According to data from the Zillow lender marketplace, mortgage rates are mostly lower as of Thursday, July 30, 2026. The average 30-year fixed rate stands at 6.65%, representing a decline of 4 basis points from the previous day. The 15-year fixed loan remains at 6.07%, unchanged from Wednesday. The 5/1 ARM is currently at 6.58%, a drop of 41 basis points since Wednesday — the largest single-day move among the loan products tracked. Rates have declined by more than half a percentage point since the end of May, a pullback that has brought the 30-year fixed closer to the mid-6% range after spending much of the spring elevated.

Today's Mortgage Rates

The following are the current purchase mortgage rates based on Zillow data for Thursday, July 30, 2026:

These figures represent national averages rounded to the nearest hundredth.

Today's Mortgage Refinance Rates

The following are the current refinance mortgage rates based on Zillow data for Thursday, July 30, 2026:

As with purchase mortgage rates, these are national averages rounded to the nearest hundredth. Refinance rates can exceed purchase mortgage rates, though that is not always the case.

How Mortgage Rates Work

A mortgage interest rate is the fee a lender charges for borrowing money, expressed as a percentage. There are two fundamental types of mortgage rates: fixed and adjustable.

A fixed-rate mortgage locks in the interest rate for the entire life of the loan. For instance, if a borrower secures a 30-year mortgage at 6%, that rate remains at 6% for the full 30-year term — unless the borrower refinances or sells the home.

An adjustable-rate mortgage holds the rate steady for an initial period and then adjusts it periodically. With a 5/1 ARM carrying an introductory rate of 6%, the rate would stay at 6% for the first five years, then increase or decrease once per year for the remaining 25 years. Whether the rate moves up or down depends on multiple factors, including the broader economy and the U.S. housing market.

During the early years of a mortgage term, the majority of each monthly payment goes toward interest. Over time, a progressively larger share of the payment is applied to the mortgage principal — the amount originally borrowed.

How Mortgage Rates Are Determined

Mortgage rates are influenced by two broad categories of factors: those within a borrower's control and those that are not.

Controllable factors: Borrowers can compare lenders to find the most competitive rates and fees. Lenders generally offer lower rates to applicants with higher credit scores, lower debt-to-income (DTI) ratios, and larger down payments. Saving more or reducing debt before applying for a mortgage can improve the interest rate a lender offers.

Uncontrollable factors: The overall economy plays a significant role. When the economy is struggling — for example, when employment rates are weak — mortgage rates tend to decrease to encourage borrowing and stimulate economic activity. When the economy is strong, mortgage rates typically rise to moderate spending.

With all other factors equal, mortgage refinance rates are usually slightly higher than purchase rates.

30-Year vs. 15-Year Fixed Mortgage Rates

The 30-year and 15-year fixed-rate mortgages are among the most common loan terms. Both lock in the interest rate for the full duration of the loan.

A 30-year mortgage is popular because it offers relatively low monthly payments. However, it carries a higher interest rate than shorter terms, and because interest accrues over three decades, the total interest paid over the life of the loan is substantial.

A 15-year mortgage typically features a lower rate than longer-term options, resulting in less interest paid overall. The loan is also paid off much faster. The trade-off is that monthly payments are higher, since the same loan amount is repaid in half the time.

In summary, 30-year mortgages are more affordable on a month-to-month basis, while 15-year mortgages are less expensive over the long run.

Current Mortgage Rates: FAQs

What bank is offering the lowest mortgage rates?

According to Yahoo Finance's weekly survey of lenders with the lowest rates, some of the banks with the lowest median mortgage rates are Chase and Citibank. However, borrowers are encouraged to shop around broadly — including credit unions and companies specializing in mortgage lending — to find the best rate.

Is 2.75% a good mortgage rate?

Yes, 2.75% is considered an exceptional mortgage rate. In the current market, obtaining a 2.75% rate is unlikely unless the borrower assumes a mortgage from a seller who locked in that rate in 2020 or 2021, when rates were at all-time lows.

What is the lowest-ever mortgage rate?

According to Freddie Mac, the lowest-ever 30-year fixed mortgage rate was 2.65%, recorded as the national average in January 2021. A return to rates below 3% in the near term is considered extremely unlikely.

At what rate should you refinance your mortgage?

Some experts recommend refinancing when the new rate is at least 2% lower than the current mortgage rate. Others cite a 1% reduction as a worthwhile threshold. The decision ultimately depends on the borrower's financial goals, how long they plan to remain in the home, and whether they can reach a break-even point after paying refinance closing costs.

Is now a good time to refinance your mortgage?

Mortgage rates have declined by more than half a percentage point since the end of May, contributing to a year-over-year increase of more than 62% in refinance applications. Whether now is the right time to refinance depends on individual circumstances and financial objectives. For context, borrowers with existing mortgages above 7% — rates that were common in 2023 — are among those for whom the recent pullback could make a refinance mathematically viable, particularly if they plan to remain in the home long enough to recoup closing costs.