Mortgage rates today, April 29, 2026

Mortgage rates for April 29 showed modest movement, with the average 30-year fixed-rate conforming mortgage holding above 7 percent and the 15-year fixed rate dipping to approximately 5.593 percent, down about 2.7 basis points from the prior week.

According to Optimal Blue data reflecting loans locked as of April 27, rates remain elevated compared to the historic lows seen during the pandemic era. For a borrower taking out a $400,000 30-year mortgage at current rates, monthly principal and interest payments hover around $2,650 — a figure that has kept many prospective buyers on the sidelines.

The rate environment remains closely tied to Federal Reserve policy and broader economic conditions, including the impact of ongoing tensions in the Middle East on energy prices and inflation expectations. The Fed is widely expected to hold rates steady at its meeting this week, with markets pricing in potential cuts later in the year.

For homebuyers, the calculus is straightforward: higher rates mean higher monthly payments and less purchasing power. A 1 percentage point difference on a 30-year loan translates to roughly $250 more per month on a typical mortgage.

**What This Means For You:** If you're house hunting, today's rates mean you'll need a larger budget for the same home compared to two years ago. Consider whether an adjustable-rate mortgage or a shorter fixed term fits your financial situation. And don't wait for rates to drop dramatically — even a half-point cut later this year still leaves rates well above pandemic-era levels.