According to rates from the Zillow lender marketplace, refinance mortgage rates are mostly lower than purchase rates as of Monday, October 5, 2026.
Today, Monday, October 5, 2026, the 30-year fixed purchase rate is 7.40%, 9 basis points higher than the current refinance rate. The 15-year fixed purchase rate of 6.66% is 3 basis points lower than the 15-year refi rate. The 5/1 ARM purchase rate of 7.40% is 7 basis points higher than the 5/1 refi rate.
Today’s mortgage rates
Here are the current mortgage rates today, Monday, October 5, 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, Monday, October 5, 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.
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30-year mortgage rates today
Today's average 30-year purchase mortgage rate 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 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 6.66% 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.
Frequently Asked Questions (FAQ)
Refinance rates are typically slightly higher than purchase rates due to risk pricing. However, market dynamics—such as lender competition, shifts in secondary market demand for mortgage-backed securities, or specific loan term demands (like 30-year fixed vs. 5/1 ARMs)—can occasionally cause refinance rates to dip below purchase rates.
Fixed-Rate Mortgage: Your interest rate and monthly principal-and-interest payment remain identical for the entire loan duration (e.g., 15 or 30 years).
Adjustable-Rate Mortgage (ARM): Your rate is locked for an initial promotional period (e.g., 5 years on a 5/1 ARM or 7 years on a 7/1 ARM) and then adjusts annually based on market benchmarks.
While a 15-year term requires higher monthly principal-and-interest payments, it typically offers a lower interest rate and cuts the repayment schedule in half. On a $300,000 loan balance (comparing 6.70% on a 30-year vs. 6.04% on a 15-year), a 15-year mortgage saves $239,880 in total interest over the life of the loan.
Discount points are optional upfront fees paid at closing to permanently lower your mortgage interest rate (1 point = 1 of the total loan amount, typically reducing the rate by 0.25%). They are worth purchasing if you plan to stay in the home longer than the breakeven period (Cost of Points \Monthly Saving ).
Adjustable-Rate Mortgage (ARM): The initial low rate is fixed for a multi-year period (e.g., 5 years) and then fluctuates based on broader market indexes.
Temporary Buydown (e.g., 2-1 Buydown): Applies to a standard fixed-rate mortgage. Your rate starts 2% lower in year one and 1% lower in year two before stabilizing at the full fixed note rate for the remaining term, typically funded via seller or lender concessions at closing.
Suresh holds a Master of Commerce (M.Com) degree and is a dedicated personal finance researcher and writer. Combining his advanced academic background in commerce with deep industry research, he covers complex topics like taxation, banking systems, credit analysis, and personal finance strategies. As the founder of Tax Assistant (taxassistant.org), Suresh is committed to translating complicated financial guidelines and economic data into simple, accurate, and actionable educational resources for everyday readers.
