According to the Zillow lender marketplace, mortgage rates are surging alongside Treasury yields.
The average 30-year fixed rate today, Friday, September 25, 2026, is 7.21%, up 23 basis points since yesterday. The 15-year fixed loan is currently 6.64%, up 22 basis points from yesterday. The 5/1 ARM is 6.88%, up 18 basis points from Thursday.
Current mortgage rates
Here are the current purchase rates, according to the latest Zillow data, for Friday, September 25, 2026:
- 30-year fixed: 7.21%
- 20-year fixed: 7.17%
- 15-year fixed: 6.64%
- 5/1 ARM: 6.88%
- 7/1 ARM: 6.70%
- 30-year VA: 6.56%
- 15-year VA: 6.36%
- 5/1 VA: 6.23%
Remember, these are national averages and have been rounded to the nearest hundredth.
Current mortgage refinance rates
These are the latest refinance rates, according to the latest Zillow data, for Friday, September 25, 2026:
- 30-year fixed: 7.24%
- 20-year fixed: 7.23%
- 15-year fixed: 6.67%
- 5/1 ARM: 6.79%
- 7/1 ARM: 6.56%
- 30-year VA: 6.70%
- 15-year VA: 6.48%
- 5/1 VA: 5.89%
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.
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How mortgage interest rates work
A mortgage interest rate is a fee for borrowing money from your lender, expressed as a percentage. You can choose from two types of rates: fixed or adjustable.
A fixed-rate mortgage locks in your rate for the entire life of your loan. For example, if you obtain a 30-year mortgage with a 6% interest rate, your rate will remain at 6% for the entire 30-year term unless you refinance or sell.
An adjustable-rate mortgage locks in your rate for a predetermined period and then adjusts it periodically. Let's say you get a 7/1 ARM with an introductory rate of 6%. Your rate would be 6% for the first seven years, then the rate would increase or decrease once per year for the last 23 years of your term. Whether your rate goes up or down depends on several factors, such as the economy and housing market.
At the beginning of your mortgage term, most of your monthly payment goes toward interest. Your monthly payment toward mortgage principal and interest stays the same throughout the years. However, less and less of your payment goes toward interest, and more goes toward the mortgage principal or the amount you originally borrowed.
Which mortgage term length should you get?
A 30-year fixed-rate mortgage is a good choice if you want a lower mortgage payment and the predictability that comes with having a fixed rate. Just know that your rate will be higher than if you choose a shorter term, and you will pay significantly more in interest over the years.
You may want to consider a 15-year fixed-rate mortgage if you aim to pay off your home loan quickly and save money on interest. These shorter terms come with lower interest rates, and since you're cutting your repayment time in half, you'll save a lot in interest in the long run. But you'll need to be sure you can comfortably afford the higher monthly payments that come with 15-year terms.
Typically, an adjustable-rate mortgage might be suitable if you plan to sell before the introductory rate period ends. Adjustable rates usually start lower than fixed rates, and then your rate will change after a predetermined amount of time. However, 5/1 and 7/1 ARM rates have been similar to (or even higher than) 30-year fixed rates recently. Before getting an ARM just for a lower rate, compare your rate options from term to term and lender to lender.
Are mortgage rates decreasing?
No, rates are move appreciably higher compared to yesterday. The average 30-year fixed rate today, Friday, September 25, 2026, is 7.21%, up 23 basis points since yesterday. The 15-year fixed loan is currently at 6.64%, 22 basis points higher than yesterday. The 5/1 ARM is 6.88%, up 18 basis points from Thursday.
Mortgage rates are surging primarily due to rising U.S. Treasury yields. Because mortgage-backed securities track closely with Treasury bond yields, as yields rise, mortgage lenders adjust their rates upward to match market conditions.
Purchase rates apply when you are taking out a new mortgage to buy a home, while refinance rates apply when replacing an existing mortgage with a new loan structure. Refinance rates are typically slightly higher than purchase rates due to differences in lender risk pricing, though this is not always the case depending on market conditions and borrower qualifications.
Lenders offer lower interest rates on 15-year fixed loans because the shorter term reduces their overall lending risk and returns the principal faster. However, because you are repaying the total debt in half the time, your monthly payments will be significantly higher than with a 30-year loan.
A fixed-rate mortgage locks in your interest rate and monthly payment for the entire loan term (e.g., 15 or 30 years). An ARM locks in a fixed introductory rate for an initial period (such as 5 or 7 years), after which the rate adjusts periodically up or down based on current market interest rates.
At the beginning of your mortgage term, the majority of your monthly payment goes toward paying off interest. Over time, through amortization, the proportion shifts so that less of your payment goes toward interest and more goes directly toward paying down the principal balance.
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
