According to average rates from the Zillow lender marketplace, fixed and adjustable mortgage rates moved lower compared to Monday.
The current 30-year fixed rate today, Tuesday, September 29, 2026, fell 6 basis points to 7.24%, the 15-year fixed rate decreased 8 basis points to 6.63%, and the 5/1 ARM decreased 19 basis points to 6.71%.
Today’s mortgage rates
Here are the current mortgage rates today, Tuesday, September 29, 2026, according to the latest Zillow data:
- 30-year fixed: 7.24%
- 20-year fixed: 7.27%
- 15-year fixed: 6.63%
- 5/1 ARM: 6.71%
- 7/1 ARM: 7.05%
- 30-year VA: 6.84%
- 15-year VA: 6.46%
- 5/1 VA: 5.98%
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 29, 2026, according to the latest Zillow data:
- 30-year fixed: 7.26%
- 20-year fixed: 7.19%
- 15-year fixed: 6.73%
- 5/1 ARM: 6.75%
- 7/1 ARM: 6.71%
- 30-year VA: 6.82%
- 15-year VA: 6.65%
- 5/1 VA: 6.02%
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.
Monthly Mortgage Payment Calculator
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 $3,300.26 monthly toward your principal and interest. However, you'll only pay $194,047 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 view 15-year mortgages as lower risk because the loan is paid back in half the time, exposing the lender to less long-term market volatility and interest rate inflation. Because of this reduced risk, lenders offer a lower interest rate, though your monthly payment will be higher due to the shorter repayment timeline.
Significant savings accumulate over time. For example, on a $400,000 loan balance:
30-year fixed (at 6.19%): Total interest paid is approximately $481,021.
15-year fixed (at 5.65%): Total interest paid is approximately $194,047.
Choosing the 15-year option saves $286,974 in interest over the life of the loan.
Purchase rates apply when you are taking out a brand-new loan to buy a home.
Refinance rates apply when you are replacing an existing home loan with a new loan structure or interest rate.
Refinance rates are typically slightly higher than purchase rates due to extra risk assessments and administrative processing costs evaluated by lenders.
Fixed-Rate Mortgage: Your interest rate and principal-and-interest monthly payment remain identical for the entire loan duration (e.g., 15 or 30 years).
Adjustable-Rate Mortgage (ARM): Your rate remains locked for an initial promotional period (e.g., 5 years for a 5/1 ARM or 7 years for a 7/1 ARM) and then adjusts annually based on broader financial market indices.
While basic calculations cover only principal and interest (P&I), a comprehensive mortgage payment calculator incorporates:
Property Taxes: Local municipality real estate taxes.
Homeowners Insurance: Required property insurance coverage.
Private Mortgage Insurance (PMI): Often required if your down payment is less than 20%.
HOA Fees: Homeowners association dues (if applicable).
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
