According to average rates from the Zillow lender marketplace, mortgage rates moved lower compared to Monday, but the 30-year rate remains above 7%.
The current 30-year fixed rate today, Tuesday, September 22, 2026, fell 1 basis point to 7.03%, the 15-year fixed rate decreased 6 basis points to 6.50%, and the 5/1 ARM decreased 10 basis points to 6.94%.
Today’s mortgage rates
Here are the current mortgage rates today, Tuesday, September 22, 2026, according to the latest Zillow data:
- 30-year fixed: 7.03%
- 20-year fixed: 6.89%
- 15-year fixed: 6.50%
- 5/1 ARM: 6.94%
- 7/1 ARM: 6.54%
- 30-year VA: 6.53%
- 15-year VA: 6.17%
- 5/1 VA: 6.36%
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 22, 2026, according to the latest Zillow data:
- 30-year fixed: 7.10%
- 20-year fixed: 6.67%
- 15-year fixed: 6.54%
- 5/1 ARM: 7.17%
- 7/1 ARM: 6.65%
- 30-year VA: 6.58%
- 15-year VA: 6.61%
- 5/1 VA: 5.79%
Again, the numbers provided are national averages rounded to the nearest hundredth. Refinance rates are usually higher than purchase rates.
Yahoo Finance 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.
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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 take on less risk with a 15-year mortgage because the loan is repaid in half the time, reducing the duration of potential default or economic market changes. To incentivize buyers to accept higher monthly payments, lenders offer lower interest rates on shorter-term loans.
On a $400,000 loan, choosing a 15-year term (at 5.65%) instead of a 30-year term (at 6.19%) saves $286,974 in lifetime interest costs ($194,047 vs. $481,021). Total interest savings will vary based on current interest rates and loan size.
Refinance loans carry slightly higher rates because lenders evaluate them under a higher risk profile compared to initial purchase mortgages. Borrowers refinancing may be extracting cash equity or adjusting debt structures, leading lenders to price in a small rate premium to offset potential defaults.
Historically, ARMs offered significantly lower initial interest rates compared to fixed loans. However, when ARM rates remain close to or higher than standard fixed rates (e.g., a 5/1 ARM at 6.94% vs. a 15-year fixed at 6.50%), fixed-rate loans often provide better long-term predictability without the risk of future rate adjustments.
You can take out a 30-year mortgage to keep your mandatory monthly payment lower, then make optional extra payments directly toward the loan principal whenever possible. Applying extra money toward the principal reduces total compound interest over time and allows you to shorten the paydown schedule without committing to higher required monthly obligations.
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
