Current Mortgage Rates — What to Expect in 2026
If the first question on your mind is “what’s the rate?” — you are not alone. It is the most common question we hear. The honest answer is: it depends on you.
Mortgage rates are not one-size-fits-all. Your rate is based on your credit score, loan type, down payment, and current market conditions. Two people applying on the same day can get very different rates — and that is exactly why working with an independent broker like First Commerce Financial gives you an advantage. We shop your loan across multiple wholesale lenders to find the best rate for your specific situation.
Current Mortgage Rate Averages
The following rates are national averages published weekly by Freddie Mac. They reflect what a borrower with strong credit and a 20% down payment might expect. Your rate may be higher or lower depending on your situation.
As of the week ending April 16, 2026:
- 30-Year Fixed Rate: 6.30%
- 15-Year Fixed Rate: 5.65%
Source: Freddie Mac Primary Mortgage Market Survey (PMMS), updated every Thursday.
These are averages — not quotes. Your actual rate will depend on the factors below.
What Affects YOUR Mortgage Rate?
Understanding what drives your rate helps you make smarter decisions before you apply. Here are the biggest factors:
1. Credit Score
Your credit score is one of the most powerful drivers of your mortgage rate. A score of 760 or above typically qualifies for the best available rates. Even a 20-point difference in your score can meaningfully change your rate — and your monthly payment.
2. Loan Type
Conventional, FHA, VA, and USDA loans all have different rate structures. VA loans, for example, often offer some of the lowest rates available for eligible veterans and active military. FHA loans can be a great option for first-time buyers with lower down payments.
3. Down Payment
The more you put down, the less risk the lender takes on — and the better rate you typically receive. A 20% down payment also eliminates the need for Private Mortgage Insurance (PMI), which reduces your monthly payment further.
4. Loan Term
A 15-year mortgage typically comes with a lower interest rate than a 30-year mortgage. However, the monthly payment is higher. The right choice depends on your budget and long-term goals.
5. Market Conditions
Rates change daily based on economic data, Federal Reserve policy, inflation, and global events. Locking your rate at the right time can save you thousands over the life of your loan.
Why a Broker Gets You a Better Rate Than a Bank
When you go directly to a bank for a mortgage, you get that bank’s rate — and only that bank’s rate. Banks offer retail rates that include their overhead, profit margin, and operational costs.
As an independent mortgage broker, First Commerce Financial has access to wholesale rates that are not available to the general public. We work with dozens of wholesale lenders and shop your loan across all of them to find the best rate and terms for your situation.
The difference is not always dramatic — but on a $300,000 mortgage, even a 0.25% rate difference can save you $15,000 or more over the life of the loan. That is real money.
And unlike the big banks, we do not charge junk fees. What you see is what you get — complete transparency from day one.
Want to understand where rates are headed in 2026? Read our latest forecast: Will Mortgage Rates Go Down in 2026?
Ready to Find Out What Rate You Qualify For?
The only way to know your actual rate is to get pre-approved. It takes less time than you think, there is no pressure, and there is no obligation. Ken and Kirk will give you straight answers about what you qualify for and what it will actually cost.
👉 Get Pre-Approved Today
📞 Call or text us: (248) 459-5511
