Mortgage rates today are mostly lower, with 30-year rates at 6.54% and 15-year rates at 5.86%. See current mortgage and refinance rates.

Updated on: Aug 16, 2026, 19:12:16 IST

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Mortgage rates are mostly lower than last week, according to the latest data from Zillow’s lender marketplace. The 30-year fixed mortgage rate is 6.54%, up 3 basis points from last week. The 15-year fixed mortgage rate is 5.86%, down 15 basis points. The 5/1 adjustable-rate mortgage (ARM) is 6.24%, down 13 basis points. These are national average rates, rounded to the nearest hundredth, according to Zillow data.

Today’s mortgage rates: August 16, 2026

Here are the latest mortgage rates for Sunday, August 16, according to Zillow:

• 30-year fixed: 6.54%
• 20-year fixed: 6.31%
• 15-year fixed: 5.86%
• 5/1 ARM: 6.24%
• 7/1 ARM: 6.38%
• 30-year VA: 6.08%
• 15-year VA: 5.63%
• 5/1 VA: 5.68%

The rates are national averages and may be different from the rate offered to an individual borrower, depending on factors such as credit score, income, debt and down payment.

Mortgage refinance rates today

Refinance rates are also available for homeowners looking to replace their current mortgage with a new loan. According to the latest Zillow data, today’s refinance rates are:

• 30-year fixed refinance: 6.59%
• 20-year fixed refinance: 6.18%
• 15-year fixed refinance: 5.88%
• 5/1 ARM refinance: 6.44%
• 7/1 ARM refinance: 6.35%
• 30-year VA refinance: 6%
• 15-year VA refinance: 5.79%
• 5/1 VA refinance: 5.39%

These figures are also national averages rounded to the nearest hundredth, according to Zillow. Refinance rates are often higher than rates for buying a home, although that is not always the case.

A 30-year mortgage gives borrowers lower monthly payments

The 30-year fixed mortgage rate is 6.54% today. The 30-year mortgage is the most popular home loan because borrowers get 30 years, or 360 months, to repay it. This longer repayment period usually means lower monthly payments. However, borrowers may end up paying more interest over the full loan period, according to Yahoo Finance.

A 15-year mortgage has a lower rate but higher monthly payments

The 15-year fixed mortgage rate is 5.86% today. A 15-year mortgage lets homeowners pay off their loan faster and save money on interest. But the monthly payment is higher because the loan must be paid back in half the time.

For example, on a $300,000 mortgage, a 30-year loan at a 6.41% rate would have a monthly principal-and-interest payment of about $1,878.48, as cited by Yahoo Finance. The borrower would pay about $376,254 in interest over the full 30 years, on top of the original $300,000 loan. With the same $300,000 loan on a 15-year mortgage at 5.80%, the monthly principal-and-interest payment would rise to about $2,499.27. But total interest would fall to about $149,869 over the life of the loan.

This shows the main trade-off: 30-year loans usually mean lower monthly payments, while 15-year loans can mean much lower total interest.

Fixed-rate mortgages keep the same interest rate

With a fixed-rate mortgage, the interest rate stays locked for the entire life of the loan. This means borrowers generally know what their principal-and-interest payment will be throughout the loan. If the homeowner later refinances, the new mortgage will have a new interest rate.

Adjustable-rate mortgages can change later

An adjustable-rate mortgage, or ARM, keeps the initial interest rate fixed for a set period. After that period ends, the rate can move higher or lower depending on economic conditions and the limits written into the mortgage contract. For example, a 7/1 ARM keeps its initial rate for seven years. After that, the rate can change once every year for the remaining 23 years of a 30-year loan, according to Yahoo Finance.

ARMs often start with lower rates than fixed-rate mortgages. However, the rate can increase after the initial fixed period ends. Some fixed-rate mortgages have recently started with lower rates than certain adjustable-rate loans, so borrowers should compare the actual rates offered by lenders before making a decision.

Borrowers can improve their chances of getting a lower rate

Lenders generally offer their best mortgage rates to borrowers with:

• Higher credit scores
• Larger down payments
• Lower debt-to-income ratios

Borrowers who want a lower mortgage rate can work on improving their credit, paying down debt or saving for a larger down payment before applying. Simply waiting for mortgage rates to fall may not be the best strategy for every buyer. If someone is financially ready to purchase a home, improving their own financial profile can also help them qualify for a better rate.

Compare several mortgage lenders before choosing one

Homebuyers should consider getting mortgage preapproval from three or four lenders before choosing a loan. Applying within a short period can make it easier to compare different offers while limiting the effect of multiple credit checks on the borrower’s credit score.

Borrowers should not compare lenders based only on the advertised interest rate. They should also look at the annual percentage rate (APR). The APR includes the interest rate along with factors such as discount points and fees. Because it reflects more of the total cost of borrowing, the APR can give borrowers a better way to compare mortgage offers from different lenders.

A mortgage calculator can show the real monthly cost

A mortgage calculator can help prospective borrowers see how different loan amounts, repayment periods and interest rates may change their monthly payments. It can also factor in expenses such as property taxes and homeowners insurance, offering a more accurate picture of the overall monthly cost of owning a home rather than focusing only on principal and interest.

Mortgage rates are mostly lower than last week, but the 30-year fixed rate remains above 6% at 6.54%, according to Zillow’s latest data. Though the 15-year fixed mortgage rate is lower—at – paltry 5.86%—the shorter repayment period typically means higher monthly payments.

In return, borrowers can pay off their loans sooner and reduce the amount of interest paid over the life of the mortgage. For refinancing, the 30-year fixed rate stands at 6.59%, while the 15-year fixed refinance rate is 5.88%. Before selecting a mortgage, borrowers should compare offers from multiple lenders, review the APR and consider factors such as their credit profile, existing debt and down payment.

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