According to average rates from the Zillow lender marketplace, mortgage rates are mostly on the rise today compared to yesterday, Saturday, August 1, 2026. Mortgage rates typically track movements in the 10-year Treasury yield and broader bond market conditions, which respond to economic data and investor sentiment.

The 30-year fixed rate rose by 10 basis points to 6.65%, the 15-year fixed rate fell by 2 basis points to 6.01%, and the 5/1 ARM rose by 23 basis points to 6.65%.

Today's Mortgage Rates

Here are the current mortgage rates as of Saturday, August 1, 2026, according to the latest Zillow data:

• 30-year fixed: 6.65%
• 20-year fixed: 6.33%
• 15-year fixed: 6.01%
• 5/1 ARM: 6.65%
• 7/1 ARM: 6.18%
• 30-year VA: 6.11%
• 15-year VA: 5.83%
• 5/1 VA: 5.95%

These figures represent national averages rounded to the nearest hundredth.

Today's Mortgage Refinance Rates

These are today's mortgage refinance rates, Saturday, August 1, 2026, according to the latest Zillow data:

• 30-year fixed: 6.57%
• 20-year fixed: 6.22%
• 15-year fixed: 6.01%
• 5/1 ARM: 6.68%
• 7/1 ARM: 6.70%
• 30-year VA: 6.16%
• 15-year VA: 5.74%
• 5/1 VA: 5.65%

These numbers are national averages rounded to the nearest hundredth. Mortgage refinance rates are often higher than purchase rates, although that is not always the case.

30-Year Fixed Mortgage Rates: Pros and Cons

There are two main advantages to a 30-year fixed mortgage: lower monthly payments and predictability.

A 30-year fixed-rate mortgage has relatively low monthly payments because repayment is spread over a longer period than with a shorter-term mortgage such as a 15-year loan. Payments are predictable because, unlike with an adjustable-rate mortgage (ARM), the rate does not change from year to year. In most years, the only factors that might affect the monthly payment are changes to homeowners insurance or property taxes.

The main disadvantage of a 30-year fixed mortgage is the interest cost, both in the short and long term. A 30-year fixed term carries a higher rate than a shorter fixed term and 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 higher rate and the longer term.

15-Year Fixed Mortgage Rates: Pros and Cons

The pros and cons of 15-year fixed mortgage rates are essentially the inverse of those associated with 30-year rates. Monthly payments remain predictable, and shorter terms come with lower interest rates. Borrowers also pay off the mortgage 15 years sooner, potentially saving hundreds of thousands of dollars in interest over the life of the loan.

However, because the same principal is repaid in half the time, monthly payments will be higher than with a 30-year term.

Adjustable Mortgage Rates: Pros and Cons

Adjustable-rate mortgages lock in a rate for a predetermined period, then adjust it periodically. For example, with a 5/1 ARM, the rate stays the same for the first five years and then adjusts up or down once per year for the remaining 25 years.

The main advantage is that the introductory rate is usually lower than what is available with a 30-year fixed rate, resulting in lower monthly payments. However, current average rates may not necessarily reflect this — in some cases, fixed rates are actually lower.

With an ARM, there is uncertainty about what mortgage rates will be once the introductory period ends, so borrowers risk a rate increase later. This could ultimately cost more, and monthly payments become unpredictable from year to year. However, borrowers who plan to move before the introductory period ends could benefit from a low rate without risking future increases.

Is Now a Good Time to Buy a House?

Compared to a couple of years ago, now is a relatively favorable time to buy a house. Home prices are not spiking as they were during the height of the COVID-19 pandemic. Despite the recent uptick, mortgage rates are lower than they were at the same time last year.

The best time to buy is typically whenever it makes sense for a buyer's stage of life. Attempting to time the real estate market can be as difficult as timing the stock market.

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 6.65%. Zillow's rates often differ from those reported by Freddie Mac, which reported 6.49% this week. Each source compiles rates using different methods and time frames. Zillow obtains rates from its lender marketplace and reports them daily, while Freddie Mac pulls information from loan applications submitted to its underwriting system and averages them over the week. Mortgage rates also vary by state, ZIP code, lender, loan type, and many other factors, which is why it is important to shop with multiple mortgage 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 average 6.5% through 2026. Fannie Mae predicts a 30-year rate of 6.4% through the end of the year. These forecasts reflect assumptions about the broader economic environment, including Federal Reserve policy and inflation trends, both of which influence the bond yields that mortgage rates track.

Are mortgage rates dropping?

For the most part, rates are not dropping compared to yesterday. The 30-year fixed rate rose by 10 basis points to 6.65%, the 15-year fixed rate fell by 2 basis points to 6.01%, and the 5/1 ARM rose by 23 basis points to 6.65%.

How do I get the lowest refinance rate?

Securing a low mortgage refinance rate involves steps similar to those used when purchasing a home. Improving one's credit score and lowering the debt-to-income ratio (DTI) can help. Refinancing into a shorter term will typically result in a lower rate, though monthly payments will be higher.

Refinancing considerations following the Fed rate pause

Mortgage rates have declined more than a half point since the end of last May, leading to a more than 62% year-over-year increase in refinance applications. While the Federal Reserve does not directly set mortgage rates, its policy decisions shape the broader interest rate environment and influence investor expectations, which in turn affect the borrowing costs that lenders offer to consumers.

VA loans

With today's high mortgage rates and home prices, VA loans offer a lower rate with no down payment requirement, making them an attractive option for eligible borrowers.

Source: Yahoo Finance