Mortgage rates today, September 23, 2026: 30-year fixed rate falls to 6.92%. See 15-year, ARM and refinance rates and what homebuyers should know. 

Updated on: Sep 23, 2026, 17:04:34 IST

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The average 30-year fixed mortgage rate is 6.92% on Wednesday, September 23, 2026. That is 11 basis points lower than Tuesday's rate, giving homebuyers a small drop in borrowing costs. The latest figures come from the Zillow lender marketplace. Mortgage rates are national averages and are rounded to the nearest hundredth, so the actual rate offered to a borrower can be different, according to Zillow.

15-year fixed mortgage rate also moves lower

The average 15-year fixed mortgage rate is 6.48% today. It is 2 basis points lower than yesterday. A 15-year mortgage generally comes with a lower interest rate than a 30-year loan. However, borrowers have to repay the loan in half the time, which means their monthly payments are usually higher.

Other mortgage rates today

• 20-year fixed: 6.79%
• 15-year fixed: 6.48%
• 5/1 ARM: 6.99%
• 7/1 ARM: 6.81%
• 30-year VA: 6.54%
• 15-year VA: 6.25%
• 5/1 VA: 6.28%

The 5/1 ARM increased to 6.99%, up 5 basis points from Tuesday. These figures are national averages based on the latest Zillow data, according to Zillow.

What the 6.92% rate means for homebuyers

The fall in the 30-year rate means borrowers could get a slightly lower rate than they would have received yesterday, depending on their lender and financial profile. A 30-year fixed mortgage can make monthly payments more manageable because the loan is repaid over a longer period.

The biggest benefit is payment stability: the interest rate does not change from year to year. However, homebuyers should remember that their total monthly housing cost can still change because property taxes and homeowners insurance may increase.

The biggest drawback of a 30-year mortgage

The lower monthly payment comes with a higher long-term interest cost. A 30-year fixed mortgage generally has a higher interest rate than a shorter-term fixed mortgage. Because the borrower is making payments for 30 years, they can end up paying significantly more interest over the full life of the loan. So, buyers need to look at both the monthly payment and the total interest cost before choosing a loan.

15-year mortgage: lower rate but higher monthly payment

A 15-year fixed mortgage offers a shorter repayment period. Borrowers can pay off their home loan 15 years earlier than with a 30-year mortgage. The shorter loan term also usually comes with a lower interest rate.

This can help borrowers save a large amount of money in interest over the life of the loan. The trade-off is that the same loan amount has to be repaid in half the time, so monthly payments are higher.

5/1 ARM rate rises to 6.99%

The average 5/1 adjustable-rate mortgage, or ARM, is 6.99% today, up 5 basis points from Tuesday. With a 5/1 ARM, the initial interest rate remains fixed for the first five years.

After that period, the rate can adjust once a year for the rest of the loan. This means borrowers may initially get a lower payment, but their rate and monthly payment can change later.

Why some buyers choose an ARM

The main attraction of an ARM is its introductory rate. The initial rate is often lower than the rate on a 30-year fixed mortgage, which can reduce monthly payments during the early years. An ARM could make sense for someone who expects to move or sell the home before the initial fixed-rate period ends. But borrowers should understand what could happen to their payments after the introductory period expires.

The risk of an adjustable-rate mortgage

The biggest uncertainty with an ARM is what mortgage rates will look like when the fixed period ends. If rates rise, the borrower's mortgage rate and monthly payment could also increase.

That could make the loan more expensive over time. Unlike a fixed-rate mortgage, borrowers cannot count on having the same interest rate for the entire loan. Borrowers should discuss the possible future rate changes with their lender before choosing an ARM.

Mortgage refinance rates today

Homeowners looking to refinance are also seeing different rates today. The latest Zillow figures show:

• 30-year refinance: 7.01%
• 20-year refinance: 6.60%
• 15-year refinance: 6.47%
• 5/1 ARM refinance: 7.17%
• 7/1 ARM refinance: 6.53%
• 30-year VA refinance: 6.52%
• 15-year VA refinance: 6.32%
• 5/1 VA refinance: 5.80%

These are national averages rounded to the nearest hundredth, according to Zillow.

Refinancing can have a different rate from buying

Mortgage refinance rates are often higher than rates offered to people buying a home, although that is not always the case. Homeowners considering a refinance should compare their current mortgage rate with the new rate. They should also consider closing costs and other fees before deciding whether refinancing would actually save money.

What homebuyers should focus on today

The 30-year fixed rate has moved down to 6.92%, but a small daily move should not be the only factor in a homebuying decision. Buyers should compare offers from different lenders because the actual rate can vary based on their financial situation.

They should look at the monthly payment, interest rate, loan term and total interest cost. Buyers choosing between fixed and adjustable loans should also consider how long they expect to stay in the home. Today's lower 30-year rate may improve borrowing costs slightly, but buyers still need to weigh the long-term cost and payment risks of each mortgage type.

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