The average interest rate for a 30-year, fixed-rate conforming mortgage loan in the U.S. is 6.328%, a decrease of about a basis point from the day before, according to data from mortgage data company Optimal Blue.
Meanwhile, the average rate for a 15-year, fixed-rate conforming mortgage loan is 5.650%, down about a basis point for the same period.
Rates current as of May 11, 2026. Fortune publishes a daily mortgage rates post each weekday that data is available.
Compare mortgage rates for May 11, 2026
Here’s a quick look at week-over-week rate changes.
Fortune reviewed the latest Optimal Blue data available on May 8, reflecting rates for loans locked in as of May 7.
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What you’d pay in interest with where rates are at on May 11, 2026
We ran the numbers through the mortgage calculator provided by the federal government’s Office of Financial Readiness. At the current rate of 6.328%, on a 30-year mortgage where you borrow $300,000, you’d pay roughly $370,461.09 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 $145,535.55 in interest over the life of the loan at the current rate of 5.650%.
Read on to see how mortgage rates have changed day by day.
30-year conventional mortgage: Down about 1 basis point
This may be the most popular mortgage type in the United States.
The current average 30-year mortgage rate is 6.328%. That’s down from 6.339% on the last day’s report.
15-year conventional mortgage: Down about 1 basis point
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 5.650%. That’s down from 5.659% on the last day’s report.
30-year jumbo mortgage: Up about 4 basis points
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 6.551%. That’s up from 6.506% on the last day’s report.
30-year FHA mortgage: Down about 2 basis points
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 6.113%. That’s down from 6.125% on the last day’s report.
30-year VA mortgage: Up about 2 basis points
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 5.979%. That’s up from 5.963% on the last day’s report.
30-year USDA mortgage: Down about 7 basis points
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 5.943%. That’s down from 6.010% on the last day’s report.
What the Federal Reserve is doing in 2026
It’s long been true that mortgage interest rates often rise and fall in tandem with changes the Federal Reserve makes to its benchmark federal funds rate—the rate banks charge each other to borrow funds overnight.
When the Fed hikes its rate, rates on consumer products (including mortgages) often rise accordingly, and when the Fed cuts its rate, rates on consumer products often decrease.
At its most recent meeting April 28-29, the Federal Open Market Committee left the federal funds rate at 3.50% – 3.75%. The FOMC has its next meeting scheduled for June 16-17.
The Fed dropped its benchmark rate to effectively zero in 2020, trying to prevent a recession as the coronavirus pandemic caused unprecedented strain on Americans’ health and safety and the economy too. For a brief period, mortgage rates dropped lower than ever before—with the average mortgage rate dropping to a stunning low of 2.65% in January 2021.
As long as another catastrophe of that level doesn’t occur, experts expect mortgage rates will not dip that low again in our lifetimes.
Trends with mortgage applications
Mortgage applications are down, both for purchases and refinancing, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey.
Overall, applications decreased 4.4% for the week ending May 1 compared to a week earlier. Refis were down 5% while purchase applications were down 4%, per the MBA.
“The ongoing conflict in the Middle East continues to push rates higher,” Joel Kan, MBA’s vice president and deputy chief economist, observed in a news release.
But that doesn’t mean homebuying activity is stagnant.
“Despite purchase applications declining over the week, overall activity remains higher compared to last year’s pace,” Kan added. “Additionally, the average loan size on a purchase application increased to $467,300, the highest in the survey’s history dating back to 1990.”
Adjustable-rate mortgages rose to 8.8% of total applications, and FHA home loans rose to 17.7% of total applications. VA loans dipped ever so slightly as a share of the total, according to the MBA survey.
Recent reporting on the housing market from Fortune
Want to see what the broader Fortune team has been reporting on about the housing market and the state of the economy? We’ve got you:
- The American Dream is moving to the Midwest—Michigan and Wisconsin beat the coasts for the hottest housing markets, Redfin finds
- AI is quietly splitting the housing market in two: Bay Area luxury homes are up 13%, affordable ones are collapsing
- America’s twin scarcities: The 4-million-unit shortage in both housing and childcare is breaking families
- The national debt is the same size as the economy. It’s a ‘disturbing warning and a call to action,’ watchdog says
- Florida’s influx of rich residents is killing the middle class and housing market
- The starter home is dying. Better.com’s CEO says AI is the only thing that can save it
- The housing affordability crisis isn’t just crushing millennials—it’s squeezing out buyers in their 40s, 50s, and beyond, too
Why you should comparison shop
It’s wise to shop around both for different mortgage types and with different lenders, so you can find the loan and the rate that works best for your needs. For example, someone with a stellar credit score might find the best deal with a conventional mortgage. But someone with a credit score under 600 might get an opportunity with an FHA loan they wouldn’t get with a conventional loan.
And, shopping around for the best rate can make a very real difference in your mortgage payment. When interest rates are generally high in the market overall, homebuyers can sometimes save $600 to $1,200 annually if they apply with multiple mortgage lenders, according to Freddie Mac research.
Frequently asked questions
Are a mortgage’s interest rate and APR the same?
Not quite. The APR is typically slightly higher than the interest rate as the APR factors in both the interest you’ll pay and any fees as well.
What’s a good mortgage rate in May 2026?
We’ve been seeing the average rate hovering above 6.00% for 30-year conventional mortgages. If you score a rate slightly higher than 6.00%, that’s probably a good rate for the current environment.
Will mortgage rates go down?
It’s uncertain, but possible. Mortgage rates could dip if the Fed decides to cut the federal funds rate in 2026. But note that there are other factors that influence mortgage rates too, including inflation, the national debt, and demand for home loans.