According to data from the Zillow lender marketplace, mortgage rates have increased significantly since Sunday, June 28. The current 30-year fixed rate climbed by 23 basis points to 6.40%. The 15-year fixed rate rose by 11 basis points to 5.86%, while the 5/1 ARM increased by 43 basis points to 6.52%.
Here are the current mortgage rates today, Sunday, July 5, 2026, based on the latest Zillow data:
- 30-year fixed: 6.40%
- 20-year fixed: 6.29%
- 15-year fixed: 5.86%
- 5/1 ARM: 6.52%
- 7/1 ARM: 6.30%
- 30-year VA: 5.81%
- 15-year VA: 5.51%
- 5/1 VA: 5.74%
Note: These figures represent national averages, rounded to the nearest hundredth.
Today’s mortgage refinance rates, Sunday, July 5, 2026, according to the latest Zillow data include:
- 30-year fixed: 6.38%
- 20-year fixed: 6.12%
- 15-year fixed: 5.84%
- 5/1 ARM: 6.33%
- 7/1 ARM: 6.04%
- 30-year VA: 5.80%
- 15-year VA: 5.51%
- 5/1 VA: 5.70%
Refinance rates often exceed purchase rates, though exceptions exist. Explore more insights on optimal refinance timing and strategies for securing favorable terms.
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30-Year vs. 15-Year Fixed Mortgage Rates
The average 30-year fixed mortgage rate is currently 6.40%. A 30-year term lowers monthly payments by spreading repayment over 360 months.
The average 15-year fixed rate is 5.86%. Borrowers choosing this term benefit from a lower rate but face higher monthly payments due to accelerated repayment schedules.
For example, a $300,000 mortgage at 6.40% over 30 years results in monthly payments of $1,878.48, with $376,254 in interest. The same loan at 5.86% over 15 years increases payments to $2,499.27 but reduces total interest to $149,869.
Fixed-Rate vs. Adjustable-Rate Mortgages
Fixed-rate mortgages lock in interest rates for the loan’s entire term, while adjustable-rate mortgages (ARMs) shift rates after an initial fixed period. For instance, a 7/1 ARM fixes rates for seven years before annual adjustments.
ARMs typically begin with lower rates than fixed loans but may increase after the fixed period. Conversely, some fixed rates currently start lower than ARM rates. Consult lenders for specifics before deciding.
How to Secure Lower Mortgage Rates
Lower rates favor borrowers with strong credit, sizable down payments, and manageable debt levels. Proactively improving these factors can enhance rate eligibility.
Selecting the Right Mortgage Lender
Apply for prequalification with multiple lenders within a short timeframe to minimize credit inquiries. Compare annual percentage rates (APRs), which account for interest rates, points, and fees, to gauge true borrowing costs.
Frequently Asked Questions
What is the current mortgage interest rate?
Zillow data indicates the 30-year fixed rate dipped 4 basis points to 6.40%, while the 15-year rate stayed at 5.86%, and the 5/1 ARM rose 6 basis points to 6.52%.
What constitutes a competitive mortgage rate?
A 30-year fixed rate of 6.40% is typical, though borrowers with excellent credit and strong finances may qualify for better terms.
Are mortgage rates expected to decline?
Forecasts suggest the 30-year fixed rate will remain between 6.4% and 6.5% through 2026, according to the Mortgage Bankers Association and Fannie Mae projections.