FHA Mortgage Rates Today — October 17, 2026
The average 30-year fixed FHA mortgage rate was 5.38% (6.11% APR) on October 17, 2026, versus 7.19% (7.21% APR) for a conventional 30-year fixed and 6.88% (6.92% APR) for VA. On APR, FHA was about 1.1 percentage points cheaper than conventional. On a $350,000 loan, FHA principal and interest is about $1,961/month plus roughly $160 annual MIP (0.55%), versus about $2,373 for conventional at 7.19% before PMI. FHA requires 3.5% down with a 580+ credit score.
FHA Mortgage Rates Today: 5.38% vs 7.19% Conventional
With conventional rates above 7%, FHA has become the cheapest mainstream way to buy a home for millions of borrowers. Here are today's averages, the real cost after mortgage insurance, and when FHA wins.
Today's Average Mortgage Rates (October 17, 2026)
| Loan type | Rate | APR |
|---|---|---|
| 30-year fixed FHA | 5.38% | 6.11% |
| 30-year fixed VA | 6.88% | 6.92% |
| 30-year fixed conventional | 7.19% | 7.21% |
| 15-year fixed conventional | 6.75% | 6.79% |
| 7-year ARM | 6.59% | 6.73% |
| 5-year ARM | 7.49% | 7.17% |
Source: NerdWallet daily averages, October 17, 2026. Freddie Mac's weekly conventional 30-year average was 7.40% on October 15. Rates are averages and change daily.
FHA vs Conventional: $350,000 Loan, Monthly Cost
FHA at 5.38%
- Principal & interest: ~$1,961
- Annual MIP (0.55%): ~$160
- Total: ~$2,121/month
- Plus 1.75% upfront MIP, usually financed
Conventional at 7.19%
- Principal & interest: ~$2,373
- PMI: $0 with 20% down, extra with less
- Total: ~$2,373+/month
- PMI can be removed at 80% LTV
At today's averages, FHA saves roughly $250/month before PMI on the conventional side — and more if you would pay PMI. Taxes and insurance are extra in both cases. Match with FHA lenders →
Who Should Choose FHA Right Now
FHA usually wins
- → Credit score 580-700
- → Down payment under 10%
- → DTI on the higher side
- → First-time buyers using down payment assistance
Price conventional too
- → Score 740+ and 20% down (no PMI)
- → Planning to stay long-term (FHA MIP can last the life of the loan)
- → Loan above your county's FHA limit
- → Second homes or investment properties (not FHA-eligible)
Veteran or service member? VA averaged 6.88% with no monthly mortgage insurance. Check VA loan options →
How to Get a Below-Average FHA Rate
- 1. Get to 620+ if you can. Many lenders price FHA loans better above common score tiers.
- 2. Compare at least 3 FHA lenders. FHA rates and lender fees vary widely between lenders.
- 3. Compare APR, not just rate. APR includes MIP and fees — it is the honest comparison.
- 4. Ask the seller for credits. FHA allows seller concessions toward closing costs and buydowns.
- 5. Plan an exit from MIP. Once you reach 20% equity, refinancing into conventional can remove mortgage insurance.
FHA Rates Are 1.8 Points Below Conventional Today
See your personalized FHA rate — free, no impact to start.
FAQ: FHA Mortgage Rates Today
What are FHA mortgage rates today?
On Saturday, October 17, 2026, NerdWallet's average 30-year fixed FHA rate was 5.38% with a 6.11% APR, compared with 7.19% (7.21% APR) for a conventional 30-year fixed and 6.88% (6.92% APR) for a VA 30-year fixed. Your own rate depends on credit score, down payment, loan amount and lender. See your personal FHA rate →
Why are FHA rates so much lower than conventional rates?
FHA loans are insured by the federal government, which lowers the lender's risk, so lenders can offer lower note rates. The gap looks smaller once you compare APRs, because FHA borrowers pay mortgage insurance premiums: 6.11% APR for FHA versus 7.21% for conventional on October 17, 2026 — still about 1.1 percentage points lower. Compare FHA rates from several lenders →
How much does FHA mortgage insurance cost?
FHA charges an upfront mortgage insurance premium of 1.75% of the loan amount, which is usually financed into the loan, plus an annual premium that for most borrowers is 0.55% of the balance per year, paid monthly. On a $350,000 loan that annual premium is about $160 per month. With less than 10% down, the annual premium generally lasts for the life of the loan unless you refinance. Find lenders with low FHA fees →
What credit score do I need for an FHA loan?
FHA allows a 3.5% down payment with a credit score of 580 or higher, and 10% down with scores from 500 to 579. Many lenders set their own higher minimums, often around 620. From January 1, 2027, FHA lenders may also use FICO 10T or VantageScore 4.0, but the minimum thresholds do not change. Check FHA eligibility at your score →
Is FHA better than conventional right now?
For many buyers with scores below about 700 or small down payments, FHA is cheaper month to month at today's rates. On a $350,000 loan, FHA principal and interest at 5.38% is about $1,961 plus roughly $160 of monthly MIP, versus about $2,373 at 7.19% conventional before any private mortgage insurance. Borrowers with high scores and 20% down should still price both. Price FHA and conventional side by side →
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