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Mortgage rates today: 30-year rate hits 7.373% — how much will you pay?
Mortgage rates today: The 30-year mortgage rate rises to 7.373%. See how much interest homebuyers could pay on a $300,000 loan over 30 years.
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The average US interest rate for a 30-year fixed-rate conventional mortgage is now 7.373%. The rate has moved slightly higher from the previous report, when the average 30-year mortgage rate was 7.361%.
The latest mortgage rate data comes from Mortgage Research Center (MRC), according to Fortune. At a 7.373% interest rate, a homebuyer borrowing $300,000 for 30 years would pay about $445,778.38 in interest over the full life of the loan.
This means the interest alone would be higher than the original $300,000 borrowed. The total amount paid toward the loan would be roughly $745,778.38, before considering other costs such as taxes, insurance and fees. The calculation was made using a mortgage calculator provided by the federal government’s Office of Financial Readiness.
30-year mortgage rate
The 30-year conventional mortgage is one of the most common mortgage types in the US, according to MRC data. The small increase means borrowers taking out a new 30-year mortgage are facing slightly higher rates than they were in the previous report.
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Why mortgage rates may not follow the Fed rate exactly
Mortgage rates do not move exactly with the Federal Reserve’s main interest rate. They are also affected by Treasury yields, inflation and financial markets.
So, when the Fed changes its rate, mortgage rates do not always change by the same amount. For homebuyers, the 7.373% mortgage rate is important because even a small rate change can make a big difference in the total interest paid over many years.
At its latest meeting on September 15-16, 2026, the Federal Open Market Committee raised the federal funds rate to a target range of 3.75% to 4.00%, according to the information provided by Fortune.
The Fed's next scheduled meeting is set for October 27-28, 2026. Mortgage rates are also affected by other market factors, so a Fed rate change does not automatically mean mortgage rates will change by the same amount.
What today's 7.373% rate means for a $300,000 buyer
At today’s 7.373% 30-year mortgage rate, a $300,000 loan would cost about $445,778.38 in interest over 30 years, based on the federal mortgage calculator used by Fortune. The estimated monthly principal-and-interest payment would be about $2,069.
This does not include property taxes, homeowners insurance, mortgage insurance or other fees, so the actual monthly housing cost could be higher. This shows why mortgage rates matter. A small change in the rate can affect how much a homebuyer pays over the full life of the loan.
