Mortgage rates went up this week, making home loans slightly more expensive for buyers. The average rate for a 30-year fixed mortgage rose to 6.73%, from 6.63% last week. This means the rate increased by 0.10 percentage points in one week.
30-year and 15-year mortgage rate
The 30-year fixed mortgage is the most common home loan in the US. So, the higher rate could affect many homebuyers. At a 6.73% rate, a $100,000 30-year fixed mortgage would cost about $647 a month in principal and interest.
The average rate for a 15-year fixed mortgage also went up. It rose to 5.87% from 5.78% last week. This was an increase of 0.09 percentage points in one week, according to the Mortgage Research Center.
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Jumbo mortgage rates
Jumbo mortgage rates also moved higher. The average rate for a 30-year fixed jumbo mortgage is now 6.80%, up from the previous week’s rate by 0.07 percentage points, according to the Mortgage Research Center, cited by Forbes. Jumbo mortgages are loans that are larger than the standard conforming loan limit. In most US areas, the 2026 conforming loan limit is $832,750.
Mortgage rates have stayed relatively high in 2026, even after falling during the final months of 2025. Rates declined in the last quarter of 2025 after the Federal Reserve cut its benchmark federal funds rate in September, October and December.
Fed interest rates
Those Fed cuts brought the federal funds target range down to 3.50% to 3.75%. So far in 2026, the Federal Open Market Committee (FOMC) has kept the federal funds rate unchanged within that 3.50%-3.75% range. The Fed has paused further cuts while it looks at new economic data.
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What could make mortgage rates fall?
Inflation is one of the key factors. If inflation starts easing, the Federal Reserve could have more room to lower interest rates. That could eventually put downward pressure on mortgage rates. The health of the US economy also matters. If economic growth weakens significantly, the Fed could cut rates to support the economy, potentially helping mortgage rates decline.
US Treasury bond yields also affect mortgage rates. Mortgage rates usually move in the same direction as Treasury yields. So, if bond yields fall, mortgage rates may also fall. For now, a big fall in mortgage rates does not look likely soon. With the 30-year mortgage rate at 6.73%, buyers should be ready for higher monthly payments and more interest costs.