![Better](https://cdn.builder.io/api/v1/image/assets%2Fea37b90b89334a2ab1714e2159c75418%2Fe2da67fb77e4423989a8b49ac50cb0aa?{"fit":"thumb","width":100})
Rates included in this article are daily averages based on Better Mortgage data, not APRs. Real rates and APRs vary by borrower.
The average 30-year fixed mortgage rate is 6.63% today, July 8, 2026, up slightly from yesterday. The 15-year fixed rate is 6.17%.
These figures are national averages based on daily industry rate data, not APRs, and they assume a well-qualified borrower with strong credit and a standard down payment.
Your actual rate will differ from these averages based on your credit score, down payment, loan type, and lender. The most direct way to know your real number is to check your personalized rate online, which takes a few minutes and does not affect your credit score if the lender uses a soft credit check.
...in as little as 3 minutes – no credit impact
Today's mortgage rates at a glance
| Loan type | Average rate |
|---|---|
| 30-year fixed | 6.63% |
| 15-year fixed | 6.17% |
| 7/6 SOFR ARM | 6.32% |
| 30-year fixed refinance | 6.68% |
| 15-year fixed refinance | 5.96% |
These are national averages — your actual rate depends on your credit score, down payment, loan amount, and lender.
...in as little as 3 minutes — no credit impact
What's moving rates today
Oil prices are back in the driver's seat today. The U.S.-Iran ceasefire is showing signs of breaking down, and reports suggest oil flowing through the Strait of Hormuz, a critical shipping route for crude, is increasingly at risk of disruption.
The impact on average rates is fairly direct: higher oil prices push inflation expectations up, which pushes bond investors to demand higher yields on the 10-year Treasury. Since mortgage rates track that yield closely, higher yields mean higher rates for the average lender.
Today's move is modest so far, but late-day lender repricing is possible if oil prices keep climbing. According to recent industry data, this kind of volatility is common when geopolitical developments coincide with an active economic calendar.
30-year fixed vs. 15-year fixed vs. 7/6 ARM — which fits you
The 30-year fixed remains the most common mortgage in the U.S. because it spreads your payment over the longest term, keeping the monthly cost lower, though you pay more total interest over the life of the loan.
The 15-year fixed carries a meaningfully lower rate — 6.17% today versus 6.63% for the 30-year, a 46 basis point spread — and builds equity faster, but requires a higher monthly payment that can reduce how much home you qualify for.
How the 7/6 SOFR ARM works
A 7/6 SOFR ARM holds a fixed rate for the first seven years, then adjusts every six months afterward based on the SOFR index plus a margin, subject to rate caps that limit how much it can move at each adjustment. Today's 7/6 ARM rate of 6.32% sits 31 basis points below the 30-year fixed, a real but modest discount.
An ARM can make sense if you have a defined, shorter timeline: someone who's confident they'll sell or refinance before the seven-year fixed period ends. The risk is staying in the loan past that point if rates haven't moved in your favor. Your payment could increase at the first adjustment.
Example is for illustrative purposes only. Rates, payments, and total interest will vary based on credit profile, loan terms, and market conditions.
Refinance rates today and when refinancing makes sense
Refinance rates are running higher than purchase rates today: 6.68% for a 30-year fixed refinance and 5.96% for a 15-year fixed refinance, compared to 6.63% and 6.17% on the purchase side. Refinance rates are often priced slightly above purchase rates because lenders view refinancing as carrying somewhat more risk, particularly when loan-to-value is higher.
Rate-and-term vs. cash-out refinance
A rate-and-term refinance replaces your existing loan with a new one at a different rate or term, without touching your equity. A cash-out refinance replaces your loan with a larger one and gives you the difference in cash, which is useful for debt consolidation or home improvements, but it comes with a higher balance and, often, a higher rate than a rate-and-term refi.
Before refinancing, run your break-even math: divide your total closing costs by your projected monthly savings to find how many months it takes to recoup the cost. If you plan to stay in the home past that point, the refinance is generally worth it. Most lenders also require the loan to be seasoned for a minimum period and will order a new appraisal to confirm current value.
For a closer look at whether now is the right time, when to refinance your mortgage covers the most common scenarios.
What determines your personal mortgage rate
The national averages above are a benchmark, not a quote. Your actual mortgage rate is built from a handful of factors lenders evaluate directly:
- Credit score. This is typically the single biggest driver of rate variation. Learn more about the minimum credit score for a mortgage for the loan type you're considering.
- Down payment and loan-to-value ratio. A larger down payment lowers the lender's risk, which can translate into better pricing.
- Debt-to-income ratio (DTI). Lenders compare your total monthly debt payments to your gross monthly income; a lower DTI generally supports better pricing and more loan options.
- Loan type. Conventional, FHA, VA, and jumbo loans are priced differently based on the risk profile of each program.
Comparison shopping also matters. Rates vary across lenders, and mortgage rates are more negotiable than many borrowers assume.
Should you lock your rate now
A rate lock freezes your interest rate for a set period, usually 30 to 60 days, while your loan moves through underwriting, protecting you from increases before you close. If you're within a normal closing window and today's rate works for your budget, locking removes one variable from an already complex process.
Many lenders offer float-down options that allow you to lock a rate and then move to a lower rate should it drop materially before closing. This is a market-education point, not a suggestion to delay. If you're ready to lock, locking today doesn't close the door on a better rate later if your lender offers a float-down.
...in as little as 3 minutes — no credit impact
Frequently asked questions
What is the average 30-year mortgage rate today, and how is it calculated?
The average 30-year fixed mortgage rate today, July 8, 2026, is 6.63%. This figure is a daily national average based on industry rate data from a range of lenders, using a top-tier borrower scenario as the baseline. It's an interest rate, not an APR, and it's meant to track day-to-day change rather than serve as a personal quote.
I have a 680 credit score. Will I qualify for today's average rate or something higher?
A 680 credit score is below the top pricing tier most lenders use for their headline average, so you'd likely be offered a rate somewhat above today's national average. Improving your score before applying, or comparing multiple lenders, can help narrow that gap. Minimum credit score for a mortgage breaks down the thresholds by loan type.
Should I lock my rate now or wait to see if rates drop before I close?
If today's rate fits your budget and you're within a normal closing window, locking removes the risk of rates rising further before you close. Waiting for a possible drop carries real uncertainty. Rates could just as easily move higher, as they have today. Many lenders offer float-down options that let you move to a lower rate later if one becomes available, so locking now doesn't necessarily mean giving up on a better rate.
Is it better to get a 30-year fixed or a 7/6 ARM right now given how rates are moving?
It depends on your timeline. Today's 7/6 SOFR ARM rate (6.32%) is 31 basis points below the 30-year fixed (6.63%), which is a modest discount. If you're confident you'll sell or refinance within the seven-year fixed period, the ARM's lower rate can make sense. If you plan to stay in the home long-term, the payment certainty of a 30-year fixed is generally the safer choice, especially in a period of rate volatility like today.
I'm self-employed with variable income. Does that change the mortgage rate I'll be offered?
Self-employment itself doesn't set your rate, but lenders will look more closely at your income documentation, typically two years of tax returns, to establish a stable qualifying income figure. If your documented income supports a strong debt-to-income ratio and your credit profile is solid, you can qualify for the same rate tiers as a W-2 borrower.
The bottom line about today's average mortgage rates
Today's rates — 6.63% for a 30-year fixed, 6.17% for a 15-year fixed, and 6.32% for a 7/6 SOFR ARM — moved modestly higher on rising oil prices tied to the shaky U.S.-Iran ceasefire. Refinance rates are running a bit above purchase rates, as is typical.
Whether you're buying or refinancing, the national average is a starting point, not your number. The most useful next step is seeing your own personalized rate, which reflects your credit profile, down payment, and loan type.
...in as little as 3 minutes – no credit impact
Rates shown are daily average interest rates, not APRs, based on Better Mortgage data and are for informational purposes only. Rates are not guaranteed, may include borrower-paid or lender credits, and actual rates and terms vary by borrower and transaction. Comparison to industry average rates may not reflect individual borrower scenarios and is not a guarantee of lower rates or savings.