According to average rates from the Zillow lender marketplace, mortgage rates rose sharply on Saturday, July 25, 2026, reaching their highest levels of the year. The 30-year fixed rate climbed 24.1 basis points to 6.696%, the 15-year fixed rate increased 9.6 basis points to 6.036%, and the 5/1 ARM surged 41.4 basis points to 6.637%. One basis point equals one-hundredth of a percentage point, so even daily moves of this size can affect monthly payments for new borrowers.

Today's Mortgage Rates

Here are the current mortgage rates as of Saturday, July 25, 2026, according to the latest Zillow data:

• 30-year fixed: 6.696%
• 20-year fixed: 6.705%
• 15-year fixed: 6.036%
• 5/1 ARM: 6.637%
• 7/1 ARM: 6.59%
• 30-year VA: 6.103%
• 15-year VA: 5.773%
• 5/1 VA: 6.913%

These figures represent national averages rounded to the nearest hundredth. Actual borrower quotes can differ based on credit score, down payment, loan size, property type, location, and whether the rate includes discount points or lender credits.

Today's Mortgage Refinance Rates

Here are today's mortgage refinance rates as of Saturday, July 25, 2026, according to the latest Zillow data:

• 30-year fixed: 6.617%
• 20-year fixed: 6.66%
• 15-year fixed: 5.978%
• 5/1 ARM: 6.36%
• 7/1 ARM: 6.474%
• 30-year VA: 6.17%
• 15-year VA: 5.719%
• 5/1 VA: 5.794%

These figures are also national averages rounded to the nearest hundredth. Mortgage refinance rates are frequently higher than purchase rates, though this is not always the case. Refinance decisions also depend on closing costs and how long the borrower expects to keep the new loan, because a lower rate may take time to offset upfront expenses.

30-Year Fixed Mortgage Rates: Pros and Cons

A 30-year fixed mortgage offers two principal advantages: relatively low monthly payments and predictable payment stability. Because repayment is spread across a longer period than shorter-term loans, monthly obligations are lower. Payments remain predictable because, unlike an adjustable-rate mortgage (ARM), the interest rate does not fluctuate from year to year. In most years, the only factors that may affect the monthly payment are changes to homeowners insurance premiums or property taxes.

The primary disadvantage of a 30-year fixed mortgage is the total interest cost over both the short and long term. A 30-year fixed term typically carries a higher rate than a shorter fixed term, and it is also higher than the introductory rate on a 30-year ARM. The higher the rate, the higher the monthly payment. Borrowers also pay substantially more in interest over the life of the loan due to both the elevated rate and the extended term.

15-Year Fixed Mortgage Rates: Pros and Cons

The advantages and disadvantages of a 15-year fixed mortgage are essentially the reverse of those for a 30-year loan. Monthly payments remain predictable, and shorter terms generally come with lower interest rates. Borrowers also pay off the mortgage 15 years sooner, which can result in savings of hundreds of thousands of dollars in interest over the life of the loan.

However, because the same loan amount is repaid in half the time, monthly payments are significantly higher than with a 30-year term. That higher payment can affect debt-to-income calculations, which lenders use when evaluating mortgage applications.

Adjustable Mortgage Rates: Pros and Cons

Adjustable-rate mortgages lock in an interest rate for a predetermined introductory period, after which the rate adjusts periodically. For example, with a 5/1 ARM, the rate remains fixed for the first five years and then moves up or down once per year for the remaining 25 years.

The main advantage is that the introductory rate is typically lower than what a 30-year fixed-rate mortgage offers, resulting in lower monthly payments during the initial period. However, current average rates may not always reflect this pattern — in some cases, fixed rates are actually lower. Prospective borrowers should consult their lender before deciding between a fixed or adjustable rate.

With an ARM, there is uncertainty about future mortgage rates once the introductory period ends, creating the risk of a rate increase. This could ultimately raise borrowing costs and make monthly payments unpredictable from year to year. However, borrowers who plan to sell or move before the introductory period concludes could benefit from the lower initial rate without being exposed to subsequent rate adjustments. Borrowers should also review the loan's adjustment caps and index, which determine how much the rate can change after the introductory period.

Is Now a Good Time to Buy a House?

Compared to a couple of years ago, the current environment is more favorable for homebuyers. Home prices are no longer surging as they did during the height of the COVID-19 pandemic, and despite the recent uptick, mortgage rates remain lower than they were at the same time last year.

The most appropriate time to buy a home is typically when it aligns with a buyer's stage of life. Attempting to time the real estate market can be as difficult as timing the stock market — purchasing when conditions suit individual needs is generally the soundest approach. For many buyers, affordability depends on the full housing payment, including principal, interest, property taxes, homeowners insurance, and any mortgage insurance or homeowners association fees.

Today's Mortgage Rates: FAQs

Why do 30-year mortgage rates vary by the source reporting them?

According to Zillow, the national average 30-year mortgage rate is currently 6.696%. Zillow's rates often differ from those reported by Freddie Mac, which reported 6.58% this week. Each source compiles rates using different methodologies and time frames. Zillow obtains rates directly from its lender marketplace and reports them daily, while Freddie Mac draws data from loan applications submitted to its underwriting system and averages them over a weekly period. Mortgage rates also vary by state, ZIP code, lender, loan type, and numerous other factors, underscoring the importance of comparing offers from multiple lenders.

Are interest rates expected to go down?

According to the latest available forecasts, the Mortgage Bankers Association (MBA) expects the 30-year mortgage rate to remain between 6.4% and 6.5% through 2026. Fannie Mae predicts a 30-year rate of 6.4% through the end of the year.

Are mortgage rates dropping?

No, they are not dropping compared to the previous day. According to Zillow lender marketplace averages, the 30-year fixed rate rose 24.1 basis points to 6.696%, the 15-year fixed rate rose 9.6 basis points to 6.036%, and the 5/1 ARM rose 41.4 basis points to 6.637%.

How do I get the lowest refinance rate?

Securing a low mortgage refinance rate involves many of the same steps used during the original home purchase. Borrowers should work to improve their credit score and lower their debt-to-income ratio (DTI). Refinancing into a shorter term will typically yield a lower rate, though monthly mortgage payments will be higher.

Is now a good time to refinance your mortgage?

Mortgage rates have fallen more than half a percentage point since the end of May, driving a more than 62% year-over-year increase in refinance applications. Whether refinancing makes sense depends on individual financial circumstances, current loan terms, and prevailing interest rates.