Prices today are variable, mostly higher

The average 30-year fixed-rate mortgage rose 12 basis points, according to mortgage marketplace Zillow 6.47% today, on Friday 10 July 2026. The average 15-year fixed rate decreased by 3 basis points 5.86%. The average 5/1 ARM rose 11 basis points 6.46%.

Read more: Weekly survey of the lowest interest rate mortgage lenders: Interest rates are rising

Current mortgage interest rates

Here are the current purchase prices according to the latest Zillow data Friday 10 July 2026:

• 30-year fixed: 6.47%

• 20-year fixed: 6.39%

• 15-year fixed: 5.91%

• 5/1 ARM: 6.46%

• 7/1 ARM: 6.49%

• 30 year VA: 5.90%

• 15 years VA: 5.57%

• 5/1 VA: 5.59%

Remember that these are national averages and are rounded to the nearest hundredth.

Current mortgage refinancing rates

These are the latest refinance rates, according to the latest Zillow data Friday 10 July 2026:

• 30-year fixed: 6.47%

• 20-year fixed: 6.29%

• 15-year fixed: 5.84%

• 5/1 ARM: 6.54%

• 7/1 ARM: 6.67%

• 30 year VA: 5.75%

• 15 years VA: 5.54%

• 5/1 VA: 5.44%

The figures given again are national averages rounded to the nearest hundredth. Mortgage refinancing rates are often higher than home purchase rates, although this is not always the case.

More information: Learn more about seven home refinancing options

Free mortgage check

The interest rate on your mortgage has a big impact on the size of the monthly installment. Use this mortgage calculator to see how your mortgage amount, interest rate and loan term affect your monthly payments:

You can bookmark Yahoo Finance mortgage payment calculator and keep it available for future reference when shopping for homes and borrowers.

How mortgage interest rates work

Home loan interest is a percentage payment from your lender. You can choose from two prices: fixed or adjustable.

A fixed-rate mortgage locks in your interest rate for the duration of your loan. For example, if you get a 30-year mortgage with an interest rate of 6 percent, your interest rate will remain at 6 percent for the entire 30 years unless you refinance or sell.

An adjustable rate mortgage locks in your interest rate for a predetermined period of time and then adjusts it regularly. Let’s say you get a 7/1 ARM with an intro rate of 6%. Your rate would be 6% for the first seven years, then the rate would increase or decrease once a year for the last 23 years of your term. Whether your interest rate goes up or down depends on a number of factors, including the economy and the housing market.

At the beginning of the mortgage term, most of your monthly payment goes to interest. towards your monthly payment mortgage capital and the interest remains the same throughout the year. However, less and less of your payment goes towards interest, and more goes towards the principal of the mortgage or the amount you originally borrowed.

Read more: Find out if an adjustable rate vs. fixed rate mortgage is better for you

What length of mortgage term should you take?

A 30-year fixed-rate mortgage is a good choice if you want a lower mortgage payment and the predictability of a fixed rate. Just know that your interest rate will be higher than if you choose a shorter term, and you’ll pay significantly more interest over the years.

You should consider a 15-year fixed-rate mortgage if you want to pay off your mortgage quickly and save on interest. These shorter terms come with lower interest rates, and since you’re cutting your repayment period in half, you’ll save a lot on interest in the long run. But you need to be sure you can comfortably afford the higher monthly payments that come with 15-year terms.

Read more: Learn how to choose between a 15-year and a 30-year fixed-rate mortgage

In general, an adjustable rate mortgage may be suitable if you plan to sell before the introductory rate period ends. Adjustable rates usually start out lower than fixed rates, and then the rate changes after a predetermined amount of time. However, 5/1 and 7/1 ARM rates have recently been similar to (or even higher than) 30-year fixed rates. Before you get an ARM just for the lower rate, compare your rate options by term and lender to lender.

Are mortgage interest rates falling?

Some prices will go down, but not all. The average 30-year fixed-rate mortgage rose 12 basis points, according to mortgage marketplace Zillow 6.47% today, on Friday 10 July 2026. The average 15-year fixed rate decreased by 3 basis points 5.86%. The average 5/1 ARM rose 11 basis points 6.46%.

Mortgage interest rates today: FAQ

What are mortgage rates doing today?

The average 30-year mortgage rate was 6.49% through Wednesday, up from 6.43% a week earlier, according to Freddie Mac. A year ago, the average interest rate for 30-year mortgages was 6.72%.

How low will mortgage interest rates drop in 2026?

According to the latest projections, the MBA expects the 30-year mortgage rate to be between 6.4% and 6.5% by 2026. Fannie Mae forecasts a 30-year rate of 6.4% until the end of the year.

How low could mortgage rates drop by 2027?

Mortgage rates are unlikely to change much in 2027. The MBA projects 30-year fixed rates at 6.5% for all of 2027. However, Fannie Mae is more optimistic, projecting average rates between 6.3% and 6.4% throughout 2027.