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Mortgage and refinance rates mixed on Wednesday, August 5, 2026

According to the Zillow lender marketplace, mortgage rates are mixed today as negotiations with Iran continue to focus on clearing the Strait of Hormuz to get oil and natural gas flowing back out to the rest of the world. For borrowers, the day’s moves are small, but they matter because even modest changes in rates can affect monthly payments and refinance decisions across the market.

The average 30-year fixed rate today, Wednesday, August 5, 2026, is 6.60%, down 4 basis points from yesterday. The 15-year fixed loan is currently at 6.09%, 2 basis points higher than yesterday. The 5/1 ARM is 6.79%, 6 basis points higher than on Tuesday.

Read more: Weekly survey of mortgage lenders with the lowest rates: Revealing the wide gaps among rates and fees

Today's mortgage rates

Here are the current mortgage rates for Wednesday, August 5, 2026, according to the latest Zillow data:

• 30-year fixed: 6.60%
• 20-year fixed: 6.50%
• 15-year fixed: 6.09%
• 5/1 ARM: 6.79%
• 7/1 ARM: 6.51%
• 30-year VA: 6.03%
• 15-year VA: 5.61%
• 5/1 VA: 6.09%

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, August 5, 2026, according to the latest Zillow data:

• 30-year fixed: 6.60%
• 20-year fixed: 6.50%
• 15-year fixed: 6.09%
• 5/1 ARM: 6.79%
• 7/1 ARM: 6.51%
• 30-year VA: 6.03%
• 15-year VA: 5.61%
• 5/1 VA: 6.09%

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.

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 term length plays into things.

You can bookmark the Yahoo Finance mortgage payment calculator and keep it handy for future use as you shop for homes and the best 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 if you simply calculated your 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 has relatively low monthly payments because the repayment period is spread over a longer time than with, say, 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 things that might affect your monthly payment are changes to homeowners insurance or property taxes.

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

A 30-year fixed-term loan usually comes with a higher interest rate than a shorter-term fixed-rate loan. You will also pay much more in 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 essentially the same as those of 30-year rates. Your monthly payments will remain predictable, and shorter terms generally come with lower interest rates. In addition, you will pay off your mortgage 15 years sooner, which could save hundreds of thousands of dollars in interest over the life of the loan.

However, because you are paying off the same amount in half the time, your monthly payments will be higher than if you choose 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 predetermined period and then adjust it periodically. For example, with a 5/1 ARM, the rate stays the same for the first five years and then goes 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 will get with a 30-year fixed rate, so monthly payments are lower. Current average rates do not reflect this, though — according to Zillow data, fixed rates are actually 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 like once the introductory period ends, so there is a risk that the rate could increase later. That could ultimately cost more, and monthly payments can be unpredictable from year to year.

But if you plan to move before the introductory period is over, you could benefit from a low 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 6.60% right now, according to data compiled from the Zillow lender marketplace. Keep in mind that averages can 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?

Only the 30-year rate is dropping today. The average 30-year fixed rate today, Wednesday, August 5, 2026, is 6.60%, down 4 basis points from yesterday. The 15-year fixed loan is currently at 6.09%, 2 basis points higher than yesterday. The 5/1 ARM is 6.79%, 6 basis points higher than on Tuesday.

How do I get the lowest refinance rate?

In many ways, securing a low mortgage refinance rate is similar to getting a mortgage 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 get you a lower rate, though your monthly mortgage payments will be higher.

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