The average 30-year fixed mortgage rate is 6.91% today, according to Zillow lender marketplace. The 30-year rate is 24 basis points higher than it was a week ago. Mortgage rates have gone up compared with last week.
Because the same amount of money has to be repaid much faster, however, the monthly payment is usually higher. Because the borrower pays off the loan much faster, a 15-year loan can save money on total interest. Because market rates move, this means the mortgage rate does not change simply.
The 15-year fixed mortgage rate is 6.37%, up 33 basis points from last week. The 5/1 adjustable-rate mortgage (ARM) is 6.85%, up 21 basis points from a week ago. These figures are for Sunday, September 13, 2026. The average 15-year fixed mortgage rate is 6.37%. This rate is lower than the 30-year fixed rate. A 15-year mortgage means the borrower pays off the loan in half the time of a 30-year mortgage. The average 5/1 ARM rate is 6.85%. With a 5/1 ARM, the starting rate is fixed for five years and can then change every year. The 30-year mortgage is the most popular mortgage type. The main reason is that the loan is spread across 360 monthly payments. This usually makes the monthly payment lower than a 15-year mortgage. The current average 15-year rate is 6.37%, compared with 6.91% for a 30-year mortgage. Yahoo Finance gives an example using a $300,000 mortgage. At a 6.41% rate for 30 years, the monthly payment for principal and interest would be about $1,878.48. Over the full loan period, the borrower would pay about $376,254 in interest. This interest would be paid in addition to the original $300,000 borrowed.
The trade-off is that borrowers pay interest for a much longer period. But the monthly payment is higher. So, borrowers need to balance their current monthly budget with how much they want to spend on interest over the full loan period. With a fixed-rate mortgage, the interest rate is locked for the entire life of the loan. If a homeowner later refinances, however, the new mortgage will have a new interest rate.
The average 30-year fixed mortgage rate is 6.91%. The average 5/1 VA ARM rate is 5.89%. The 30-year fixed refinance rate is 6.91%, according to the latest Zillow data reported by Yahoo Finance. The 20-year fixed refinance rate is 6.76%. The 5/1 ARM refinance rate is 6.05%. The average 30-year VA refinance rate is 6.33%. The average 5/1 VA refinance rate is 5.93%.
The figures are rounded to the nearest hundredth, according to the latest Zillow data reported by Yahoo Finance. These rates are national averages. These are also national averages from the latest Zillow data. Refinance rates are also available for homeowners who want to replace their existing mortgage with a new loan. Yahoo Finance noted that refinance rates are often higher than home-purchase mortgage rates, although this is not always the case. The interest rate a borrower gets can make a big difference to the monthly mortgage payment . A mortgage calculator can help buyers estimate how different loan terms and rates will affect their payments. The calculator can also include costs such as property taxes and homeowners insurance. This gives borrowers a better estimate of their total monthly housing cost instead of looking only at the loan principal and interest.
Borrowers should therefore compare the actual rates offered by lenders instead of assuming an ARM will always be cheaper. Borrowers should therefore compare both the interest rate and APR before choosing a lender. With a 15-year mortgage at an example rate of 5.80%, the monthly principal-and-interest payment would be about $2,499.27. This is much higher than the 30-year example. But the total interest paid would be about $149,869. This shows the main difference between the two loan terms: 30 years means lower monthly payments, while 15 years can mean much lower total interest. A 7/1 ARM keeps its starting interest rate fixed for the first seven years.
Yahoo Finance said waiting for rates to fall is probably not the best way to get the lowest rate right now. Yahoo Finance says APR is probably the most important number to check when comparing mortgage lenders. An adjustable-rate mortgage, or ARM, starts with a fixed rate for a specific period. After that period ends, the rate can move up or down depending on economic conditions and the rules written into the mortgage contract. This means the borrower’s monthly payment can also change after the fixed period ends. After seven years, the rate can change once a year. The new rate is affected by the terms of the loan and market conditions. Borrowers should understand how much their rate can change before choosing an ARM. Adjustable-rate mortgages typically start with a lower rate than fixed-rate mortgages. However, that lower rate is not guaranteed to last for the full loan. Once the initial fixed period ends, the rate could rise. Yahoo Finance also noted that recently, some fixed mortgage rates have been starting lower than adjustable rates. Lenders generally offer their best mortgage rates to borrowers with strong credit scores, larger down payments and low debt-to-income ratios. A borrower with a stronger financial profile may have access to better loan terms. This means preparing personal finances can be important before applying for a mortgage. Borrowers can try to save for a larger down payment. They can also work on improving their credit score. Paying down existing debt can help lower the debt-to-income ratio. These steps may improve a borrower’s chances of getting a better mortgage rate. Borrowers may be tempted to wait for mortgage rates to drop before buying a home. Instead, people who are ready to buy should focus on improving their own financial position. A stronger credit profile, lower debt and a larger down payment can help when shopping for a mortgage. Borrowers should not choose the first lender they find. Yahoo Finance recommends applying for mortgage preapproval with three or four companies. Comparing several lenders can help borrowers see which lender is offering the best deal for their situation. Applying within a short period can make the comparison more accurate and have less impact on the borrower’s credit score. The lowest advertised interest rate does not always mean the cheapest mortgage. Borrowers should also check the annual percentage rate, or APR. APR includes the interest rate as well as costs such as discount points and fees. This makes APR a better measure of the overall yearly cost of borrowing. Two lenders may offer similar mortgage interest rates but charge different fees. Looking at the APR can help borrowers see these extra costs.
