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Mortgage and refinance rates today, Wednesday, July 29, 2026: Rates up across the board ahead of Fed rate decision

According to the Zillow lender marketplace, mortgage rates are higher across the board. The average 30-year fixed rate today, Wednesday, July 29, 2026, is 6.69%, up 7 basis points from yesterday. The 15-year fixed loan is currently 6.07%, 9 basis points higher than yesterday. The 5/1 ARM is 6.99%, 53 basis points higher than Tuesday.

With the Federal Reserve set to make a rate decision, borrowers are still getting daily reminders that mortgage pricing can move independently from the Fed’s benchmark rate. Lender quotes often change with market conditions, and even small shifts can affect monthly payments enough to matter for buyers and homeowners comparing options.

Read more: Weekly survey of mortgage lenders with the lowest rates: Pushing higher

Today's mortgage rates

Here are the current mortgage rates for Wednesday, July 29, 2026, according to the latest Zillow data:

30-year fixed: 6.69%

20-year fixed: 6.65%

15-year fixed: 6.07%

5/1 ARM: 6.99%

7/1 ARM: 6.39%

30-year VA: 5.99%

15-year VA: 5.53%

5/1 VA: 5.93%

Remember, these are the national averages and 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, July 29, 2026, according to the latest Zillow data:

30-year fixed: 6.59%

20-year fixed: 6.32%

15-year fixed: 5.97%

5/1 ARM: 6.49%

7/1 ARM: 6.49%

30-year VA: 6.02%

15-year VA: 5.58%

5/1 VA: 5.50%

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, so borrowers comparing a purchase loan with a refinance should look at both the rate and the full closing-cost picture.

Use our mortgage calculator

Use the mortgage calculator below to see how different interest rates and loan amounts affect monthly payments. It also shows how loan term length affects the total cost.

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

30-year fixed mortgage rates

A 30-year fixed mortgage has two main advantages: lower monthly payments and predictable payments.

Monthly payments are lower because repayment is spread over a longer period than with a 15-year mortgage. 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 may affect your monthly payment are changes to homeowners insurance or property taxes.

The main drawback of a 30-year fixed mortgage is interest, both in the short term and over the life of the loan.

A 30-year fixed loan typically comes with a higher interest rate than a shorter-term fixed-rate loan. You will 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

The pros and cons of 15-year fixed mortgage rates are similar to those of 30-year fixed rates. Your monthly payments remain predictable, and shorter terms usually come with lower interest rates. You will also pay off the mortgage 15 years sooner, which can save 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, your monthly payments will be higher than with a 30-year term.

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 set period and then adjust periodically. For example, with a 5/1 ARM, the rate stays the same for the first five years and then rises or falls once a 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 mean lower monthly payments. Current average rates do not reflect that pattern, however — fixed rates are actually lower, according to Zillow data. Talk to your lender before deciding between a fixed or adjustable rate.

With an ARM, there is no way to know what mortgage rates will be when the introductory period ends, so the rate could rise later. That could make the loan more expensive, and monthly payments can become unpredictable from year to year.

If you plan to move before the introductory period ends, you may 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 6.69% right now, according to data compiled from the Zillow lender marketplace. Averages can vary depending on where you live. For example, mortgage rates vary by state, and buyers in high-cost cities may see higher rates.

Are mortgage rates dropping?

No. Rates are higher today than yesterday. The average 30-year fixed rate today, Wednesday, July 29, 2026, is 6.69%, up 7 basis points from yesterday. The 15-year fixed loan is currently 6.07%, 9 basis points higher than yesterday. The 5/1 ARM is 6.99%, 53 basis points higher than Tuesday.

How do I get the lowest refinance rate?

In many ways, getting 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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Best mortgage refinance lenders of July 2026

The best mortgage refinance companies charge low interest rates and fees, and they often offer unique perks for customers. Find your best mortgage refinance lender.

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How much does it cost to refinance a mortgage?

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