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Rates in this article show daily averages based on Better Mortgage data, not APRs. Real rates and APRs vary by borrower.
As of July 9, 2026, the average interest rate on a 30-year fixed mortgage is 6.68%, and the average 15-year fixed rate is 6.22%. Refinance rates are running close to purchase rates: the 30-year fixed refinance averages 6.68%, and the 15-year fixed refinance averages 5.93%. A 5/1 ARM is averaging around 6.32%.
These are national averages, not personalized quotes, and average rates shift daily based on bond market activity, inflation data, and other economic data.
Your actual rate will depend on your credit score, down payment, loan amount, and lender.
Today's mortgage rates at a glance
| Loan type | Average rate |
|---|---|
| 30-year fixed | 6.68% |
| 15-year fixed | 6.22% |
| 5/1 ARM | 6.32% |
| 30-year fixed refinance | 6.68% |
| 15-year fixed refinance | 5.93% |
These are national averages — your actual rate depends on your credit score, down payment, loan amount, and lender.
To see rates that are personalized to your financial situation, you can get a preapproval from a lender.
...in as little as 3 minutes — no credit impact
What's moving rates this week
Mortgage rates track the bond market more closely than they track the Federal Reserve's benchmark rate. Even with the Fed holding its short-term rate steady at its last meeting, longer-term Treasury yields, which fixed mortgage rates follow more directly, have moved up this week as renewed conflict between the U.S. and Iran rattled markets.
Rising oil prices tend to signal higher inflation ahead, and higher expected inflation pushes bond yields, and mortgage rates, up. That's been the main driver behind this week's move, layered on top of inflation that's already stayed above the Fed's 2% target.
The next major data points to watch are the upcoming Consumer Price Index report and next month's jobs report, though headlines could move rates before either lands.
30-year fixed rates are now near their highest level in roughly 10 months, and how much further they move depends largely on how the geopolitical situation develops.
Should you lock your rate today or wait?
If you're within 30 to 45 days of closing on a home, locking your rate now is usually the lower-risk move. Rates can reprice the same day on a strong jobs number, a hot inflation report, or an escalation in geopolitical tension.
If you have more time before closing, it can make sense to watch how this week's headlines develop before deciding. Many lenders offer float-down options that allow you to lock a rate and then move to a lower rate should it drop before closing. Terms, fees, and eligibility vary by lender, so ask directly about what's available to you.
Either way, it's worth shopping around for mortgage rates rather than accepting the first quote you get. Rate spreads of a quarter to half a percentage point between lenders are common for the same borrower profile.
30-year fixed vs. 15-year fixed: which one fits you
A 30-year fixed loan spreads your payments over a longer term, which lowers your monthly payment but means you'll pay more interest over the life of the loan. A 15-year fixed loan carries a lower rate, but a higher monthly payment because you're paying off the balance twice as fast.
Example is for illustrative purposes only. Rates, payments, and total interest will vary based on credit profile, loan terms, and market conditions.
On a $400,000 loan, a 30-year fixed at 6.68% runs a monthly principal-and-interest payment in the neighborhood of $2,550, while a 15-year fixed at 6.22% would run closer to $3,410 a month.
But you'd own the home outright in half the time and pay substantially less interest overall. If you're not sure which fits your budget, a mortgage calculator can help you model both scenarios against your actual numbers.
There's no universally right answer here. It comes down to whether your priority is the lowest possible monthly payment or the lowest total cost over time, and how much flexibility you have in your budget either way.
Refinancing at today's rates
Refinancing makes sense only when your savings from the new loan outweigh the closing costs of the new loan. This is called the break-even timeline.
If your current rate is well above today's refinance rates, it's worth running the numbers, but if you're only a fraction of a point above today's average, the math may not work once fees are factored in.
If refinancing would lower your rate by half a percentage point or more, the new loan could save money, depending on how long you keep the new loan.
A refinance calculator can help you estimate your break-even point based on your actual balance, new rate, and closing costs. For a deeper look at when refinancing actually makes sense, weigh your remaining loan term against how long you plan to stay.
...in as little as 3 minutes — no credit impact
FHA and VA borrowers: what today's rates mean
Government-backed loans are tracking close to conventional rates today, with 30-year FHA loans averaging 6.20% and 30-year VA loans averaging 6.22%. FHA loans allow lower down payments and more flexible credit requirements, while VA loans, which are available only to eligible service members, veterans, and some surviving spouses, often require no down payment.
If you're weighing loan types, compare the full cost picture, not just the rate. A loan's APR, or annual percentage rate, combines all the costs of borrowing.
Our guides to FHA versus conventional loans and VA loans versus conventional loans break down qualification differences. If you're considering an adjustable option, a 7/6 ARM — fixed for the first seven years before adjusting — is worth understanding alongside the shorter 5/1 ARM structure.
Frequently asked questions
Are mortgage rates going up or down right now, and should I lock in today or wait?
Rates have drifted higher over the past couple of days as renewed U.S.-Iran tension pushed oil prices and bond yields up, putting the 30-year fixed near its highest level in about 10 months. If you're closing within 30 to 45 days, locking now is generally the lower-risk choice, since rates can move quickly on new headlines or economic data.
I have a credit score around 680. What mortgage rate can I actually expect today?
The rates listed here are national averages for borrowers with strong credit and typical down payments. With a credit score around 680, you may see a rate somewhat above today's average, since lenders price in more risk for lower scores. The only way to know your actual rate is to get a personalized quote.
Is it worth refinancing right now if my current rate is 7.2%?
If your current rate is meaningfully above today's average — a gap of half a percentage point or more is a common threshold — it's worth running the numbers. At 7.2% versus today's 6.68% refinance average, many borrowers would see a reduction in costs, but closing costs and how long you plan to stay in the home both factor into the actual savings.
What's the difference between today's 30-year fixed rate and a 15-year fixed rate, and which one should I choose?
The 15-year fixed rate is lower (6.22% versus 6.68% today), but the monthly payment is higher because you're paying off the loan twice as fast. Choose the 30-year if a lower monthly payment matters more to your budget; choose the 15-year if minimizing total interest paid is the priority and the higher payment is comfortable.
Why do mortgage rates change every day, and what's moving them this week?
Mortgage rates move with the bond market, particularly long-term Treasury yields, more than they move with the Fed's short-term benchmark rate. This week, renewed conflict between the U.S. and Iran pushed oil prices and bond yields higher, which pulled mortgage rates up with them. Upcoming inflation and employment data (or further geopolitical developments) are the next likely catalysts.
Bottom line on today's rates
Mortgage rates today are trending higher: 6.68% for a 30-year fixed, 6.22% for a 15-year fixed, with refinance rates running close behind.
Whether you're buying or refinancing, the most useful next step is the same: Compare real quotes based on your own credit, income, and loan amount, rather than relying on the national average alone.
...in as little as 3 minutes — no credit impact
Rates shown in this article 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.