Mortgage Rates Edge Higher as Geopolitical Tensions Drive Market Volatility

According to the latest data from the Zillow lender marketplace, mortgage rates climbed last week as escalating conflict in Iran rattled financial markets. The 30-year fixed rate increased by 4 basis points to 6.48%, while the 15-year fixed rose 8 basis points to 5.90%. The 5/1 adjustable-rate mortgage edged up 3 basis points to 6.46%.

Today’s Mortgage Rates

Below are the current national average mortgage rates for Sunday, July 19, 2026, based on the latest Zillow data:

• 30-year fixed: 6.48%

• 20-year fixed: 6.18%

• 15-year fixed: 5.90%

• 5/1 ARM: 6.46%

• 7/1 ARM: 6.35%

• 30-year VA: 5.93%

• 15-year VA: 5.47%

• 5/1 VA: 5.75%

These figures represent national averages rounded to the nearest hundredth of a percentage point.

Today’s Mortgage Refinance Rates

Current refinance rates for Sunday, July 19, 2026, according to Zillow:

• 30-year fixed: 6.48%

• 20-year fixed: 6.26%

• 15-year fixed: 5.74%

• 5/1 ARM: 6.28%

• 7/1 ARM: 6.36%

• 30-year VA: 5.80%

• 15-year VA: 5.70%

• 5/1 VA: 5.58%

Refinance rates frequently exceed purchase rates, though this is not a universal rule. All figures are national averages rounded to the nearest hundredth.

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30-Year vs. 15-Year Fixed Mortgage Rates

The average 30-year fixed rate stands at 6.48%. This term remains the most popular choice because spreading payments across 360 months keeps monthly costs lower than shorter-term alternatives.

The 15-year fixed rate averages 5.90%. Choosing between these terms requires weighing short-term affordability against long-term savings. A 15-year mortgage carries a lower rate, allowing you to pay off the loan in half the time and significantly reduce total interest. However, monthly payments are substantially higher since the same principal is amortized over 180 months instead of 360.

For a $300,000 loan at 6.41% over 30 years, principal and interest would total roughly $1,878.48 per month, with $376,254 in interest over the loan’s life. The same loan at 5.80% over 15 years would require $2,499.27 monthly but accumulate only $149,869 in interest.

Fixed-Rate vs. Adjustable-Rate Mortgages

A fixed-rate mortgage locks your interest rate for the entire loan term. Your rate changes only if you refinance.

An adjustable-rate mortgage (ARM) maintains a constant rate for an initial period—typically five, seven, or ten years—after which it adjusts periodically based on market conditions and contractual caps. For instance, a 7/1 ARM fixes the rate for seven years, then resets annually for the remaining 23 years.

ARMs often start with lower rates than fixed mortgages, but borrowers face potential increases after the introductory period. Recently, some fixed rates have dipped below adjustable ones. Consult your lender for current offerings before deciding.

How to Secure a Low Mortgage Rate

Lenders reserve their best rates for borrowers with strong credit profiles, substantial down payments, and low debt-to-income ratios. To improve your rate, focus on boosting your credit score, increasing your down payment, or reducing existing debt before applying.

Waiting for rates to fall is rarely a reliable strategy. If you’re financially prepared to buy, strengthening your personal finances is the most effective way to lower your borrowing cost.

How to Choose a Mortgage Lender

Apply for preapproval with three or four lenders within a short window—typically 14 to 45 days—to minimize credit-score impact while enabling accurate comparisons.

Look beyond the interest rate. The annual percentage rate (APR) incorporates the rate, discount points, and fees, reflecting the true annual cost of borrowing. The APR is often the most critical metric for comparing lender offers.

Current Mortgage Rates: FAQs

What Are Mortgage Rates Doing Right Now?

As of the latest Zillow survey, the 30-year fixed rate stands at 6.48%, the 15-year fixed at 5.90%, and the 5/1 ARM at 6.46%.

What Constitutes a Good Mortgage Rate?

With the 30-year fixed averaging 6.48%, borrowers with excellent credit, large down payments, and low DTIs can often secure rates below this benchmark.

Are Mortgage Rates Expected to Decline?

Forecasts vary. The Mortgage Bankers Association projects the 30-year rate to hold between 6.4% and 6.5% through 2026. Fannie Mae anticipates a 6.4% average through year-end.

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