22.5% of active U.S. first-lien mortgages carried an interest rate of 6% or more in the second quarter of 2026, up from 7.8% at the end of 2021. 19.2% still had a rate below 3%, down from 24.3% at the end of 2021. The average rate on active mortgages was 4.4%, and the average monthly payment was $2,044, compared with $1,472 at the end of 2021.
By state, the share at 6% or more was highest in Mississippi (29.4%), Oklahoma (28.8%) and Arkansas (28.4%) and lowest in Hawaii (15.1%), California (15.7%), the District of Columbia (17.8%) and Massachusetts (17.8%). The share below 3% was highest in California (27.0%), Hawaii (26.0%) and Utah (25.3%).
About 0.3% of mortgages were underwater, meaning the loan balance was more than FHFA’s estimate of the home’s current value. Florida had the highest share at 0.8%.
National, each quarter
Share of active mortgages by contract interest rate.
| Quarter | Below 3% | 3% to 3.99% | 4% to 4.99% | 5% to 5.99% | 6% or more | Average rate | Average monthly payment | Active mortgages (millions) |
|---|---|---|---|---|---|---|---|---|
| 2026 Q2 | 19.2% | 29.9% | 16.5% | 12.0% | 22.5% | 4.4% | $2,044 | 51.4 |
| 2026 Q1 | 19.3% | 30.1% | 16.6% | 11.8% | 22.2% | 4.4% | $1,998 | 51.9 |
| 2025 Q4 | 19.5% | 30.6% | 16.9% | 11.1% | 21.9% | 4.4% | $1,967 | 52.0 |
| 2025 Q3 | 19.8% | 31.2% | 17.1% | 10.5% | 21.4% | 4.4% | $1,951 | 52.0 |
| 2025 Q2 | 20.2% | 31.9% | 17.4% | 10.4% | 20.2% | 4.3% | $1,917 | 51.9 |
| 2025 Q1 | 20.5% | 32.6% | 17.6% | 10.3% | 19.0% | 4.3% | $1,906 | 51.8 |
| 2024 Q4 | 20.8% | 33.1% | 17.9% | 10.2% | 18.0% | 4.3% | $1,867 | 51.8 |
| 2024 Q3 | 21.1% | 33.7% | 18.1% | 9.9% | 17.2% | 4.2% | $1,840 | 51.8 |
| 2024 Q2 | 21.4% | 34.4% | 18.4% | 9.7% | 16.0% | 4.2% | $1,819 | 51.6 |
| 2024 Q1 | 21.8% | 35.1% | 18.7% | 9.8% | 14.5% | 4.1% | $1,798 | 51.5 |
| 2023 Q4 | 22.0% | 35.7% | 19.0% | 9.8% | 13.5% | 4.1% | $1,775 | 51.4 |
| 2023 Q3 | 22.3% | 36.3% | 19.3% | 9.9% | 12.3% | 4.1% | $1,729 | 51.3 |
| 2023 Q2 | 22.7% | 37.0% | 19.7% | 9.8% | 10.8% | 4.0% | $1,700 | 51.2 |
| 2023 Q1 | 23.1% | 37.8% | 20.0% | 9.6% | 9.5% | 4.0% | $1,688 | 51.0 |
| 2022 Q4 | 23.4% | 38.4% | 20.3% | 9.3% | 8.6% | 3.9% | $1,642 | 51.0 |
| 2022 Q3 | 23.7% | 39.1% | 20.6% | 9.0% | 7.6% | 3.9% | $1,606 | 50.9 |
| 2022 Q2 | 24.2% | 40.0% | 20.6% | 7.8% | 7.3% | 3.8% | $1,565 | 50.7 |
| 2022 Q1 | 24.6% | 40.6% | 20.3% | 7.0% | 7.5% | 3.8% | $1,523 | 50.7 |
| 2021 Q4 | 24.3% | 39.9% | 20.7% | 7.3% | 7.8% | 3.9% | $1,472 | 50.7 |
| 2021 Q3 | 22.7% | 39.1% | 22.2% | 7.8% | 8.2% | 3.9% | $1,449 | 50.4 |
| 2021 Q2 | 20.2% | 38.8% | 24.0% | 8.3% | 8.6% | 4.0% | $1,429 | 50.3 |
| 2021 Q1 | 17.8% | 38.0% | 26.2% | 8.9% | 9.1% | 4.1% | $1,391 | 50.3 |
| 2020 Q4 | 12.8% | 39.0% | 29.1% | 9.6% | 9.5% | 4.2% | $1,388 | 50.2 |
| 2020 Q3 | 8.2% | 39.4% | 32.2% | 10.3% | 9.9% | 4.3% | $1,380 | 50.1 |
| 2020 Q2 | 4.9% | 38.6% | 35.2% | 11.0% | 10.3% | 4.4% | $1,363 | 50.0 |
| 2020 Q1 | 3.7% | 35.9% | 38.0% | 11.7% | 10.7% | 4.4% | $1,457 | 50.0 |
| 2019 Q4 | 3.5% | 33.9% | 39.2% | 12.3% | 11.1% | 4.5% | $1,440 | 49.7 |
| 2019 Q3 | 3.5% | 32.2% | 40.0% | 12.8% | 11.5% | 4.5% | $1,433 | 49.6 |
| 2019 Q2 | 3.5% | 31.1% | 40.2% | 13.3% | 12.0% | 4.5% | $1,437 | 49.3 |
| 2019 Q1 | 3.5% | 31.5% | 39.2% | 13.4% | 12.4% | 4.5% | $1,447 | 49.1 |
| 2018 Q4 | 3.6% | 32.0% | 38.5% | 13.2% | 12.8% | 4.6% | $1,430 | 49.1 |
| 2018 Q3 | 3.7% | 32.7% | 38.2% | 12.2% | 13.1% | 4.5% | $1,410 | 49.1 |
| 2018 Q2 | 3.8% | 33.4% | 37.4% | 11.8% | 13.6% | 4.5% | $1,393 | 49.1 |
| 2018 Q1 | 3.9% | 34.0% | 36.4% | 11.5% | 14.1% | 4.5% | $1,389 | 49.1 |
| 2017 Q4 | 4.0% | 34.2% | 35.5% | 11.8% | 14.6% | 4.6% | $1,370 | 49.2 |
| 2017 Q3 | 4.0% | 33.8% | 34.7% | 12.2% | 15.2% | 4.6% | $1,357 | 49.3 |
| 2017 Q2 | 4.0% | 33.6% | 33.9% | 12.7% | 15.9% | 4.6% | $1,345 | 49.3 |
| 2017 Q1 | 4.1% | 33.6% | 32.8% | 13.1% | 16.5% | 4.6% | $1,345 | 49.3 |
| 2016 Q4 | 4.1% | 33.3% | 31.9% | 13.5% | 17.2% | 4.7% | $1,318 | 49.4 |
| 2016 Q3 | 3.8% | 31.6% | 32.5% | 14.2% | 17.9% | 4.7% | $1,308 | 49.5 |
| 2016 Q2 | 3.5% | 29.6% | 33.3% | 14.8% | 18.7% | 4.8% | $1,309 | 49.5 |
| 2016 Q1 | 3.4% | 28.0% | 33.5% | 15.4% | 19.6% | 4.8% | $1,315 | 49.6 |
| 2015 Q4 | 3.3% | 27.0% | 33.0% | 16.1% | 20.5% | 4.9% | $1,308 | 50.1 |
| 2015 Q3 | 3.3% | 26.0% | 32.2% | 16.8% | 21.7% | 4.9% | $1,290 | 50.9 |
| 2015 Q2 | 3.3% | 25.5% | 31.2% | 17.4% | 22.6% | 5.0% | $1,278 | 50.9 |
| 2015 Q1 | 3.2% | 24.2% | 31.0% | 18.2% | 23.4% | 5.0% | $1,284 | 51.1 |
| 2014 Q4 | 3.1% | 23.0% | 30.8% | 18.8% | 24.2% | 5.0% | $1,284 | 51.2 |
| 2014 Q3 | 3.1% | 22.5% | 29.9% | 19.4% | 25.1% | 5.1% | $1,282 | 51.3 |
| 2014 Q2 | 3.1% | 22.2% | 28.7% | 20.0% | 26.0% | 5.1% | $1,278 | 51.4 |
| 2014 Q1 | 3.1% | 21.9% | 27.5% | 20.5% | 27.0% | 5.2% | $1,284 | 51.5 |
| 2013 Q4 | 3.1% | 21.6% | 26.5% | 20.9% | 27.9% | 5.2% | $1,272 | 51.7 |
| 2013 Q3 | 3.1% | 21.1% | 25.3% | 21.4% | 29.1% | 5.2% | $1,258 | 52.0 |
| 2013 Q2 | 3.0% | 20.2% | 24.1% | 22.2% | 30.5% | 5.3% | $1,245 | 52.4 |
| 2013 Q1 | 2.4% | 17.5% | 24.2% | 23.7% | 32.3% | 5.4% | $1,255 | 52.6 |
By state, 2026 Q2
| State | Below 3% | 3% to 3.99% | 4% to 4.99% | 5% to 5.99% | 6% or more | Average rate | Average monthly payment | Underwater (LTV over 100%) |
|---|---|---|---|---|---|---|---|---|
| Mississippi | 13.4% | 27.0% | 16.7% | 13.6% | 29.4% | 4.8% | $1,442 | 0.6% |
| Oklahoma | 12.7% | 26.0% | 18.8% | 13.8% | 28.8% | 4.8% | $1,567 | 0.4% |
| Arkansas | 15.1% | 26.5% | 16.7% | 13.3% | 28.4% | 4.7% | $1,450 | 0.5% |
| West Virginia | 12.8% | 26.0% | 18.8% | 14.6% | 27.8% | 4.8% | $1,189 | 0.2% |
| Kentucky | 15.7% | 28.4% | 16.2% | 12.0% | 27.7% | 4.7% | $1,420 | 0.2% |
| Alabama | 14.9% | 26.9% | 16.7% | 14.0% | 27.4% | 4.7% | $1,502 | 0.3% |
| Indiana | 15.9% | 29.2% | 16.3% | 11.6% | 27.1% | 4.6% | $1,427 | 0.1% |
| Kansas | 17.8% | 28.2% | 16.3% | 10.8% | 26.9% | 4.6% | $1,693 | 0.2% |
| Missouri | 17.1% | 29.1% | 15.6% | 11.4% | 26.8% | 4.6% | $1,586 | 0.1% |
| Tennessee | 16.5% | 26.9% | 16.2% | 13.9% | 26.6% | 4.6% | $1,735 | 0.3% |
| Ohio | 16.2% | 28.8% | 17.1% | 11.9% | 26.1% | 4.6% | $1,502 | 0.1% |
| Louisiana | 15.0% | 27.6% | 18.5% | 13.0% | 26.0% | 4.7% | $1,592 | 0.4% |
| South Carolina | 15.8% | 27.6% | 16.3% | 14.7% | 25.6% | 4.6% | $1,666 | 0.3% |
| Georgia | 16.6% | 27.8% | 16.3% | 13.8% | 25.4% | 4.6% | $1,917 | 0.4% |
| Florida | 15.6% | 27.5% | 17.7% | 13.9% | 25.3% | 4.6% | $2,146 | 0.8% |
| Michigan | 17.5% | 30.2% | 16.8% | 10.5% | 25.1% | 4.5% | $1,502 | 0.1% |
| New Mexico | 14.2% | 28.8% | 18.7% | 13.2% | 25.1% | 4.6% | $1,557 | 0.2% |
| Texas | 15.9% | 26.2% | 18.5% | 14.9% | 24.5% | 4.6% | $2,067 | 0.6% |
| Illinois | 19.1% | 29.6% | 16.5% | 10.4% | 24.4% | 4.5% | $1,891 | 0.1% |
| Maine | 17.3% | 30.0% | 17.2% | 11.5% | 24.0% | 4.5% | $1,671 | 0.1% |
| North Carolina | 17.6% | 28.4% | 15.9% | 14.2% | 23.9% | 4.5% | $1,779 | 0.3% |
| Pennsylvania | 17.0% | 29.5% | 18.1% | 11.8% | 23.6% | 4.5% | $1,704 | 0.1% |
| Nebraska | 20.2% | 30.3% | 15.1% | 11.5% | 22.9% | 4.4% | $1,736 | 0.1% |
| Delaware | 18.7% | 30.4% | 17.0% | 11.3% | 22.6% | 4.4% | $1,799 | 0.6% |
| Iowa | 21.0% | 29.0% | 15.6% | 11.8% | 22.6% | 4.4% | $1,499 | 0.1% |
| New York | 15.4% | 30.2% | 20.5% | 11.5% | 22.4% | 4.5% | $2,562 | 0.0% |
| Wisconsin | 21.5% | 31.4% | 14.5% | 10.4% | 22.2% | 4.3% | $1,558 | 0.0% |
| Wyoming | 20.9% | 29.4% | 14.7% | 12.9% | 22.0% | 4.4% | $1,728 | 0.2% |
| New Hampshire | 20.6% | 32.2% | 15.6% | 10.3% | 21.3% | 4.3% | $2,204 | 0.0% |
| South Dakota | 24.3% | 27.9% | 13.8% | 12.7% | 21.3% | 4.3% | $1,743 | 0.2% |
| Vermont | 18.9% | 30.8% | 17.6% | 11.3% | 21.3% | 4.4% | $1,717 | 0.1% |
| Rhode Island | 18.9% | 33.2% | 16.5% | 10.3% | 21.1% | 4.3% | $2,171 | 0.1% |
| New Jersey | 21.3% | 29.7% | 17.0% | 11.1% | 20.8% | 4.3% | $2,744 | 0.1% |
| Maryland | 21.9% | 30.8% | 15.6% | 11.1% | 20.7% | 4.3% | $2,286 | 0.3% |
| Connecticut | 19.3% | 31.6% | 17.7% | 10.7% | 20.6% | 4.3% | $2,401 | 0.0% |
| Arizona | 19.8% | 31.6% | 15.5% | 12.6% | 20.5% | 4.3% | $1,855 | 0.4% |
| Minnesota | 21.4% | 33.2% | 15.2% | 9.8% | 20.4% | 4.3% | $1,918 | 0.1% |
| Nevada | 18.7% | 29.7% | 17.2% | 14.1% | 20.3% | 4.4% | $1,981 | 0.1% |
| Virginia | 22.6% | 30.0% | 15.2% | 11.9% | 20.3% | 4.3% | $2,168 | 0.2% |
| Idaho | 21.0% | 32.9% | 13.4% | 12.7% | 19.9% | 4.3% | $1,827 | 0.1% |
| Montana | 19.5% | 33.3% | 15.5% | 11.8% | 19.9% | 4.3% | $1,911 | 0.2% |
| North Dakota | 24.5% | 27.8% | 15.2% | 12.6% | 19.9% | 4.3% | $1,638 | 0.1% |
| Alaska | 21.3% | 29.3% | 16.9% | 12.8% | 19.8% | 4.3% | $2,057 | 0.3% |
| Utah | 25.3% | 32.7% | 11.7% | 11.6% | 18.8% | 4.1% | $2,135 | 0.1% |
| Oregon | 21.0% | 35.0% | 15.5% | 9.8% | 18.6% | 4.2% | $2,111 | 0.1% |
| Colorado | 23.3% | 32.9% | 13.9% | 11.4% | 18.5% | 4.2% | $2,413 | 0.5% |
| Washington | 23.3% | 33.7% | 14.4% | 10.4% | 18.2% | 4.2% | $2,559 | 0.2% |
| District of Columbia | 22.9% | 32.9% | 16.0% | 10.4% | 17.8% | 4.2% | $2,996 | 0.3% |
| Massachusetts | 23.0% | 33.9% | 15.7% | 9.6% | 17.8% | 4.2% | $2,633 | 0.0% |
| California | 27.0% | 33.1% | 14.8% | 9.4% | 15.7% | 4.0% | $2,701 | 0.2% |
| Hawaii | 26.0% | 31.3% | 16.6% | 10.9% | 15.1% | 4.1% | $2,764 | 0.0% |
What these numbers are
FHFA’s National Mortgage Database is a 1-in-20 random sample of closed-end first-lien residential mortgages reported to one of the three national credit bureaus. FHFA says investor mortgages and loans for manufactured homes are not as well represented. Shares are weighted by loan count, so each mortgage counts once regardless of size. The rate is the contract interest rate on the loan, not the current market rate for new loans. "Underwater" uses FHFA’s mark-to-market loan-to-value ratio, which estimates the current home value by applying a house price index to the value at origination. FHFA rounds values to one decimal place, so rate shares may not add to exactly 100%. Home equity lines of credit and second liens are not included.
Source
Federal Housing Finance Agency, National Mortgage Database (NMDB®) Aggregate Statistics, Outstanding Residential Mortgage Statistics, national and state quarterly files, market "All Mortgages", VALUE1 (count-weighted), released September 30, 2026, downloaded October 18, 2026. U.S. government data. Our tables are available under CC BY 4.0. Credit "My Credit Guide (mycreditguide.org)".
Steven Reynolds, "Mortgage Rates on Existing Home Loans, by State," My Credit Guide, October 18, 2026, https://mycreditguide.org/data/mortgage-rates-on-existing-loans/.