According to average rates from the Zillow lender marketplace, the 30-year fixed mortgage rate rose 24.1 basis points to 6.696% on Saturday, July 25, 2026. The 15-year fixed rate increased 9.6 basis points to 6.036%, while the 5/1 adjustable-rate mortgage jumped 41.4 basis points to 6.637%.
Today’s Mortgage Rates
Below are the current national average mortgage rates for Saturday, July 25, 2026, based on the latest Zillow data:
- 30-year fixed: 6.696%
- 20-year fixed: 6.705%
- 15-year fixed: 6.036%
- 5/1 ARM: 6.637%
- 7/1 ARM: 6.59%
- 30-year VA: 6.103%
- 15-year VA: 5.773%
- 5/1 VA: 6.913%
Note: These figures represent national averages rounded to the nearest hundredth of a percentage point.
Today’s Mortgage Refinance Rates
Current national average refinance rates for Saturday, July 25, 2026, according to Zillow:
- 30-year fixed: 6.617%
- 20-year fixed: 6.66%
- 15-year fixed: 5.978%
- 5/1 ARM: 6.36%
- 7/1 ARM: 6.474%
- 30-year VA: 6.17%
- 15-year VA: 5.719%
- 5/1 VA: 5.794%
Refinance rates are frequently higher than purchase rates, though this is not universal. Values are national averages rounded to the nearest hundredth.
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30-Year Fixed Mortgage: Pros and Cons
The 30-year fixed mortgage offers two primary advantages: lower monthly payments and payment predictability. Spreading repayment over three decades reduces the monthly burden compared to shorter terms. Unlike adjustable-rate mortgages, the interest rate remains constant for the loan’s duration, so only changes in property taxes or insurance premiums affect the payment amount.
The main drawback is higher total interest expense. The 30-year fixed rate exceeds those of shorter fixed terms and the introductory rate on a 30-year ARM. The combination of a higher rate and longer amortization period results in significantly more interest paid over the life of the loan.
15-Year Fixed Mortgage: Pros and Cons
The 15-year fixed mortgage essentially inverts the trade-offs of the 30-year option. Payments remain predictable, but the shorter term commands a lower interest rate, and the loan is retired 15 years earlier. Borrowers can save hundreds of thousands of dollars in interest over the loan’s life.
The disadvantage is higher monthly payments, since the same principal is repaid in half the time.
Adjustable-Rate Mortgages: Pros and Cons
Adjustable-rate mortgages (ARMs) maintain a fixed rate for an initial period, then adjust periodically. A 5/1 ARM, for example, holds the initial rate for five years before adjusting annually for the remaining 25 years.
The primary benefit is a lower introductory rate compared to a 30-year fixed mortgage, yielding lower initial payments. However, current market conditions sometimes invert this relationship, with fixed rates falling below ARM introductory rates. Consult your lender before choosing between fixed and adjustable products.
The risk lies in rate uncertainty after the fixed period ends. Subsequent increases could raise the total cost of borrowing and make monthly payments unpredictable. For borrowers who plan to sell or refinance before the initial period expires, an ARM can capture low-rate benefits without long-term exposure to rate adjustments.
Is Now a Good Time to Buy a House?
Relative to the peak pandemic years, current conditions are more favorable for buyers. Home price appreciation has moderated from the rapid gains seen during 2020-2022. Despite the recent rate increase, mortgage rates remain below year-ago levels.
The optimal time to buy aligns with personal circumstances rather than market timing attempts. Trying to predict housing market movements is as speculative as timing equity markets. Purchase when it suits your life stage and financial readiness.
Mortgage Rate FAQs
Why do 30-year mortgage rates vary by source?
Zillow currently reports a national average 30-year rate of 6.696%, while Freddie Mac’s latest weekly survey showed 6.58%. Discrepancies arise from methodological differences: Zillow aggregates daily rates from its lender marketplace, whereas Freddie Mac averages rates from loan applications submitted to its underwriting system over a week. Rates also vary by geography, lender, loan program, and borrower profile, underscoring the importance of shopping multiple lenders.
Are interest rates expected to decline?
Industry forecasts suggest modest movement. The Mortgage Bankers Association projects the 30-year rate to range between 6.4% and 6.5% through 2026. Fannie Mae anticipates a 30-year rate of 6.4% through year-end.
Are mortgage rates dropping?
Not compared to the previous day. Zillow data shows the 30-year fixed rate rose 24.1 basis points to 6.696%, the 15-year fixed increased 9.6 basis points to 6.036%, and the 5/1 ARM surged 41.4 basis points to 6.637%.
How do I secure the lowest refinance rate?
Qualifying for the best refinance rate mirrors the purchase process: improve your credit score, reduce your debt-to-income ratio, and consider a shorter loan term, which typically carries a lower rate—though monthly payments will increase.