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The short version
  • Long-term mortgage rates follow the bond market and the 10-year Treasury, not the Fed Funds rate directly.
  • The Fed Funds rate moves short-term products like credit cards and HELOCs, but only indirectly affects 30-year fixed rates.
  • Daily moves are driven by inflation data, the jobs report, and Treasury auctions.
  • National averages are trend indicators. Your personal rate depends on credit, loan-to-value, and the day you lock.
  • Watch the trend, not the day. A bad day inside a good month is still a good month.
Today's Mortgage Rates

National rate trends, updated weekly

Updated weekly

Source: Freddie Mac PMMS and U.S. Treasury via Federal Reserve Economic Data (FRED). Historical market data shown for general information only. Not an offer, quote, advertisement of a specific rate, or representation of rates available to any individual borrower. Your actual rate depends on your file, your property, and the day you lock.

Today's Rates by Loan Type

Per-product rate snapshot

The same per-product feed used in the daily rates blog post. Conforming 30-year and 15-year are pulled live from FRED; the remaining loan types (20/10-year, jumbo, FHA, VA, 5/6 ARM) are independent server-curated reference values, refreshed periodically. They are not derived from the 30-year and 15-year anchors via fixed spreads, so when one product moves the others do not move in lockstep.

Today's purchase rates by loan type
Loan typeToday
30-year fixed (conforming)~6.42%
20-year fixed (conforming)~6.21%
15-year fixed (conforming)~5.68%
10-year fixed (conforming)~5.55%
30-year jumbo~6.55%
30-year FHA~6.18%
30-year VA~6.05%
5/6 ARM (initial fixed period, conforming)~6.31%

Last-known snapshot — published by our mortgage rates page. As of Apr 25, 2026. Source: 30-year and 15-year conforming averages from Freddie Mac PMMS via FRED; remaining product rates are server-curated reference values, refreshed periodically. Educational snapshot only — not a quote, an offer, or a representation of rates available to any individual borrower.

Today's refinance rates by loan type
Loan typeToday
30-year fixed refi (conforming)~6.55%
20-year fixed refi (conforming)~6.34%
15-year fixed refi (conforming)~5.78%
10-year fixed refi (conforming)~5.68%

Last-known snapshot — published by our mortgage rates page. As of Apr 25, 2026. Source: 30-year and 15-year conforming averages from Freddie Mac PMMS via FRED; remaining product rates are server-curated reference values, refreshed periodically. Educational snapshot only — not a quote, an offer, or a representation of rates available to any individual borrower.

Editor's Read on Rates

Bonds finally getting a break

· Mortgage Today Editorial

After three weeks of pressure, the 10-year is grinding lower. Don't confuse a quiet week with a trend, but borrowers shopping right now have the best window we've seen this month.

Last week's softer inflation print took some pressure off bonds, and the 10-year yield ground lower most days. That is the cleanest proxy we have for where 30-year mortgage rates are headed, and it has translated into modestly better lender pricing across the board.

If you're locked in a contract right now, this is a reasonable spot to lock. If you're shopping, it's a reasonable spot to get fully underwritten so you can move quickly when you find the house. Don't try to time the bottom, you'll miss it. Make decisions on your situation, not the market.

What I'm watching this week: the next CPI release and any Fed-speaker commentary on the timing of cuts. Either could move things in a hurry.

Previous reads

  • No news is good news

    Quiet macro week, quiet rate week. The market is still digesting last month's economic data and waiting for the next CPI print.

  • A rough quarter-end for mortgage bonds

    Quarter-end positioning plus a hot jobs revision pushed the 10-year noticeably higher into the close of Q1.

  • Spreads are still the story

    MBS spreads stayed elevated this week. That's why mortgage rates aren't moving down even as Treasuries have settled.

  • A quiet Fed is doing the work

    The latest Fed meeting was a non-event in terms of new information, which is exactly what bond markets needed.

  • CPI came in cool

    Inflation data was a touch softer than expected. Bonds liked it. Rates eased into the end of the week.

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Compare two states

Side by side: pick any two state guides

Compare median home price, property taxes, closing costs, and 2026 conforming and FHA loan limits side by side. Useful for relocation and out-of-state purchase planning.

Or open the full comparison tool to choose any two states.

What actually moves these numbers

The 30-year fixed rate is set by the bond market, specifically the demand for mortgage-backed securities, not by the Federal Reserve directly. The Fed sets short-term rates that influence things like credit cards and HELOCs. Long-term mortgage rates are shaped by inflation expectations, the broader economy, and how investors are pricing risk on bonds.

If you want one number to watch, the 10-year Treasury yield is the cleanest proxy. The mortgage rate is roughly that yield plus a spread that widens in stress periods and tightens in calmer ones.

How to read rate news without overreacting

Look at the trend, not the day. Rates move in ranges. A bad day inside a good month is still a good month. Anchor decisions to your situation, not the market: if a refinance saves you a meaningful amount per month and you plan to stay in the home long enough to recoup the cost, that math does not change because rates might be lower in three months.

For a deeper read on this, the guide to how mortgage rates work explains the bond market, the Fed, and the personal factors behind your number, and the Rates and Market section of the blog covers what is actually moving rates each cycle.

About this data

Source: Federal Reserve Economic Data (FRED), via the Federal Reserve Bank of St. Louis. These are weekly survey averages of conventional 30-year, 15-year, and 5/1 ARM rates. The figures shown are historical market data for educational purposes only. They are not an offer, a quote, an advertisement of a specific rate, or a representation of rates available to any individual borrower. Actual rates depend on credit, loan-to-value, occupancy, property type, program, and the day you lock.

Read how we calculate the lock signal and snapshot, or browse every weekday snapshot in the public rates archive.

Mortgage rates: common questions

Where do the averages on this page come from?
The historical averages on this page are pulled from the Federal Reserve Economic Data (FRED) service for the 30-year fixed, 15-year fixed, and 5/1 ARM. They are weekly survey averages, useful as a long-run trend indicator. They are not a quote, an offer, or a representation of a rate you would personally receive.
Does the Federal Reserve set mortgage rates?
No. The Fed sets short-term rates that influence things like credit cards and HELOCs. Long-term mortgage rates are set by the bond market, specifically the demand for mortgage-backed securities, and move with inflation expectations and the 10-year Treasury yield.
Why is my quoted rate different from the average?
Your personal rate depends on your credit score, loan-to-value, loan size, occupancy type, property type, and the specific day you lock. National averages are useful as a trend, but two borrowers locking on the same day can land 0.5% to 1% apart based on their files.
What moves mortgage rates day-to-day?
Daily moves are driven by bond market reaction to inflation reports (CPI, PCE), employment data (jobs report), Fed commentary, and Treasury auctions. The 10-year Treasury yield is the cleanest single indicator to watch.
Should I lock my rate or float?
If the rate available at the time clears your math and you're within 30 to 60 days of closing, locking removes risk. Floating only makes sense when you have a clear directional view, a long timeline, and a tolerance for the rate going against you.
How often do mortgage rates change?
Wholesale mortgage rates re-price daily, and lenders can re-price intra-day on volatile market days. The weekly averages on this page smooth out the daily noise to show you the trend.
Are these your actual mortgage rates?
No. These are weekly national averages from the Federal Reserve, useful as a market trend indicator. Your actual rate depends on your credit, down payment, occupancy, property type, program, and the day you lock.
Why do mortgage rates and Fed rates not always move together?
The Fed sets short-term rates that influence things like credit cards and HELOCs. Long-term mortgage rates are driven by the bond market, particularly demand for mortgage-backed securities and the 10-year Treasury yield, plus the spread between them.
What's a normal range for the spread between Treasuries and mortgage rates?
Historically about 1.7%. In stress periods it widens (we've seen 2.5%+ in recent years), and in calmer periods it narrows back toward the long-run average. Spreads are a real lever on the rate you actually get.
Should I wait for rates to drop before refinancing?
Run the math both ways. If a refinance saves you a meaningful amount per month and you'll stay in the home long enough to recoup the closing costs, the math works. Trying to time the bottom usually costs more than it saves.
How often does this page update?
The rates table refreshes from FRED at least weekly. Editor's Read on Rates is updated weekly. The previous reads list shows the trailing window so you can see how the picture has evolved.

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For informational purposes only. Not a commitment to lend.

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