According to average rates from the Zillow lender marketplace, mortgage rates are lower heading into the holiday-shortened week.
The current 30-year fixed rate today, Tuesday, September 8, 2026, fell 4 basis points to 6.67%, the 15-year fixed rate decreased 10 basis points to 6.04%, and the 5/1 ARM fell 39 basis points to 6.64%.
Today’s mortgage rates
Here are the current mortgage rates today, Tuesday, September 8, 2026, according to the latest Zillow data:
- 30-year fixed: 6.67%
- 20-year fixed: 6.66%
- 15-year fixed: 6.04%
- 5/1 ARM: 6.64%
- 7/1 ARM: 6.53%
- 30-year VA: 6.32%
- 15-year VA: 5.91%
- 5/1 VA: 5.93%
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, Tuesday, September 8, 2026, according to the latest Zillow data:
- 30-year fixed: 6.73%
- 20-year fixed: 6.68%
- 15-year fixed: 6.11%
- 5/1 ARM: 6.50%
- 7/1 ARM: 6.63%
- 30-year VA: 6.23%
- 15-year VA: 5.86%
- 5/1 VA: 6.01%
Again, the numbers provided are national averages rounded to the nearest hundredth. Refinance rates are usually higher than purchase rates.
tax assistant mortgage calculator
A mortgage calculator can help you see how various mortgage term lengths and interest rates will affect your monthly payments. Use this mortgage calculator to explore different outcomes.
You can bookmark the tax assistant mortgage payment calculator and keep it handy for future use, as you shop for homes and lenders. It also considers factors like property taxes and homeowners insurance when calculating your estimated monthly mortgage payment. This gives you a better idea of your total monthly payment than if you just looked at the mortgage principal and interest.
30-year vs. 15-year fixed mortgage rates
Generally, 15-year mortgage rates are lower than those for 30-year mortgages. When comparing 15- versus 30-year mortgage rates, know that the shorter term will save you money on interest in the long run. However, your monthly payments will be higher because you’re paying off the same loan amount in half the time.
For example, with a $400,000 mortgage with a 30-year term and a 6.19% rate, you’ll make a monthly payment of about $2,447.28 toward your mortgage principal and interest. As interest accumulates over decades, you’ll end up paying $481,021 in interest.
If you get a $400,000 15-year mortgage with a 5.65% rate, for example, you’ll pay about $3,300.26Â monthly toward your principal and interest. However, you’ll only pay $194,047Â in interest over the years.
If that 15-year mortgage payment is too high, remember you can always make extra payments on your 30-year loan to pay it off faster and ultimately pay less interest.
Fixed-rate vs. adjustable-rate mortgages
With a fixed-rate mortgage, your rate is locked in from day one. However, you will get a new rate if you refinance your mortgage.
An adjustable-rate mortgage keeps your rate the same for a specified period. Then, the rate will increase or decrease 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 adjust annually for the remainder of your term.
Adjustable rates sometimes start lower than fixed rates, but once the initial rate-lock period ends, you risk your interest rate going up. ARM rates have also been starting higher than fixed rates recently, so you may not always get a rate break.
Lenders assume less risk with a 15-year loan because the principal is repaid twice as fast, reducing the time frame during which a borrower could potentially default or market conditions could change. To reward borrowers for taking on higher monthly payments and returning capital faster, lenders offer lower interest rates.
Historically, Adjustable-Rate Mortgages (ARMs) offered lower initial interest rates than fixed-rate loans to compensate for future rate uncertainty. However, in current market conditions (such as the 6.64% 5/1 ARM vs. 6.67% 30-year fixed rate), ARM rates are closely aligned with or sometimes higher than fixed rates, making fixed-rate loans a more attractive option for stability.
Refinance loans often carry slightly higher interest rates (e.g., 6.73% vs. 6.67% for a 30-year fixed) because lenders view them as carrying slightly more riskâparticularly cash-out refinances. Additionally, transaction costs, lender pricing adjustments, and secondary market demand for refinance debt drive the small premium over purchase loans.
Yes. You can make additional principal payments on a 30-year mortgage at any time without penalty. By making extra principal payments each month, you pay off the principal faster, drastically reduce total interest paid, and shorten your payoff timeline while maintaining the flexibility of a lower mandatory monthly payment if your budget changes.
Your base mortgage payment consists of Principal and Interest (P&I). However, most lenders require an escrow account that collects 1/12th of your annual property taxes and homeowners insurance (and PMI, if applicable) alongside your monthly payment. This means your actual out-of-pocket housing payment (PITI) will be noticeably higher than the principal and interest figure alone.
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
