US mortgage rates in 2026 remain elevated compared to the 2020–2021 lows, with 30-year fixed rates averaging approximately 6.2%–6.6% nationally. The Federal Reserve's rate decisions continue to influence mortgage costs, though mortgage rates are more directly tied to 10-year Treasury yields. The median US home price is approximately $400,000–$420,000 in 2026. A 30-year fixed mortgage on a $400,000 home with 20% down at 6.5% results in a monthly payment of approximately $2,023 — plus property taxes, insurance, and HOA fees.
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National defaults — adjust home price, rate, taxes, and insurance for your market and lender quote.
Dollar amount. PMI applies when under 20% of home price.
PMI is estimated at 0.5% of the loan amount per year when your down payment is below 20% of the purchase price.
Total monthly payment
$2,576
Amortization summary: fixed rate; effective rate equals your quoted rate. Taxes, insurance, PMI, and HOA are shown separately from P&I.
| Loan Type | National Average | Best Available | Notes |
|---|---|---|---|
| 30-year fixed | 6.4% | 6.2% | Most popular product |
| 15-year fixed | 5.85% | 5.7% | Lower total interest |
| 5/1 ARM | 5.9% | 5.6% | Adjusts after 5 years |
| FHA 30-year | 6.0% | 5.8% | 3.5% down minimum |
| VA 30-year | 5.9% | 5.6% | 0% down for veterans |
| Jumbo 30-year | 6.6% | 6.3% | Loans above $766,550 |
| Home Price | Down (20%) | Loan Amount | Monthly P&I | Total Interest |
|---|---|---|---|---|
| $300,000 | $60,000 | $240,000 | $1,502 | $300,693 |
| $400,000 | $80,000 | $320,000 | $2,003 | $400,924 |
| $500,000 | $100,000 | $400,000 | $2,504 | $501,156 |
| $600,000 | $120,000 | $480,000 | $3,004 | $601,387 |
| $800,000 | $160,000 | $640,000 | $4,006 | $801,849 |
| 30-Year Fixed (6.4%) | 15-Year Fixed (5.85%) | |
|---|---|---|
| Monthly payment ($400K loan) | $2,503 | $3,344 |
| Total interest paid | $500,924 | $201,878 |
| Interest savings | — | $299,046 |
| Break-even timeline | — | ~8 years |
The 15-year mortgage saves approximately $299,000 in total interest on a $400,000 loan, but requires $841 more per month. If you can afford the higher payment, the 15-year is mathematically superior — but the 30-year's lower payment provides more cash flow flexibility for investing, emergencies, or other goals.
Four key factors determine your individual mortgage rate: credit score (higher score = lower rate, with 760+ qualifying for the best rates), down payment (20%+ avoids PMI and often gets better rates), debt-to-income ratio (most lenders prefer below 43%), and loan type (conventional, FHA, VA, or jumbo). On a $400,000 loan, the difference between a 620 credit score and a 760+ credit score can be 0.5%–1.5% in rate — costing $60,000–$150,000 more in total interest over 30 years.
Current US 30-year fixed mortgage rates average approximately 6.2%–6.6% in 2026. The best available rates for strong borrowers are near 6.2%. 15-year fixed rates average approximately 5.7%–6.0%. FHA and VA loans offer slightly lower rates for qualifying buyers.
A good mortgage rate in 2026 is approximately 6.2%–6.4% for a 30-year fixed conventional loan for a borrower with a 760+ credit score, 20% down payment, and strong debt-to-income ratio. Rates above 6.8% suggest room to improve your credit profile or shop more lenders.
On a $400,000 mortgage at 6.4% for 30 years, the monthly principal and interest payment is approximately $2,503. Adding property taxes ($300–$600/month), homeowner's insurance ($100–$200/month), and PMI if applicable brings total monthly housing costs to approximately $3,000–$3,300.
A 15-year mortgage at 5.85% saves approximately $299,000 in interest on a $400,000 loan vs a 30-year at 6.4%, but requires $841 more per month. Choose the 15-year if you can comfortably afford the payment and want to build equity faster. Choose the 30-year if you need cash flow flexibility.
Conventional loans typically require 5%–20% down. FHA loans require 3.5% with a 580+ credit score. VA loans offer 0% down for eligible veterans and active military. USDA loans offer 0% down for eligible rural properties. Down payments below 20% on conventional loans require PMI (0.5%–1% annually).
Most US lenders require a minimum credit score of 620 for conventional loans and 580 for FHA loans. The best mortgage rates go to borrowers with 760+ credit scores. A 100-point difference in credit score can mean 0.5%–1% difference in rate — costing tens of thousands over the loan term.
Educational estimates only. Not lending advice.