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Mortgage and refinance interest rates today, Saturday, August 22, 2026: Bond market sends rates scrambling

According to average rates from the Zillow lender marketplace, mortgage rates are extremely volatile heading into the weekend. Two popular loan terms rose sharply while another moved lower. A nervous bond market has mortgage rates scrambling. Fixed mortgage rates don't follow the Federal Reserve's short-term policy rate directly; they tend to move with long-term bond yields, so bond-market volatility shows up quickly in the daily lender quotes borrowers see.

The current 30-year fixed rate today, Saturday, August 22, 2026, rose 14 basis points to 6.64%; the 15-year fixed rate fell 12 basis points to 5.88%; and the 5/1 ARM rose 49 basis points to 6.74%. The ARM's 49-basis-point move is the sharpest of the three changes, a measure of how unsettled daily quotes have become.

Read more: Weekly survey of mortgage lenders with the lowest rates: Small moves in rates and fees

Today's mortgage rates

Here are the current mortgage rates today, Saturday, August 22, 2026, according to the latest Zillow data:

30-year fixed: 6.64%

20-year fixed: 6.37%

15-year fixed: 5.88%

5/1 ARM: 6.74%

7/1 ARM: 6.30%

30-year VA: 6.14%

15-year VA: 5.59%

5/1 VA: 5.84%

Remember, these are the national averages and are rounded to the nearest hundredth. The VA rates above apply to loans backed by the Department of Veterans Affairs and available to eligible veterans, service members, and some surviving spouses, which is why they run lower than the comparable conventional averages shown here.

Today's mortgage refinance rates

These are today's mortgage refinance rates, Saturday, August 22, 2026, according to the latest Zillow data:

30-year fixed: 6.64%

20-year fixed: 6.61%

15-year fixed: 5.99%

5/1 ARM: 6.50%

7/1 ARM: 6.51%

30-year VA: 6.02%

15-year VA: 5.70%

5/1 VA: 5.63%

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's not always the case. With quotes swinging by double-digit basis points from one day to the next, gathering offers from several lenders close together in time makes those comparisons more meaningful.

Read more: Want to refinance your mortgage in 2026? Here's what to do.

Free mortgage calculator

Use the mortgage calculator below to see how today's interest rates would affect your monthly mortgage payments.

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

30-year fixed mortgage rates: Pros and cons

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

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

The main disadvantage of 30-year fixed mortgage rates is the amount of mortgage interest, both in the short and long term.

A 30-year fixed term usually carries a higher rate than a shorter fixed term, and it is also higher than the introductory rate on a 30-year ARM. A higher rate means a higher monthly payment. Borrowers also pay much more interest over the life of the loan because of 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 opposite of those for 30-year loans. Monthly payments remain predictable, and shorter terms generally come with lower interest rates. Borrowers also pay off the mortgage 15 years sooner, which can mean saving hundreds of thousands of dollars in interest over the life of the loan.

The tradeoff is that, because the same amount is repaid in half the time, monthly payments are higher than they would be with a 30-year term.

Learn more: Dig deeper into 15-year vs. 30-year mortgages

Adjustable mortgage rates: Pros and cons

Adjustable-rate mortgages lock in a rate for a set 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 the rate on a 30-year fixed mortgage, which can reduce monthly payments. Current average rates do not always reflect that pattern, however; in some cases, fixed rates are lower. Borrowers should talk to a lender before deciding between a fixed or adjustable rate.

With an ARM, borrowers do not know what mortgage rates will be when the introductory period ends, so there is a risk the rate will rise later. That can lead to higher costs and less predictable monthly payments from year to year.

If you expect to move before the introductory period ends, an ARM may allow you to benefit from a lower rate without facing the later adjustment risk.

Read more: Learn whether now is a good time to get an adjustable-rate mortgage

Is now a good time to buy a house?

Compared with a couple of years ago, now is a better time to buy a house. Home prices are not rising as sharply as they were during the height of the COVID-19 pandemic. For buyers who want or need to purchase soon, the current housing market may look more manageable.

Mortgage rates are also lower than they were at this time last year, despite the recent uptick.

In general, the best time to buy is when it makes sense for your stage of life. Trying to time the real estate market can be as futile as timing the stock market — buy when it is the right time for you.

Learn more: Which is more important, your home price or mortgage rate?

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 6.64% right now. Why are Zillow's rates usually different from those reported by Freddie Mac, which reported 6.65% this week, and other sources? Each source compiles rates using different methods, and the rates are reported over different time frames. Zillow pulls rates from its lender marketplace and reports them daily, while Freddie Mac uses loan applications submitted to its underwriting system and averages them for the week.

Mortgage rates also vary by state, ZIP code, lender, loan type, and many other factors. That 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 MBA expects the 30-year mortgage rate to be 6.5% through 2026. Fannie Mae predicts a 30-year rate near 6.8% through the end of the year. Both forecasts sit close to the current national average, though forecasters revise their outlooks as conditions change.

Are mortgage rates dropping?

Rates remain volatile. The current 30-year fixed rate today, Saturday, August 22, 2026, rose 14 basis points to 6.64%, the 15-year fixed rate fell 12 basis points to 5.88%, and the 5/1 ARM increased 49 basis points to 6.74%.

How do I get the lowest refinance rate?

In many ways, securing a low mortgage refinance rate is similar to the process used when buying a home. Borrowers can try to improve their credit score and lower their debt-to-income ratio (DTI). Refinancing into a shorter term can also lead to a lower rate, although monthly mortgage payments will be higher.

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