Mortgage Rates Today, Oct. 6, 2026: 30-Year Fixed Rises to 7.542%
The short answer
On Oct. 6, 2026, the average 30-year fixed conventional mortgage rate is 7.542% and the 15-year fixed is 6.737%, according to Mortgage Research Center data reported by Fortune. The 30-year rate is up about 17 basis points (0.17 percentage points) from a week earlier, and applications for home loans have been falling as rates climb.
Key numbers
- 30-year fixed conventional
- 7.542% (up from 7.373% a week earlier)
- 15-year fixed conventional
- 6.737% (up from 6.606% a week earlier)
- 30-year jumbo
- 7.691%
- Federal funds rate target
- 3.75% to 4.00%
- MBA weekly applications, week ending Sept. 25
- Down 6%
- Adjustable-rate share of applications
- 10.3%
What are mortgage rates today?
Fortune reports that the average rate on a 30-year fixed conforming mortgage is 7.542% as of Oct. 6, 2026. A conforming loan is one that falls within the size limits set by the Federal Housing Finance Agency. The 15-year fixed version averages 6.737%. Both figures come from Mortgage Research Center (MRC), which supplies Fortune with average rates each workday. Fortune says it reviewed the latest MRC data available on Oct. 5.
Fortune's headline describes rates as spiking upward. Compared with the previous day's report, the 30-year rate rose from 7.456%, and the 15-year rate rose from 6.613%.
How do rates compare by loan type?
Fortune's table lists six common loan types and how each has moved over the past week. A basis point is one hundredth of a percentage point, so 17 basis points equals 0.17 percentage points. Every loan type on the list is higher than a week ago.
- Jumbo loans exceed the conforming limit, which Fortune says is $832,750 in most of the U.S. for 2026.
- FHA loans are insured by the Federal Housing Administration and are often easier to qualify for with a lower credit score.
- VA loans are generally for military members, veterans and surviving spouses, and have no minimum down payment.
- USDA loans are meant for low- to moderate-income buyers in eligible rural areas and also have no minimum down payment.
- Compared with the previous day's report, the USDA rate was unchanged at 6.962%.
| Loan type | Rate today | Rate a week before | Change (basis points) |
|---|---|---|---|
| 30-year conventional | 7.542% | 7.373% | +17 |
| 15-year conventional | 6.737% | 6.606% | +13 |
| 30-year jumbo | 7.691% | 7.524% | +17 |
| 30-year FHA | 6.925% | 6.764% | +16 |
| 30-year VA | 7.023% | 6.883% | +14 |
| 30-year USDA | 6.962% | 6.822% | +14 |
How much interest would a $300,000 loan cost at these rates?
Fortune used the mortgage calculator from the federal Office of Financial Readiness for a $300,000 loan. At 7.542% over 30 years, total interest comes to roughly $458,258.29. At 6.737% over 15 years, it comes to roughly $177,461.53.
Subtracting one from the other gives a difference of $280,796.76 in total interest. That gap reflects two things: the 15-year loan's slightly lower rate, and the fact that you pay the balance down in half the time. The trade-off is that a shorter loan means larger monthly payments, which the source does not calculate.
These are estimates for one loan amount. Your own rate and costs will depend on your lender, credit profile and loan type.
What is the Federal Reserve doing, and why does it matter?
The federal funds rate is what banks charge each other for overnight loans. Fortune notes that market watchers often expect mortgage rates to move along with it, though it is not an exact science. Mortgage rates are not set directly by the Fed.
According to Fortune, the Federal Open Market Committee raised the federal funds rate to a range of 3.75% to 4.00% at its Sept. 15-16 meeting. Its next meeting is scheduled for Oct. 27-28.
Fortune also points out that other factors influence mortgage rates, including inflation, the national debt and demand for mortgages. For context, the average mortgage rate hit a record low of 2.65% in January 2021, after the Fed cut its benchmark rate to effectively zero in 2020. Fortune says experts do not expect rates to get that low again barring a disaster on the scale of the COVID-19 pandemic.
Are higher rates slowing down home loan applications?
Yes, according to the Mortgage Bankers Association (MBA). Its survey found that mortgage applications fell 6% for the week ending Sept. 25 compared with the week before. Joel Kan, the MBA's vice president and deputy chief economist, said rates had reached their highest level in almost three years, "pushing borrowers to the sidelines."
Kan added that both purchase and refinance applications dropped to their slowest weekly pace since 2025. Meanwhile, adjustable-rate mortgages made up 10.3% of total applications. An adjustable-rate mortgage (ARM) has a rate that can change after an initial period, so it carries different risks than a fixed-rate loan.
Does comparison shopping really help?
Fortune says there are two things to compare: lenders and loan types. Lenders may offer different rates for the same borrower. Loan types also fit different situations. As Fortune's example, a borrower with a credit score under 600 might be turned down for a conventional loan but could potentially be approved for an FHA loan.
Fortune cites Freddie Mac, which notes that homebuyers who apply with multiple lenders might save as much as $600 to $1,200 per year. Also keep in mind that the APR (annual percentage rate) is usually a little higher than the interest rate, because it includes fees as well as interest. Comparing APRs can give a fuller picture of cost.
Frequently asked questions
What is the average 30-year mortgage rate on Oct. 6, 2026?
Fortune, using Mortgage Research Center data, reports an average of 7.542% for a 30-year fixed conforming loan. That is up from 7.373% a week earlier.
What is the difference between an interest rate and an APR?
The interest rate is the cost of borrowing the money. The APR also includes fees tied to the loan, so it is generally a bit higher than the interest rate.
What does Fortune consider a good mortgage rate right now?
Because 30-year conventional averages have stayed above 7.00%, Fortune says a rate between 6.50% and 7.00% is probably a big win in this environment. Your own offer will depend on your credit and loan type.
Which loan types have no minimum down payment?
Fortune notes that VA and USDA loans have no minimum down payment requirement, unlike most other mortgage types. Each has its own eligibility rules.
What could affect where mortgage rates go from here?
Fortune says a Fed rate cut might influence rates downward, but inflation, the national debt and demand for mortgages also play a role. No one factor decides the outcome.