by lender | Most common; stable payment |
| 15-Year Fixed | 6.73% | Varies by lender | Lower rate, higher payment |
| 7/6 ARM | 6.85% | Varies by lender | Fixed 7 yrs, then adjusts |
| FHA 30-Year | 7.13% | Varies by lender | Lower credit OK; MIP required |
| VA 30-Year | 7.15% | Varies by lender | Veterans only; no PMI |
| Jumbo 30-Year | 7.62% | Varies by lender | Loans above $832,750 (most areas) |
The 30-year and 15-year fixed averages are Freddie Mac PMMS weekly averages as of October 8, 2026. The 7/6 ARM, FHA, VA and jumbo rows are Mortgage News Daily index values for October 14, 2026. Your rate will vary based on credit, LTV, and lender.
What Drives Mortgage Rates
Mortgage rates are primarily tied to the 10-year US Treasury yield, not directly to the Fed Funds rate. When Treasury yields rise, mortgage rates rise. Key drivers:
- Inflation — higher inflation pushes rates up; lower inflation allows rates to fall
- Federal Reserve policy — rate cuts reduce short-term rates and often (but not always) pull mortgage rates lower
- Bond market — mortgage-backed securities (MBS) pricing determines lender margins
- Your credit profile — lenders price risk individually on top of the market rate
The spread between 10-year Treasuries and 30-year mortgage rates is typically 1.5–2.0 percentage points. When that spread widens (as it did 2022–2024), mortgages get relatively more expensive.
How Credit Score Affects Your Rate
| Credit Score | 30-Year Fixed Rate | Premium vs. 780+ | Extra Interest on $300K Loan (30-yr) |
|---|---|---|---|
| 780+ | 7.47% | — | — |
| 760+ | 7.56% | +0.09% | $6,660 |
| 740+ | 7.62% | +0.15% | $11,113 |
| 720+ | 7.76% | +0.29% | $21,539 |
| 700+ | 7.79% | +0.32% | $23,781 |
| 680+ | 7.91% | +0.44% | $32,767 |
| 660+ | 7.93% | +0.46% | $34,268 |
| 640+ | 8.03% | +0.56% | $41,792 |
| 620+ | 8.17% | +0.70% | $52,369 |
myFICO Loan Savings Calculator, 30-year fixed mortgage, $300,000 loan, viewed October 14, 2026. Extra interest is the difference in lifetime interest versus the 780+ band.
Improving your credit score before applying is one of the highest-ROI financial moves you can make.
Rate by Loan Type — Full Article List
30-Year Fixed
The benchmark rate. Best for buyers staying 7+ years who want payment certainty. → 30-Year Mortgage Rates Today
15-Year Fixed
Lower rate, higher payment, builds equity fast. Best for buyers who can afford it. → 15-Year Mortgage Rates Today
10-Year Fixed
Shortest term, lowest rate. Niche — usually for refinancing close to payoff. → 10-Year Mortgage Rates
ARM (Adjustable-Rate)
Initial fixed period, then adjusts. Best for buyers moving within 5–7 years. → ARM Loan Rates 2026
FHA Rates
Government-backed. Open to 580+ credit. Requires mortgage insurance. → FHA Loan Rates Today
VA Rates
Best rates available — for veterans and active military only. No PMI. → VA Loan Rates Today
Jumbo Rates
For homes above conforming limits ($832,750 in most areas for 2026). → Jumbo Loan Rates 2026
Refinance Rates
Rates for rate-and-term and cash-out refinancing. → Refinance Rates Today
Second Home & Investment Property Rates
Higher rates for non-primary residences. → Second Home Mortgage Rates → Investment Property Mortgage Rates
Rate History & Outlook
Context on where rates have been and where they may go. → Mortgage Rate History → Mortgage Rates 2026 Outlook → How Mortgage Rate Locks Work
Rate Guides
→ Fixed vs. Variable Rate Mortgage: Which Is Better? → Mortgage Rates Guide
How to Compare Rates Across Lenders
Comparing lenders is the single biggest lever for saving money. A 0.25% rate difference on a $400,000 loan saves $20,000+ over 30 years.
- Shop within a 45-day window — multiple mortgage inquiries in this period count as one inquiry on your credit report
- Compare APR, not just rate — APR includes lender fees (origination, points) and is the true cost comparison
- Get Loan Estimates — lenders must provide a standardized 3-page Loan Estimate within 3 business days of application
- Ask about discount points — paying 1 point (1% of loan) typically reduces rate by 0.25%. Only worth it if you stay 7+ years
- Consider credit unions and community banks — sometimes price lower than big banks
See Best Mortgage Lenders and Mortgage Lender Comparison.
Related Hubs
- Mortgage Loan Types — FHA, VA, USDA, jumbo, ARM explained
- Mortgage Refinancing — when and how to refinance
- Mortgage Affordability — how much house you can afford
- Mortgage Monthly Payments — payment calculators by loan amount
- Mortgages Hub — full mortgage guide
The content on Wealthvieu is for informational purposes only and should not be considered financial, tax, or investment advice. Consult a qualified professional before making financial decisions. Full disclaimer · Editorial policy