According to average rates from the Zillow lender marketplace, the current 30-year fixed rate fell by 4 basis points to 6.40%, the 15-year fixed rate was unchanged at 5.86%, and the 5/1 ARM rose by 6 basis points to 6.52%.
Read more: Weekly survey of mortgage lenders with the lowest rates: 6% is back (without fees)
Today’s mortgage rates
Here are the current mortgage rates today, Saturday, July 4, 2026, according to the latest Zillow data:
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30-year fixed: 6.40%
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20-year fixed: 6.29%
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15-year fixed: 5.86%
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5/1 ARM: 6.52%
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7/1 ARM: 6.30%
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30-year VA: 5.81%
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15-year VA: 5.51%
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5/1 VA: 5.74%
Remember, these are the national averages and are rounded to the nearest hundredth.
Read more: Discover 8 strategies for getting the lowest mortgage rates
Today’s mortgage refinance rates
These are today’s mortgage refinance rates, Saturday, July 4, 2026, according to the latest Zillow data:
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30-year fixed: 6.38%
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20-year fixed: 6.12%
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15-year fixed: 5.84%
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5/1 ARM: 6.33%
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7/1 ARM: 6.04%
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30-year VA: 5.80%
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15-year VA: 5.51%
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5/1 VA: 5.70%
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.
Read more: Want to refinance your mortgage in 2026? Here’s what to do.
Free mortgage calculator
Use the mortgage calculator below to see how today’s interest rates would affect your monthly mortgage payments.
You can bookmark the Yahoo Finance mortgage payment calculator and keep it handy for future use, as you shop for homes and the best mortgage lenders. You also have the option to enter costs for private mortgage insurance (PMI) and homeowners’ association dues, if applicable. 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: Pros and cons
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 comes with a higher rate than a shorter fixed term, and it’s higher than the intro rate to a 30-year ARM. The higher your rate, the higher your monthly payment. 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: Pros and cons
The pros and cons of 15-year fixed mortgage rates are basically swapped with those of the 30-year rates. Yes, your monthly payments will still be predictable, but 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: Dig deeper into 15-year vs. 30-year mortgages
Adjustable mortgage rates: Pros and cons
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 might not necessarily reflect this, though — in some cases, fixed rates are actually lower. 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.
Read more: Learn whether now is a good time to get an adjustable-rate mortgage
Is now a good time to buy a house?
First of all, now is a good time to buy a house compared to a couple of years ago. Home prices aren’t spiking like they were during the height of the COVID-19 pandemic. So, if you want or need to buy a house soon, you should feel pretty good about the current housing market.
Plus, despite the recent uptick, mortgage rates are lower than they were this time last year.
The best time to buy is typically whenever it makes sense for your stage of life. Trying to time the real estate market can be as futile as timing the stock market — buy when it’s the right time for you.
Learn more: Which is more important, your home price or mortgage rate?
Today’s mortgage rates: FAQs
Why do 30-year mortgage rates vary by the source reporting them?
According to Zillow, the national average 30-year mortgage rate is 6.40% right now. Why are Zillow’s rates usually different than those reported by Freddie Mac (which reported 6.43% this week) and elsewhere? Each source compiles rates by different methods, and rates are reported for different time frames. Zillow obtains rates from its lender marketplace and reports them daily, while Freddie Mac pulls information from loan applications submitted to its underwriting system and averages them for the week. However, mortgage rates vary by state and even ZIP code, by lender, loan type, and many other factors. That’s why it’s so important to shop with multiple mortgage lenders.
Are interest rates expected to go down?
According to the latest available forecasts, the MBA expects the 30-year mortgage rate to be between 6.4% and 6.5% through 2026. Fannie Mae predicts a 30-year rate of 6.4% through the end of the year.
Are mortgage rates dropping?
Some rates are dropping today, while some are not. The current 30-year fixed rate fell by 4 basis points to 6.40%, the 15-year fixed rate was unchanged at 5.86%, and the 5/1 ARM rose by 6 basis points to 6.52%.
How do I get the lowest refinance rate?
In many ways, securing a low mortgage refinance rate is similar to the process you used 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.