Mortgage Guide 2026: Rates, Types & How to Get Approved

Current Rates (February 2026):

• 30-year fixed: ~6.2%
• 15-year fixed: ~5.5%
• 5/1 ARM: ~5.8%

Forecasts project rates ending 2026 around 5.9%. The 3% rates of 2020-2021 are unlikely to return.

Conventional

• 3-20% down payment
• 620+ credit score
• Best rates with 20% down

FHA

• 3.5% down payment
• 580+ credit score
• Requires mortgage insurance

VA (Veterans)

• 0% down payment
• No PMI
• Veterans/active military only

USDA

• 0% down payment
• Rural areas only
• Income limits apply

Key Factors:

• Credit score (740+ for best rates)
• Debt-to-income ratio (<43%)
• Down payment amount
• Employment history (2+ years)
• Savings/reserves

Documents Needed:

• 2 years tax returns
• Recent pay stubs
• Bank statements
• ID and SSN

Quick answer: Everything about mortgages in 2026. Current rates around 6%, types explained, and approval tips. Treat this page as a planning guide first: identify the cost drivers, document the assumptions, run the most relevant calculator when one is available, then confirm any current price, rate, fee, legal threshold, or vendor plan with a primary source before making a decision.

The safest way to use a cost guide is to separate stable decision logic from values that can change. Stable decision logic includes what to compare, which questions to ask, and which tradeoffs matter. Changeable values include market prices, local permit fees, tax thresholds, insurance terms, labor rates, vendor plan limits, legal deadlines, and government program rules.

Use the guide in four steps:

• Define the exact situation you are pricing or comparing.
• List the assumptions that can change by location, provider, date, or jurisdiction.
• Run a calculator with your own numbers instead of relying on a generic range.
• Save the assumptions and source dates so you can update the estimate later.

This keeps the guidance useful even when market prices, tax rules, vendor plans, or local requirements change. If two assumptions drive most of the result, create a low, middle, and high scenario instead of relying on a single estimate. If the article affects a contract, claim, loan, tax filing, or regulated purchase, use the estimate as a screening tool and verify the final decision with the official source or a qualified professional.

The most useful next step is to turn the article into a scenario you can test. Use the related calculator cards on this page to test the scenario with your own assumptions before treating any range as a budget.

Example workflow: start with a conservative input, record the result, change one assumption at a time, then compare the range of outcomes. If the result depends on a current rate, filing fee, vendor plan, local permit, or government threshold, verify that input before relying on the estimate.

Use the result to ask better follow-up questions: what is included, what is excluded, what changes by location, what expires, and what proof is needed. For quotes or vendor comparisons, ask for the same line items from each provider so the totals are comparable. For finance or legal decisions, record the date of each source because rates, limits, and rules can change within the same year.

For finance topics, verify rates, limits, tax rules, insurance pricing, and program requirements with the relevant regulator, IRS page, lender disclosure, or official dataset before acting.

Before using this guide for a quote, budget, claim, or purchase decision, check:

• The source name and publication or effective date
• Whether the number applies nationally, locally, or only to a specific provider
• Whether taxes, fees, labor, materials, subscriptions, or eligibility rules are excluded
• Whether a professional quote, official form, or regulator page is needed for your case

If a source-sensitive number is not shown with a source date, treat it as a placeholder for planning. Replace it with the official value before publishing a quote, filing paperwork, choosing a provider, or making a purchase decision. This is especially important for legal deadlines, government fees, tax credits, mortgage rates, insurance premiums, and vendor pricing plans.