Mortgage and Refinance Rates Generally Higher on August 18, 2026, as the 30-Year Fixed Holds at 6.53%
Key Takeaways
- •The average 30-year fixed mortgage rate was 6.53% on August 18, 2026, down one basis point from Monday.
- •Most other loan types moved higher, with the 15-year fixed up eight basis points to 5.94% and the 5/1 ARM up 15 basis points to 6.39%.
- •VA loans priced below their conventional counterparts, with the 30-year VA at 6.05% and the 15-year VA at 5.63%, and they require no down payment.
- •Refinance applications rose more than 62% year over year after mortgage rates dropped over half a point since late May following the Federal Reserve's rate pause.
- •The MBA expects the 30-year rate to hold at 6.50% through 2026 and 2027, while Fannie Mae forecasts averages near 6.4% for the rest of 2026 and around 6.3% in 2027.
Mortgage rates were generally higher on Tuesday, August 18, 2026, than they were on Monday, according to the Zillow lender marketplace, though the average 30-year fixed rate managed to remain mostly unchanged.
The average 30-year fixed rate stands at 6.53%, down one basis point since yesterday. The 15-year fixed loan is currently at 5.94%, eight basis points higher than yesterday, while the 5/1 ARM is at 6.39%, up 15 basis points from Monday.
Basis-point swings of this size rarely change any single monthly payment by much, but they add up over the life of a loan: the examples below show how rate and term together can move total interest on a $400,000 mortgage by hundreds of thousands of dollars. Because these figures are national averages drawn from Zillow's lender marketplace, they work best as a benchmark; the rate an individual borrower is actually quoted depends on the lender and the specifics of the loan.
Today's Mortgage Rates
The following purchase-mortgage national averages come from the latest Zillow data for Tuesday, August 18, 2026, and are rounded to the nearest hundredth:
| Loan type | Rate |
|---|---|
| 30-year fixed | 6.53% |
| 20-year fixed | 6.45% |
| 15-year fixed | 5.94% |
| 5/1 ARM | 6.39% |
| 7/1 ARM | 6.29% |
| 30-year VA | 6.05% |
| 15-year VA | 5.63% |
| 5/1 VA | 5.94% |
The VA rows price below their conventional counterparts in both tables, with the 30-year VA at 6.05%.
Today's Mortgage Refinance Rates
The current refinance national averages, also based on the latest Zillow data for Tuesday, August 18, 2026, and rounded to the nearest hundredth:
| Loan type | Rate |
|---|---|
| 30-year fixed | 6.63% |
| 20-year fixed | 6.73% |
| 15-year fixed | 6.11% |
| 5/1 ARM | 6.52% |
| 7/1 ARM | 6.35% |
| 30-year VA | 6.05% |
| 15-year VA | 5.75% |
| 5/1 VA | 5.78% |
Refinance rates are usually higher than purchase rates.
How a Mortgage Calculator Helps
A mortgage calculator can show how various mortgage term lengths and interest rates affect monthly payments. The Yahoo Finance mortgage payment calculator also takes property taxes and homeowners insurance into account when estimating the monthly payment, which gives a fuller picture of the total monthly cost than looking at mortgage principal and interest alone. The calculator can be bookmarked and kept handy while shopping for homes and lenders.
30-Year vs. 15-Year Fixed Mortgages
Generally, 15-year mortgage rates are lower than 30-year rates. The shorter term saves money on interest over the long run, but monthly payments are higher because the same loan amount is being repaid in half the time.
For example, with a $400,000 mortgage on a 30-year term at a 6.19% rate, the monthly payment toward principal and interest is about $2,447.28. As interest accumulates over the decades, the borrower ends up paying $481,021 in interest. A $400,000 15-year mortgage at a 5.65% rate, by comparison, costs about $3,300.26 per month in principal and interest but only $194,047 in total interest over the years.
Today's averages show a similar dynamic: the 30-year fixed at 6.53% sits 59 basis points above the 15-year at 5.94%, a gap close to the roughly half-point spread in the example above.
If the 15-year payment is too high, borrowers can make extra payments on a 30-year loan to pay it off faster and ultimately pay less interest.
Fixed-Rate vs. Adjustable-Rate Mortgages
With a fixed-rate mortgage, the rate is locked in from day one; a new rate applies only if the mortgage is refinanced. An adjustable-rate mortgage keeps the rate the same for a specified period, after which it can increase or decrease depending on several factors, such as the economy and the maximum amount the rate can change under the contract. With a 7/1 ARM, for instance, the rate is locked for the first seven years and then adjusts annually for the remainder of the term.
Adjustable rates sometimes start lower than fixed rates, but once the initial rate-lock period ends, the interest rate can rise. ARM rates have also been starting higher than fixed rates recently, so a rate break at the outset is not always available. In that environment, the case for an ARM rests less on capturing savings up front and more on how the rate could adjust once the initial fixed period ends.
Mortgage Rates Today: Frequently Asked Questions
What is today's 30-year fixed rate?
According to the Zillow lender marketplace, the average 30-year fixed rate is 6.53%, down one basis point since yesterday.
Will mortgage rates go down in 2026?
According to the latest forecasts, the Mortgage Bankers Association (MBA) expects the 30-year mortgage rate to be 6.50% through 2026. Fannie Mae predicts a 30-year average rate of 6.4% for the rest of the year.
How low could mortgage rates go by 2027?
Mortgage rates are likely to remain little changed in 2027. The MBA forecasts 30-year fixed rates of 6.5% for all of 2027, while Fannie Mae is slightly more optimistic and predicts average rates holding near 6.3% for most of 2027.
Is refinancing activity picking up?
Following the Federal Reserve's rate pause, mortgage rates are down more than half a point since the end of last May, sparking a year-over-year increase of more than 62% in refinance applications.
What is the housing market outlook for next year?
The housing market outlook for next year includes marginally lower mortgage rates and cooling home prices.
What about VA loans?
With today's high mortgage rates and home prices, VA loans allow borrowers to pay a lower rate with no down payment.
For readers tracking where these averages head next, the signposts are the ones already cited here: the Federal Reserve's policy stance, the pace of refinance applications, and whether home prices cool next year as forecasters expect.
