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Mortgage and refinance interest rates today, Wednesday, August 26, 2026: Rates down across the board

According to the Zillow lender marketplace, mortgage rates are lower today compared with Tuesday. The average 30-year fixed rate today, Wednesday, August 26, 2026, is 6.53%, down 10 basis points from yesterday. The 15-year fixed loan is currently 5.94%, 1 basis point higher than yesterday. The 5/1 ARM is 6.56%, down 6 basis points from Tuesday.

For borrowers, even small day-to-day changes can affect both monthly payments and the total interest paid over the life of a loan, which is why shoppers often compare not just the headline rate but also the term, fees, and whether a fixed or adjustable structure better fits their plans. Read more: Weekly survey of mortgage lenders with the lowest rates: Holding firm in the mid-6s

Today's mortgage rates

Here are the current mortgage rates for Wednesday, August 26, 2026, according to the latest Zillow data:

30-year fixed: 6.53%

20-year fixed: 6.48%

15-year fixed: 5.94%

5/1 ARM: 6.56%

7/1 ARM: 6.26%

30-year VA: 6.17%

15-year VA: 5.73%

5/1 VA: 5.74%

Remember, these are national averages and are rounded to the nearest hundredth.

Read more: Learn about how mortgage rates are determined

Today's mortgage refinance rates

These are today's mortgage refinance rates for Wednesday, August 26, 2026, according to the latest Zillow data:

30-year fixed: 6.59%

20-year fixed: 6.64%

15-year fixed: 5.99%

5/1 ARM: 6.40%

7/1 ARM: 6.50%

30-year VA: 6.11%

15-year VA: 5.65%

5/1 VA: 5.62%

Again, the numbers provided are national averages rounded to the nearest hundredth. Mortgage refinance rates are often higher than rates when you buy a house, although that is not always the case. That difference matters for borrowers deciding whether to refinance now or wait, since closing costs and the loan term can offset a lower rate if the new mortgage does not align with how long you plan to keep the home.

Use our mortgage calculator

Use the mortgage calculator below to see how various interest rates and loan amounts will affect your monthly payments. It also shows how the loan term affects the overall cost.

You can bookmark the Yahoo Finance mortgage payment calculator and keep it handy as you shop for homes and compare lenders. You also have the option to enter costs for private mortgage insurance (PMI) and homeowners' association dues, if those apply to you. These details can produce a more accurate monthly payment estimate than calculating only mortgage principal and interest.

30-year fixed mortgage rates

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

A 30-year fixed-rate mortgage usually carries relatively low monthly payments because the repayment period is longer than a 15-year mortgage. 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 may affect your monthly payment are changes to homeowners insurance or property taxes.

The main drawback is the amount of interest, both in the short and long term.

A 30-year fixed-term loan typically comes with a higher interest rate than a shorter-term fixed-rate loan. Over the life of the loan, you will also pay much more interest because of both the higher rate and the longer repayment period.

15-year fixed mortgage rates

The advantages and disadvantages of 15-year fixed mortgage rates are similar to those of 30-year rates. Your monthly payments remain predictable, and shorter terms generally come with lower interest rates. In addition, you will pay off the mortgage 15 years sooner, which can mean saving hundreds of thousands of dollars in interest over the life of the loan.

However, because you are repaying the same amount in half the time, monthly payments will be higher than with a 30-year mortgage.

Learn more: Should you get a 15-year or a 30-year mortgage?

Adjustable mortgage rates

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

The main advantage is that the introductory rate is usually lower than what you would get with a 30-year fixed rate, which can make monthly payments lower.

Talk to your lender before deciding between a fixed or adjustable rate. With an ARM, you do not know what mortgage rates will be once the introductory period ends, so you take the risk that your rate could increase later. That could cost more over time, and monthly payments become less predictable from year to year.

If you plan to move before the introductory period ends, however, you may be able to benefit from a lower rate without taking on the risk of a later increase.

Keep reading: Learn more about the differences between adjustable-rate and fixed-rate mortgages

Today's mortgage rates: FAQs

What is a 30-year mortgage rate right now?

The national average 30-year mortgage rate is 6.53% right now, according to data compiled from the Zillow lender marketplace. Keep in mind that averages vary depending on where you live. For example, mortgage rates vary by state, and if you are buying in a city with a high cost of living, rates could be higher.

Are mortgage rates dropping?

Yes. The average 30-year fixed rate today, Wednesday, August 26, 2026, is 6.53%, down 10 basis points from yesterday. The 15-year fixed loan is currently 5.94%, 1 basis point higher than yesterday. The 5/1 ARM is 6.56%, down 6 basis points from Tuesday.

How do I get the lowest refinance rate?

In many ways, securing a low mortgage refinance rate is similar to getting a rate when you bought your home. Try to improve your credit score and lower your debt-to-income ratio (DTI). Refinancing into a shorter term can also produce a lower rate, though monthly mortgage payments will be higher.

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