According to the Zillow lender marketplace, mortgage rates are falling today, Wednesday, July 8, 2026, compared to yesterday. The 30-year fixed-rate purchase loan fell 2 basis points to 6.34%, the 15-year fixed purchase loan declined by 7 basis points to 5.76%, and the 5/1 ARM purchase rate fell 8 basis points to 6.23%.
Read more: Weekly survey of mortgage lenders with the lowest rates: Rates bubble higher
Today’s mortgage rates
Here are the current mortgage rates for Wednesday, July 8, 2026, according to the latest Zillow data:
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30-year fixed: 6.34%
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20-year fixed: 6.12%
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15-year fixed: 5.76%
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5/1 ARM: 6.23%
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7/1 ARM: 6.17%
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30-year VA: 5.77%
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15-year VA: 5.43%
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5/1 VA: 5.72%
Remember, these are the national averages and rounded to the nearest hundredth.
Learn about how mortgage rates are determined
Today’s mortgage refinance rates
These are today’s mortgage refinance rates for Wednesday, July 8, 2026, according to the latest Zillow data:
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30-year fixed: 6.30%
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20-year fixed: 6.39%
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15-year fixed: 5.77%
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5/1 ARM: 6.16%
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7/1 ARM: 6%
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30-year VA: 5.73%
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15-year VA: 5.43%
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5/1 VA: 5.58%
Again, the numbers provided are national averages rounded to the nearest hundredth. Mortgage refinance rates are often higher than rates when you buy a house, although that’s not always the case.
Learn more: 8 tips for getting the lowest mortgage rates
Use our mortgage calculator
Use the mortgage calculator below to see how various interest rates and loan amounts will affect your monthly payments. It also shows how the term length plays into things.
You can bookmark the Yahoo Finance mortgage payment calculator and keep it handy for future use, as you shop for homes and the best lenders. You even have the option to enter costs for private mortgage insurance (PMI) and homeowners’ association dues if those apply to you. These details result in a more accurate monthly payment estimate than if you simply calculated your mortgage principal and interest.
30-year fixed mortgage rates
There are two main advantages to a 30-year fixed mortgage: Your payments are lower, and your monthly payments are predictable.
A 30-year fixed-rate mortgage has relatively low monthly payments because you’re spreading your repayment out over a longer period of time than with, say, a 15-year mortgage. Your payments are predictable because, unlike with an adjustable-rate mortgage (ARM), your rate isn’t going to change from year to year. Most years, the only things that might affect your monthly payment are any changes to your homeowners insurance or property taxes.
The main disadvantage of 30-year fixed mortgage rates is the mortgage interest, both in the short and long term.
A 30-year fixed-term loan comes with a higher interest rate than a shorter-term fixed-rate loan. You’ll also pay much more in interest over the life of your loan due to both the higher rate and the longer term.
15-year fixed mortgage rates
The pros and cons of 15-year fixed mortgage rates are essentially the same as those of 30-year rates. Yes, your monthly payments will remain predictable, and another advantage is that shorter terms come with lower interest rates. Not to mention, you’ll pay off your mortgage 15 years sooner. So you could save hundreds of thousands of dollars in interest over the life of your loan.
However, because you’re paying off the same amount in half the time, your monthly payments will be higher than if you choose a 30-year term.
Learn more: Should you get a 15-year or a 30-year mortgage?
Adjustable mortgage rates
Adjustable-rate mortgages lock in your rate for a predetermined period, then adjust it periodically. For example, with a 5/1 ARM, your rate stays the same for the first five years and then goes up or down once per year for the remaining 25 years.
The main advantage is that the introductory rate is usually lower than what you’ll get with a 30-year fixed rate, so your monthly payments will be lower. (Current average rates don’t reflect this, though — fixed rates are actually lower, according to Zillow data. Talk to your lender before deciding between a fixed or adjustable rate.)
With an ARM, you have no idea what mortgage rates will be like once the intro-rate period ends, so you risk your rate increasing later. This could ultimately end up costing more, and your monthly payments are unpredictable from year to year.
But if you plan to move before the intro-rate period is over, you could reap the benefits of a low rate without risking a rate increase down the road.
Keep reading: Learn more about the differences between adjustable-rate and fixed-rate mortgages
Today’s mortgage rates: FAQs
What is a 30-year mortgage rate right now?
The national average 30-year mortgage rate is 6.34% right now, according to data compiled from the Zillow lender marketplace. But keep in mind that averages can vary depending on where you live. For example, mortgage rates vary by state, and if you’re buying in a city with a high cost of living, rates could be higher.
Are mortgage rates dropping?
Yes, rates are lower today compared to yesterday. The 30-year fixed-rate purchase loan fell 2 basis points to 6.34%, the 15-year fixed purchase loan declined by 7 basis points to 5.76%, and the 5/1 ARM purchase rate fell 8 basis points to 6.23%.
How do I get the lowest refinance rate?
In many ways, securing a low mortgage refinance rate is similar to when you bought your home. Try to improve your credit score and lower your debt-to-income ratio (DTI). Refinancing into a shorter term will also land you a lower rate, though your monthly mortgage payments will be higher.