According to the Zillow lender marketplace, mortgage rates are mixed today, Thursday, August 27, 2026, compared with yesterday. The 30-year fixed-rate purchase loan rose 4 basis points to 6.57%; the 15-year fixed purchase loan increased by 3 basis points to 5.97%; and the 5/1 ARM purchase rate fell 21 basis points to 6.35%.
Today’s mortgage rates
Here are the current purchase mortgage rates for today, Thursday, August 27, 2026, according to the latest Zillow data:
- 30-year fixed: 6.57%
- 20-year fixed: 6.25%
- 15-year fixed: 5.97%
- 5/1 ARM: 6.35%
- 7/1 ARM: 6.24%
- 30-year VA: 6.11%
- 15-year VA: 5.64%
- 5/1 VA: 5.88%
Remember, these are the national averages and rounded to the nearest hundredth.
Today’s mortgage refinance rates
Here are the current refinance mortgage rates for today, Thursday, August 27, 2026, according to the latest Zillow data:
- 30-year fixed: 6.50%
- 20-year fixed: 6.64%
- 15-year fixed: 5.93%
- 5/1 ARM: 6.19%
- 7/1 ARM: 6.20%
- 30-year VA: 5.96%
- 15-year VA: 5.81%
- 5/1 VA: 5.71%
As with mortgage rates for purchase, these are national averages that we’ve rounded to the nearest hundredth. Refinance rates can be higher than purchase mortgage rates, but that isn’t always the case.
Monthly mortgage payment calculator
Use the mortgage calculator below to see how various mortgage rates will impact your monthly payments.
You can bookmark the Yahoo Finance mortgage payment calculator and keep it handy for future use, as you shop for homes and lenders. Be sure to use the dropdown to include private mortgage insurance costs and HOA dues if they apply to you. These monthly expenses, along with your mortgage principal and interest rate, will give you a realistic idea of what your monthly payment could be.
How do mortgage rates work?
A mortgage interest rate is the fee charged by a lender for borrowing money, expressed as a percentage. There are two basic types of mortgage rates: fixed and adjustable rates.
A fixed-rate mortgage locks in your rate for the entire life of your loan. For example, if you get a 30-year mortgage with a 6% interest rate, your rate will remain at 6% for the entire 30 years. (Unless you refinance or sell the home.)
An adjustable-rate mortgage keeps your rate the same for the first few years, then changes it periodically. Let’s say you get a 5/1 ARM with an introductory rate of 6%. Your rate would be 6% for the first five years, and then the rate would increase or decrease once per year for the last 25 years of your term. Whether your rate goes up or down depends on several factors, such as the economy and the U.S. housing market.
At the beginning of your mortgage term, most of your monthly payment goes toward interest. As time passes, less of your payment goes toward interest, and more goes toward the mortgage principal or the amount you originally borrowed.
How are mortgage rates determined?
Two categories determine mortgage rates: those you can control and those you cannot.
What factors can you control? First, you can compare the best mortgage lenders to find the one that gives you the lowest rate and fees.
Second, lenders typically extend lower rates to people with higher credit scores, lower debt-to-income (DTI) ratios, and considerable down payments. If you can save more or pay down debt before securing a mortgage, a lender will probably give you a better interest rate.
What factors can you not control? In short, the economy.
The list of ways the economy impacts mortgage rates is long, but here are the basic details. If the economy — for example, employment rates — is struggling, mortgage rates decrease to encourage borrowing, which helps boost the economy. If the economy is strong, mortgage rates go up to temper spending.
With all other factors being equal, mortgage refinance rates are typically slightly higher than purchase rates. So don’t be surprised if your refinance rate is higher than you may have expected.
30-year vs. 15-year fixed mortgage rates
Two of the most common mortgage terms are 30-year and 15-year fixed-rate mortgages. Both lock in your rate for the entire loan term.
A 30-year mortgage is popular because it has relatively low monthly payments. But it comes with a higher interest rate than shorter terms, and because you’re accumulating interest for three decades, you’ll pay a lot of interest in the long run.
A 15-year mortgage can be a good choice because it has a lower rate than you’ll get with longer terms, so you’ll pay less in interest over the years. You’ll also pay off your mortgage much faster. But your monthly payments will be higher because you’re paying off the same loan amount in half the time.
Basically, 30-year mortgages are more affordable from month to month, while 15-year mortgages are cheaper in the long run.
Purchase rates apply when you borrow money to buy a new property, while refinance rates apply when replacing an existing mortgage with a new loan structure. While refinance rates are traditionally slightly higher due to lender processing costs and risk profiles, market conditions can cause refinance rates to temporarily fall below purchase rates for specific loan terms (such as today’s 30-year and 15-year fixed loans).
Lenders assume less long-term risk with a 15-year loan because the capital is returned twice as fast. To incentivize borrowers to take on higher monthly principal payments, lenders offer lower interest rates (e.g., 5.97% for a 15-year vs. 6.57% for a 30-year purchase loan).
A fixed-rate mortgage keeps your interest rate unchanged for the entire 15-, 20-, or 30-year period. An ARM (like a 5/1 or 7/1 ARM) maintains a fixed intro rate for an initial period (5 or 7 years), after which the interest rate adjusts periodically (once per year) based on prevailing economic indices and housing market trends.
VA loans are backed and guaranteed by the U.S. Department of Veterans Affairs. This government backing lowers the financial risk for private lenders, allowing them to offer lower interest rates and more flexible terms to eligible active-duty service members, veterans, and military spouses.
Mortgage rates are influenced by broader economic indicators (inflation, employment, national economic strength) as well as personal financial factors you control:
Credit Score: Higher scores unlock lower rates.
Debt-to-Income (DTI) Ratio: Lower DTIs indicate lower debt stress to lenders.
Down Payment / Equity: Larger down payments decrease lender risk and secure better pricing.
Lender Selection: Rate quotes vary across different marketplace lenders.
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.
