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Rates listed in this article are daily averages based on Better Mortgage data. They are not quotes for any specific borrower and not APRs. Real rates and APRs are specific to each borrower.
As of today, Tuesday, July 21, 2026, the average 30-year fixed mortgage rate is 6.71%, the average 15-year fixed rate is 6.18%, and the average 7/6 SOFR ARM rate is 6.38%. Mortgage News Daily's index publishes around 4PM EST, so today's close hasn't posted yet — these figures reflect Monday's settled rates, the most recent available.
Refinance rates are running about the same as purchase rates, with the 30-year fixed refinance averaging 6.71% and the 15-year fixed refinance averaging 6.08%.
These are national averages. They set the context for real rates and APRs, but the rate you're offered will be different. It will depend on your credit score, down payment, loan amount, and lender.
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Today's mortgage rates at a glance
| Loan type | Average rate |
|---|---|
| 30-year fixed | 6.71% |
| 15-year fixed | 6.18% |
| 7/6 SOFR ARM | 6.38% |
| 30-year fixed refinance | 6.71% |
| 15-year fixed refinance | 6.08% |
What's moving rates this week
Mortgage rates track bond market activity more closely than any single headline. When investors expect stronger inflation or economic growth, bond yields tend to rise, and mortgage rates follow. When inflation data comes in softer than expected or investors seek safer assets, yields — and rates — tend to ease.
Monday's move was a clear example. Rates ended the prior week at their lowest point in several days, then climbed at the start of this week, with the 30-year fixed average rising from 6.63% on Friday to 6.71% on Monday.
The driver behind that increase was renewed weakness in the bond market tied to escalating geopolitical tension in the Middle East, which has pushed energy prices higher. Higher energy prices ramp up inflation fears.
Some other rate trackers are showing modest easing in Tuesday-morning data, but Better's rate reporting follows Mortgage News Daily's official close, which posts later in the afternoon. We'll reflect any move once that print settles, in tomorrow's update.
That's a normal pattern: rates rarely move in a straight line, and day-to-day swings of a few basis points are common even when the broader trend is flat. If you're watching today's mortgage rates, it helps to focus on the trend over a week or two rather than reacting to a single day's rate report.
Rate vs. APR: What's the difference?
The rate you see in a table like the one above is the interest rate: the percentage used to calculate your monthly principal and interest payment.
The annual percentage rate, or APR, is a broader number that includes lender fees and discount points. APRs show the full, anticipated cost of the mortgage when it's repaid on schedule.
Two lenders can advertise the same interest rate and have different APRs, because one might charge more in origination fees or points.
When you shop around for mortgage rates, compare APRs side by side, not just the headline rate, so you're comparing the true cost of each offer.
Should you lock your rate today
A rate lock guarantees your interest rate for a set period, typically 30 to 60 days, while your loan moves through underwriting. Locking protects you if rates rise before closing, but it also means you won't automatically benefit if rates fall afterward.
Some 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. Whether a float-down makes sense for you depends on your lender's specific terms and fees, so ask directly about availability and cost rather than assuming it's included.
There's no single right answer on timing. If you have a closing date approaching and a rate you're comfortable with, locking removes uncertainty. If your closing is further out and you're comfortable with some risk, you may choose to wait and watch the market a bit longer — a floating interest rate strategy that carries its own tradeoffs.
Some borrowers also ask their loan officer whether mortgage rates are negotiable — points, credits, and lender fees all factor into your final rate, separate from the daily national average.
Fixed rate vs. 7/6 SOFR ARM at today's rates
A 7/6 SOFR ARM keeps your rate fixed for the first seven years, then adjusts the rate every six months afterward based on the Secured Overnight Financing Rate plus a lender margin.
At 6.38%, the ARM's introductory rate sits below the 30-year fixed rate of 6.71%, which can mean meaningfully lower payments during the fixed period.
The tradeoff is what happens after year seven. If rates are higher when your adjustment period begins, your payment can increase. Sometimes an ARM's rate can go up substantially, depending on your loan's rate caps.
An ARM tends to make the most sense if you're confident you'll sell, refinance, or pay off the loan before the fixed period ends. If you plan to stay in the home long-term and want payment certainty, a fixed rate removes that uncertainty entirely. Many ARM borrowers also look into whether you can refinance an ARM loan into a fixed rate before the adjustment period begins.
You can learn more about how a 7/6 ARM works before deciding.
Frequently asked questions
What are mortgage rates today, and how are they calculated?
As of today, Tuesday, July 21, 2026, the average 30-year fixed rate is 6.71%, the 15-year fixed rate is 6.18%, and the 7/6 SOFR ARM is 6.38%, reflecting Monday's settled close since today's index hasn't posted yet. These averages come from daily industry rate tracking and reflect what lenders are quoting to borrowers with strong credit and typical down payments; individual rates are set based on each borrower's credit score, down payment, loan amount, and loan type.
Why did mortgage rates change today compared to last week?
Rates move with bond market activity, which responds to inflation data, Treasury yield movement, and broader economic and geopolitical news. Monday's increase, from 6.63% on Friday to 6.71%, followed renewed bond market weakness tied to escalating tension in the Middle East and its effect on energy prices. Softer inflation readings tend to push rates down, while stronger growth expectations or market uncertainty tend to push them up.
Is now a good time to lock in a mortgage rate, or should I wait?
That depends on your timeline and risk tolerance. Locking protects you from rate increases before closing but means you won't benefit if rates drop afterward. If your closing date is near, locking removes uncertainty; if it's further out, you may choose to monitor rates a bit longer.
How much would my monthly payment be at today's rates on a $400,000 loan?
At today's 6.71% 30-year fixed rate, principal and interest on a $400,000 loan run about $2,584 per month. At the 15-year fixed rate of 6.18%, the same loan amount runs about $3,414 per month. Your actual payment will vary based on taxes, insurance, and your specific rate. You can try out your own numbers with a mortgage calculator.
What's the difference between today's mortgage rate and the APR I'll actually be quoted?
The interest rate calculates your principal and interest payment. The APR adds in lender fees and discount points, giving a fuller picture of the loan's total cost. Two loans with the same rate can have different APRs depending on fees charged.
Should I choose a 30-year fixed or a 7/6 SOFR ARM at today's rates?
A 7/6 SOFR ARM's introductory rate of 6.38% is lower than today's 30-year fixed rate of 6.71%, which can lower payments for the first seven years. But your rate can rise after that period based on market conditions. A fixed rate makes sense if you want payment certainty for the long term; an ARM can make sense if you expect to sell, refinance, or pay off the loan within the fixed period.
How do today's refinance rates compare to purchase rates?
Refinance and purchase rates are running close together: 6.71% for both the 30-year fixed refinance and the 30-year fixed purchase loan, and 6.08% for a 15-year fixed refinance versus 6.18% for a 15-year fixed purchase loan. Refinance pricing can vary from purchase pricing based on loan-to-value, cash-out amount, and other factors, so the two don't always move in lockstep. See today's refinance rates and use a refinance calculator to check whether refinancing now would save you money.
What credit score do I need to get today's advertised mortgage rate?
Advertised averages typically reflect borrowers with strong credit, generally in the high-700s or above, along with a standard down payment. Lower credit scores usually come with higher rates, though you can still qualify for a mortgage with a lower score — you'll just want to compare offers carefully since your quoted rate may sit above the daily average. Government-backed options like FHA loans compared to conventional loans can also offer more flexible credit requirements.
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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.