This week's benchmark: Freddie Mac's Primary Mortgage Market Survey (PMMS), as of the week of 2026-10-22, showed the average 30-year fixed at 7.32% (7.40% the week before; 6.19% a year earlier) and the average 15-year fixed at 6.68% (6.71% the week before; 5.44% a year earlier). These are national averages, not offers. Your rate depends on credit, down payment, loan type, and points. Check current rates with at least three lenders on the same day.
Picks are based on lender features and fee transparency, not partnerships. Links are plain links to lender sites, and we aren't paid when a loan closes.
Down payments as low as 3% on eligible loans; VA loans offered
Key takeaways
Updated 2026-10-28.
Compare Loan Estimates from several lenders on the same day; the APR, points, and closing costs matter as much as the rate.
Retirees can qualify for mortgages using retirement income and assets; lenders can’t deny you because of age, but must verify ability to repay.
A reverse mortgage (HECM) can turn home equity into income for homeowners 62+, but it’s complex, has significant costs, and requires HUD-approved counseling. Involve family before signing.
We will not publish rates or lender rankings until they’re checked and dated.
Our reviews
Pick #1
Freddie Mac PMMS (benchmark, not a lender)
Best benchmark to start with
Our rating: Not rated (education resource).
Key data (checked 2026-10-28)
30-year fixed average: 7.32% (as of the week of 2026-10-22; check current rates)
15-year fixed average: 6.68% (as of the week of 2026-10-22; check current rates)
Updated weekly; history available as a CSV download
Why we chose it
Before you call lenders, know the national average so you can tell a good quote from a high one.
Figures change often. Each row shows the date we checked it; confirm on the provider's site before you decide.
Option
Type
Notable features
Membership
Checked
Freddie Mac PMMS
Benchmark
30-yr 7.32%, 15-yr 6.68% (as of the week of 2026-10-22; check current rates)
N/A
2026-10-28
Navy Federal
Credit union lender
VA loans; rate match; no-cost 60-day lock
Military/DoD/families
2026-10-28
PenFed
Credit union lender
No origination fee on some products; network fee waivers
Required
2026-10-28
Chase
Bank lender
3% down options; VA/FHA; grants in some areas
None
2026-10-28
Reverse mortgages (HECMs) require counseling from a HUD-approved counselor before you apply. Talk to one before any lender.
How to choose
Whether you’re downsizing, buying closer to grandchildren, or refinancing, the same rule applies: shop around and compare the full cost.
Compare Loan Estimates. After you apply, lenders must give you a standard Loan Estimate form within three business days. Because rates move daily, ask for estimates on the same day so they’re comparable. Look at the interest rate, the APR (which includes certain fees), points, and total closing costs. The CFPB’s rate tool can show what typical rates look like for your situation.
Retirement income counts. Lenders look at your ability to repay, which can include Social Security, pensions, and retirement account withdrawals. Have documents ready.
Think about the whole move. Downsizing has costs beyond the mortgage: selling costs, moving, and possible changes in property taxes and insurance.
A careful word on reverse mortgages. A Home Equity Conversion Mortgage (HECM) lets homeowners 62 and older borrow against their home’s equity without monthly mortgage payments. That can help some people stay at home. But:
The loan balance grows over time, which reduces the equity left for you or your heirs.
You must keep paying property taxes, homeowners insurance, and upkeep, and live in the home as your main residence, or the loan can come due.
Upfront costs can be high.
A non-borrowing spouse or family member living in the home needs to understand exactly what happens when the borrower dies or moves to care.
HUD-approved counseling is required before getting a HECM.
Be cautious of anyone pressuring you to take a reverse mortgage to buy another product such as an annuity. Bring a trusted family member to counseling.
Frequently asked questions
Can I get a mortgage when I’m retired?
Often yes. Lenders look at income and assets to confirm ability to repay.
What’s the difference between rate and APR?
APR includes the interest rate plus certain fees, so it shows more of the loan’s cost.
How many lenders should I compare?
Getting several Loan Estimates on the same day helps you compare fairly.
What is a reverse mortgage?
A loan for homeowners 62+ that draws on home equity without monthly mortgage payments; the balance grows and is repaid when the home is sold or the borrower leaves.
Is counseling required for a reverse mortgage?
Yes, for HECMs, from a HUD-approved counselor.
What happens to a reverse mortgage when the borrower dies?
The loan generally comes due; heirs can repay it, sell the home, or hand it over. Rules for surviving spouses vary.
Should I pay off my mortgage before retiring?
It depends on your rate, savings, and taxes. Talk it through with a planner.
Methodology
We reviewed 3 providers' public pricing, rate, and disclosure pages on 2026-10-28. We don't assign star scores. Each pick gets a qualitative "Best for…" award based on the criteria below, and "Preliminary" marks picks where our research is still thin. Partner or affiliate status plays no role in which providers we pick or how we rank them.
We evaluated providers on:
Rates and APR on standard sample scenarios (dated), points and lender fees
YouRetire Editorial writes for families planning retirement and care. We use regulator and government sources, show when we last checked data, and don’t let partners buy ratings. Read how we review and our editorial standards.
This guide is educational and not individual financial, tax, insurance, or legal advice.
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