According to rates from the Zillow lender marketplace, mortgage rates are generally higher today, Sunday, October 4, 2026, than last week. The current 30-year fixed rate is up 10 basis points to 7.40%, the 15-year fixed rate is down 5 basis points to 6.66%, and the 5/1 ARM is up 50 basis points to 7.40%.
Today’s mortgage rates
Here are the current mortgage rates today, Sunday, October 4, 2026, according to the latest Zillow data:
- 30-year fixed: 7.40%
- 20-year fixed: 7.34%
- 15-year fixed: 6.66%
- 5/1 ARM: 7.40%
- 7/1 ARM: 7.16%
- 30-year VA: 6.81%
- 15-year VA: 6.32%
- 5/1 VA: 6.25%
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, Sunday, October 4, 2026, according to the latest Zillow data:
- 30-year fixed: 7.31%
- 20-year fixed: 7.43%
- 15-year fixed: 6.69%
- 5/1 ARM: 7.33%
- 7/1 ARM: 7.09%
- 30-year VA: 6.95%
- 15-year VA: 6.68%
- 5/1 VA: 6.19%
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.
Monthly mortgage payment calculator
Use the mortgage calculator below to see how various mortgage terms and interest rates will impact your monthly payments.
Monthly Mortgage Payment Calculator
You can bookmark the tax assistant mortgage payment calculator and keep it handy for future use. It also considers factors like property taxes and homeowners insurance when determining your estimated monthly mortgage payment. This gives you a more realistic idea of your total monthly payment than if you just looked at mortgage principal and interest.
30-year vs. 15-year fixed mortgage rates
The average 30-year mortgage rate today is 7.40%. A 30-year term is the most popular type of mortgage because by spreading out your payments over 360 months, your monthly payment is lower than with a shorter-term loan.
The average 15-year mortgage rate is 6.66% today. When deciding between a 15-year and a 30-year mortgage, consider your short-term versus long-term goals.
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 accumulate. But the trade-off is that your monthly payment will be higher as you pay off the same amount in half the time.
Let's say you get a $300,000 mortgage. With a 30-year term and a 6.41% rate, for example, your monthly payment toward the principal and interest would be about $1,878.48, and you'd pay $376,254 in interest over the life of your loan — on top of that original $300,000.
If you get that same $300,000 mortgage with a 15-year term and a 5.80% rate, for example, your monthly payment would jump to $2,499.27. But you'd only pay $149,869 in interest over the years.
Fixed-rate vs. adjustable-rate mortgages
With a fixed-rate mortgage, your rate is locked in for the entire life of your loan. You will get a new rate if you refinance your mortgage, though.
An adjustable-rate mortgage keeps your rate the same for a predetermined period. Then, the rate will go up or down depending on several factors, such as the economy, and the maximum amount your rate can change according to your contract. For example, with a 7/1 ARM, your rate would be locked in for the first seven years, then change every year for the remaining 23 years of your term.
Adjustable rates typically start lower than fixed rates, but once the initial rate-lock period ends, your rate may increase. Lately, though, some fixed rates have been starting lower than adjustable rates. Talk to your lender about its rates before choosing one or the other.
How to get a low mortgage rate
The best mortgage lenders typically offer the lowest mortgage rates to borrowers with larger 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.
Waiting for rates to drop probably isn't the best method to get the lowest mortgage rate right now. If you're ready to buy, focusing on your personal finances is probably the best way to lower your rate.
How to choose a mortgage lender
To find the best mortgage lender for your situation, apply for mortgage preapproval with three or four companies. Just be sure to apply to all of them within a short time frame — doing so will give you the most accurate comparisons and have less of an impact on your credit score.
When choosing a lender, don't just compare interest rates. Look at the mortgage annual percentage rate (APR) — this factors in the interest rate, any discount points, and fees. The APR, which is also expressed as a percentage, reflects the true annual cost of borrowing money. This is probably the most important number to look at when comparing mortgage lenders.
Although a 15-year fixed mortgage offers a lower interest rate (e.g., 6.66% vs. 7.40% in the article), you are compressing the loan repayment into 180 months instead of 360. Because the principal balance is paid off in half the time, the required monthly principal contribution is significantly larger, resulting in a higher monthly bill despite paying less total interest overall.
Interest savings are substantial on a shorter-term loan. Using the example from the post on a $300,000 loan:
30-Year Fixed (at 6.41%): ~$376,254 in total interest
15-Year Fixed (at 5.80%): ~$149,869 in total interest
In this scenario, opting for the 15-year mortgage saves $226,385 in interest over the life of the loan.
Interest Rate: The percentage cost of borrowing the principal balance each year.
APR (Annual Percentage Rate): The broader measure of your borrowing cost, incorporating the baseline interest rate plus upfront costs such as discount points, origination charges, and other loan fees.
Comparing APRs across lenders provides a more accurate view of the total cost of borrowing.
Fixed-Rate Mortgage: Locks in your interest rate and monthly principal-and-interest payment for the entire life of the loan.
Adjustable-Rate Mortgage (ARM): Holds a fixed interest rate for an initial introductory period (e.g., 5 or 7 years for a 5/1 or 7/1 ARM). Once that period expires, the rate resets periodically (usually once a year) based on prevailing market benchmarks and contractual rate caps.
Lenders generally view refinancing as carrying slightly higher risk or administrative costs compared to a standard home purchase. Additionally, refinance quotes can vary based on whether you are doing a rate-and-term refinance or pulling equity out via a cash-out refinance. However, rate spreads vary, and refinance rates can occasionally match or drop below purchase rates depending on lender competition and market fluctuations.
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
