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Mortgage and refinance interest rates today, Tuesday, July 28, 2026: Rates lower as fighting in Iran on pause

According to the Zillow lender marketplace, mortgage rates are lower today, Tuesday, July 28, 2026, compared with the previous day.

The average 30-year fixed rate is 6.62%, down 8 basis points from yesterday. The 15-year fixed loan is currently 5.98%, 6 basis points lower than yesterday. The 5/1 ARM is 6.46%, 18 basis points lower than Monday.

For borrowers comparing options, even modest day-to-day changes can affect monthly payments and the total cost of a loan, which is why shoppers often track both purchase and refinance rates before locking in a rate.

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

Today's mortgage rates

Here are the current mortgage rates, according to the latest Zillow data for Tuesday, July 28, 2026:

• 30-year fixed: 6.62%
• 20-year fixed: 6.51%
• 15-year fixed: 5.98%
• 5/1 ARM: 6.46%
• 7/1 ARM: 6.41%
• 30-year VA: 5.94%
• 15-year VA: 5.48%
• 5/1 VA: 5.86%

These are national averages, rounded to the nearest hundredth.

Today's mortgage refinance rates

These are the current mortgage refinance rates, according to the latest Zillow data for Tuesday, July 28, 2026:

• 30-year fixed: 6.73%
• 20-year fixed: 6.66%
• 15-year fixed: 6.08%
• 5/1 ARM: 6.74%
• 7/1 ARM: 6.42%
• 30-year VA: 5.99%
• 15-year VA: 5.66%
• 5/1 VA: 5.61%

Again, these figures are national averages rounded to the nearest hundredth. Refinance rates are usually higher than purchase rates, so homeowners typically compare the new rate with their current loan terms and closing costs before deciding whether refinancing makes sense.

MORE: See our top picks for mortgage lenders right now

Yahoo Finance mortgage calculator

A mortgage calculator can help show how different loan terms and interest rates affect monthly payments. Use this mortgage calculator to explore different outcomes.

You can bookmark the Yahoo Finance mortgage payment calculator and keep it handy as you shop for homes and lenders. It also factors in property taxes and homeowners insurance when estimating your monthly mortgage payment, which can provide a fuller picture than looking at principal and interest alone.

30-year vs. 15-year fixed mortgage rates

In general, 15-year mortgage rates are lower than 30-year mortgage rates. When comparing the two, the shorter term can save money on interest over the life of the loan. However, monthly payments are higher because the same loan amount is repaid in half the time.

For example, on a $400,000 mortgage with a 30-year term and a 6.19% rate, the monthly payment would be about $2,447.28 toward principal and interest. Over the life of the loan, total interest would come to $481,021.

By contrast, on a $400,000 15-year mortgage with a 5.65% rate, the monthly payment would be about $3,300.26 toward principal and interest. Total interest over the loan term would be $194,047.

If a 15-year mortgage payment is too high, borrowers can make extra payments on a 30-year loan to pay it off faster and reduce interest costs.

Fixed-rate vs. adjustable-rate mortgages

With a fixed-rate mortgage, the rate is locked in from the start. The borrower would receive a new rate only if the mortgage is refinanced.

An adjustable-rate mortgage keeps the rate unchanged for a specified period. After that, the rate can rise or fall based on factors such as the economy and the limits set in the contract. For example, with a 7/1 ARM, the rate is fixed for the first seven years and then adjusts annually for the rest of the term.

Adjustable rates can sometimes begin lower than fixed rates, but once the initial fixed period ends, the borrower faces the risk of higher interest rates. ARM rates have also been starting higher than fixed rates recently, so a rate break is not guaranteed.

Learn more: Determine how to choose between an adjustable-rate vs. fixed-rate mortgage

Mortgage rates today: FAQs

What is today's 30-year fixed rate?

According to the Zillow lender marketplace, the average 30-year fixed rate is 6.62%, down 8 basis points since yesterday.

Will mortgage rates go down in 2026?

According to the latest forecasts, the MBA expects the 30-year mortgage rate to remain near 6.50% through 2026. Fannie Mae projects a 30-year average rate of 6.4% for the rest of the year.

How low could mortgage rates go by 2027?

Mortgage rates are likely to remain little changed in 2027. The MBA forecasts 30-year fixed rates at 6.5% for all of 2027. Fannie Mae is slightly more optimistic and expects average rates to hold near 6.3% for most of 2027.

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