According to the Zillow lender marketplace, mortgage rates are mostly lower today, ahead of the Fed’s conclusion of its two-day rate-setting meeting.
The average 30-year fixed rate today, Wednesday, September 16, 2026, is 7.00%, down 2 basis points since yesterday. The 15-year fixed loan is currently 6.36%, 4 basis points higher than yesterday. The 5/1 ARM is 7.21%, down 12 basis points from Tuesday.
Today’s mortgage rates
Here are the current mortgage rates for Wednesday, September 16, 2026, according to the latest Zillow data:
- 30-year fixed: 7.00%
- 20-year fixed: 7.06%
- 15-year fixed: 6.36%
- 5/1 ARM: 7.21%
- 7/1 ARM: 6.64%
- 30-year VA: 6.51%
- 15-year VA: 6.17%
- 5/1 VA: 6.38%
Remember, these are the national averages and rounded to the nearest hundredth.
Today’s mortgage refinance rates
These are today’s mortgage refinance rates for Wednesday, September 16, 2026, according to the latest Zillow data:
- 30-year fixed: 6.99%
- 20-year fixed: 6.88%
- 15-year fixed: 6.41%
- 5/1 ARM: 7.06%
- 7/1 ARM: 6.76%
- 30-year VA: 6.51%
- 15-year VA: 6.08%
- 5/1 VA: 5.86%
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.
Use our mortgage calculator
Use the mortgage calculator below to see how various interest rates and loan amounts will affect your monthly payments. It also shows how the term length plays into things.
Mortgage Calculator
Monthly Payment: $0.00
You can bookmark the tax assistant mortgage payment calculator and keep it handy for future use, as you shop for homes and the best lenders. You even have the option to enter costs for private mortgage insurance (PMI) and homeowners’ association dues if those apply to you. These details result in a more accurate monthly payment estimate than if you simply calculated your mortgage principal and interest.
30-year fixed mortgage rates
There are two main advantages to a 30-year fixed mortgage: Your payments are lower, and your monthly payments are predictable.
A 30-year fixed-rate mortgage has relatively low monthly payments because you’re spreading your repayment out over a longer period of time than with, say, a 15-year mortgage. Your payments are predictable because, unlike with an adjustable-rate mortgage (ARM), your rate isn’t going to change from year to year. Most years, the only things that might affect your monthly payment are any changes to your homeowners insurance or property taxes.
The main disadvantage of 30-year fixed mortgage rates is the mortgage interest, both in the short and long term.
A 30-year fixed-term loan comes with a higher interest rate than a shorter-term fixed-rate loan. You’ll also pay much more in interest over the life of your loan due to both the higher rate and the longer term.
15-year fixed mortgage rates
The pros and cons of 15-year fixed mortgage rates are essentially the same as those of 30-year rates. Yes, your monthly payments will remain predictable, and another advantage is that shorter terms come with lower interest rates. Not to mention, you’ll pay off your mortgage 15 years sooner. So you could save hundreds of thousands of dollars in interest over the life of your loan.
However, because you’re paying off the same amount in half the time, your monthly payments will be higher than if you choose a 30-year term.
Adjustable mortgage rates
Adjustable-rate mortgages lock in your rate for a predetermined period, then adjust it periodically. For example, with a 5/1 ARM, your rate stays the same for the first five years and then goes up or down once per year for the remaining 25 years.
The main advantage is that the introductory rate is usually lower than what you’ll get with a 30-year fixed rate, so your monthly payments will be lower. Talk to your lender before deciding between a fixed or adjustable rate.
With an ARM, you have no idea what mortgage rates will be like once the intro-rate period ends, so you risk your rate increasing later. This could ultimately end up costing more, and your monthly payments are unpredictable from year to year.
But if you plan to move before the intro-rate period is over, you could reap the benefits of a low rate without risking a rate increase down the road.
Lenders assume less financial risk with a 15-year mortgage because the loan is paid off in half the time. Since the lender gets their money back quicker, they reward borrowers with a lower interest rate. However, because the repayment window is compressed into 180 months instead of 360, your monthly payment will be significantly higher even though the rate is lower.
The Federal Reserve does not directly set mortgage rates. Instead, it sets the federal funds rate (the interest rate banks charge each other for overnight loans). Mortgage rates are tied more closely to the 10-year U.S. Treasury yield. However, when the Fed signals rate hikes or cuts to manage inflation, overall borrowing costs shift across the economy, prompting mortgage lenders to adjust their daily average rates up or down in anticipation.
Refinance rates are usually slightly higher than purchase rates due to differing risk models and loan pricing adjustments. Lenders often apply additional risk fees to cash-out refinances or balance adjustments, and demand for purchase mortgages vs. refinances shifts how aggressively banks price each product.
An Adjustable-Rate Mortgage (ARM) offers a fixed, lower interest rate for an initial term (e.g., 5 years for a 5/1 ARM or 7 years for a 7/1 ARM). After that initial period ends, the interest rate adjusts once per year based on current market indexes. When it makes sense: An ARM can save you money if you plan to sell the home, pay off the loan, or refinance before the initial fixed-rate period expires.
The risk: If you stay in the home past the fixed period, your rate and monthly payment could rise significantly.
Interest Rate: The base percentage fee the lender charges you to borrow the principal balance. This determines your monthly principal and interest payment. APR: A broader measure of borrowing costs that includes the interest rate plus additional upfront lender fees, discount points, broker fees, and closing costs. Comparing APRs gives you a more complete picture of the true cost when shopping between different lenders.
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.
