The average 30-year fixed mortgage rate is 6.92% on Wednesday, September 23, 2026. That is 11 basis points lower than Tuesday’s rate, giving homebuyers a small drop in borrowing costs. The latest figures come from the Zillow lender marketplace.
Mortgage rates are national averages and are rounded to the nearest hundredth, so the actual rate offered to a borrower can be different, according to Zillow.
The average 15-year fixed mortgage rate is 6.48% today. It is 2 basis points lower than yesterday. A 15-year mortgage generally comes with a lower interest rate than a 30-year loan. A 30-year fixed mortgage generally has a higher interest rate than a shorter-term fixed mortgage. A 15-year fixed mortgage offers a shorter repayment period. Borrowers can pay off their home loan 15 years earlier than with a 30-year mortgage. The average 5/1 adjustable-rate mortgage, or ARM, is 6.99% today, up 5 basis points from Tuesday. With a 5/1 ARM, the initial interest rate remains fixed for the first five years.
However, borrowers have to repay the loan in half the time, which means their monthly payments are usually higher. Because the borrower is making payments for 30 years, they can end up paying significantly more interest over the full life of the loan. The lower monthly payment comes with a higher long-term interest cost. So, buyers need to look at both the monthly payment and the total interest cost before choosing a loan. The shorter loan term also usually comes with a lower interest rate. That could make the loan more expensive over time. Unlike a fixed-rate mortgage, borrowers cannot count on having the same interest rate for the entire loan. Borrowers should discuss the possible future rate changes with their lender before choosing an ARM.
What homebuyers should focus on today
They should look at the monthly payment, interest rate, loan term and total interest cost. Buyers choosing between fixed and adjustable loans should also consider how long they expect to stay in the home. Today’s lower 30-year rate may improve borrowing costs slightly, but buyers still need to weigh the long-term cost and payment risks of each mortgage type.
