According to rates from the Zillow lender marketplace, refinance mortgage rates are mostly lower than purchase rates as of Monday, September 21, 2026.
Today, the 30-year fixed purchase rate is 7.04%, 3 basis points higher than the current refinance rate. The 20-year fixed purchase rate of 6.82% is 3 basis points higher than the 20-year refi rate. The 5/1 ARM purchase rate of 7.04% matches the 5/1 refi rate.
Today’s mortgage rates
Here are the current mortgage rates today, Monday, September 21, 2026, according to the latest Zillow data:
- 30-year fixed: 7.04%
- 20-year fixed: 6.82%
- 15-year fixed: 6.56%
- 5/1 ARM: 7.04%
- 7/1 ARM: 6.51%
- 30-year VA: 6.48%
- 15-year VA: 6.12%
- 5/1 VA: 6.34%
Remember, these are the national averages and are rounded to the nearest hundredth.
Today’s mortgage refinance rates
These are today’s mortgage refinance rates, Monday, September 21, 2026, according to the latest Zillow data:
- 30-year fixed: 7.01%
- 20-year fixed: 6.78%
- 15-year fixed: 6.42%
- 5/1 ARM: 7.04%
- 7/1 ARM: 6.67%
- 30-year VA: 6.69%
- 15-year VA: 6.73%
- 5/1 VA: 5.84%
Again, the numbers provided are national averages rounded to the nearest hundredth. Mortgage refinance rates are often higher than rates when you buy a house, although that’s not always the case.
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30-year mortgage rates today
Today's average 30-year purchase mortgage rate is 7.04%. A 30-year term is the most popular type of mortgage because by spreading out your payments over 360 months, your monthly payment is relatively low.
If you had a $300,000 mortgage with a 30-year term and a 6.70% rate, for example, your monthly payment toward the principal and interest would be about $1,935.04, and you'd pay $396,614 in interest over the life of the loan.
For reference, the calculation: at 6.70% over 360 months on $300,000, the monthly principal-and-interest payment comes out to $1,935.04, total payments over the loan term are about $696,614, and total interest is about $396,614.
15-year mortgage rates today
The average 15-year purchase mortgage rate is 6.56% today. Several factors must be considered when deciding between a 15-year and 30-year mortgage.
A 15-year mortgage comes with a lower interest rate than a 30-year term. This is great in the long run because you'll pay off your loan 15 years sooner, and that's 15 fewer years for interest to compound.
However, your monthly payments will be higher because you're squeezing the same debt payoff into half the time.
If you get that same $300,000 mortgage with a 15-year term and a 6.04% rate, for example, your monthly payment would jump to $2,537.41. But you'd only pay $156,734 in interest over the life of the loan. That's a sizable savings compared to the 30-year mortgage.
Adjustable mortgage rates
With an adjustable-rate mortgage, your rate is locked in for a set period and then adjusts periodically. For example, with a 5/1 ARM, your rate stays the same for the first five years, then changes every year.
Adjustable rates usually start lower than fixed rates, but you run the risk that your rate will go up once the introductory rate-lock period is over. But an ARM could be a good fit if you plan to sell the home before your rate-lock period ends — that way, you pay a lower rate without worrying about it rising later.
Lately, ARM rates have occasionally been similar to or higher than fixed rates. Before dedicating yourself to a fixed or adjustable mortgage rate, be sure to shop around for the best lenders and rates. Some will offer more competitive adjustable rates than others.
How to get a low mortgage rate
Mortgage lenders typically offer the lowest mortgage rates to people with higher down payments, excellent credit scores, and low debt-to-income ratios. So if you want a lower rate, try saving more, improving your credit score, or paying down some debt before you start shopping for homes.
You can also buy down your interest rate permanently by paying for discount points at closing. A temporary interest rate buydown is also an option — for example, maybe you get a 6.25% rate with a 2-1 buydown. Your rate would start at 4.25% for year one, increase to 5.25% for year two, then settle in at 6.25% for the remainder of your term.
Just consider whether these buydowns are worth the extra money at closing. Ask yourself if you'll stay in the home long enough that the amount you save with a lower rate offsets the cost of buying down your rate before making your decision.
As of September 21, 2026, refinance rates are mostly lower than or equal to purchase rates across several terms (for example, the 30-year fixed refinance rate is 7.01% compared to the 7.04% purchase rate). However, refinance rates can historically often be higher than standard purchase rates depending on market conditions.
On a $300,000 loan, a 15-year fixed mortgage at 6.04% requires a monthly payment of $2,537.41, while a 30-year fixed mortgage at 6.70% requires $1,935.04. The 15-year loan has a monthly payment that is about $602 higher, but saves $239,880.60 in total interest over the life of the loan.
An ARM offers a fixed interest rate for an initial lock period (such as 5 years for a 5/1 ARM or 7 years for a 7/1 ARM), after which the rate adjusts periodically based on market rates. Fixed-rate mortgages maintain the exact same interest rate and principal-and-interest payment for the entire loan term.
Lenders reserve their lowest mortgage rates for borrowers with high credit scores, larger down payments, and low debt-to-income (DTI) ratios. You can also lower your rate by paying for discount points at closing or opting for a temporary rate buydown (such as a 2-1 buydown).
While the basic mortgage calculation covers principal and interest, a complete estimated monthly payment often includes additional monthly obligations like property taxes and homeowners insurance.
Manoj Sharma is a Senior Writer on the banking team at Tax Assistant. He provides information on budgeting, bank accounts, the banking industry, and other related topics. Using original data and methodologies, he helps you identify the best financial institutions, accounts, and products tailored to your needs. Manoj holds a degree in Journalism and Political Science from Syracuse University. All articles are strictly reviewed and fact-checked by our panel of expert Chartered Accountants, including CA Devendra Saini, CA Nikhil Khunteta, and CA Ankit Goyal
