On Friday, July 24, 2026, the mortgage market presented a mixed picture for prospective homebuyers and those considering a refinance. While the benchmark 30-year fixed-rate mortgage saw a modest decrease, other loan types experienced slight increases, highlighting a volatile interest rate environment. According to data from the Zillow lender marketplace, the average 30-year fixed purchase rate fell by 5.9 basis points to 6.455%. In contrast, the 15-year fixed loan rate climbed by 11.4 basis points.
Today’s Mortgage Purchase Rates: July 24, 2026
For those looking to purchase a home, understanding the daily shifts in rates is crucial. A basis point is one-hundredth of a percentage point, so even small changes can affect a borrower’s monthly payment and total interest paid over the life of a loan. Here are the national average purchase rates for today:
- 30-year fixed-rate: 6.455%
- 20-year fixed-rate: 6.301%
- 15-year fixed-rate: 5.94%
- 5/1 ARM: 6.223%
- 7/1 ARM: 6.213%
- 30-year VA loan: 6.046%
- 15-year VA loan: 5.818%
- 5/1 VA ARM: 5.925%
Current Mortgage Refinance Rates
Refinance rates often trend slightly higher than purchase rates, as lenders may perceive them as a slightly different risk category. Homeowners looking to secure a lower rate, change their loan term, or tap into home equity should monitor these figures closely. The latest refinance rates are as follows:
- 30-year fixed refinance: 6.621%
- 20-year fixed refinance: 6.51%
- 15-year fixed refinance: 5.914%
- 5/1 ARM refinance: 6.491%
- 7/1 ARM refinance: 6.425%
- 30-year VA refinance: 5.946%
- 15-year VA refinance: 5.682%
- 5/1 VA ARM refinance: 5.688%
Market Analysis and Economic Context
Today’s mixed rate movements reflect ongoing economic uncertainty. The decrease in the 30-year fixed rate, the most popular home loan product, offers a slight reprieve for buyers facing affordability challenges. However, the increase in shorter-term fixed loans suggests that lender sentiment about near-term risk may be shifting. Adjustable-rate mortgages (ARMs) remain an option, with the 5/1 ARM rate dipping slightly. An ARM offers a lower introductory rate for a fixed period (in this case, five years) before adjusting annually. This can be a strategic choice for buyers who plan to sell or refinance before the initial fixed period ends, but it carries the risk of future rate hikes.
Broader market data from Freddie Mac shows the average 30-year mortgage rate at 6.58% through Wednesday of this week, up from 6.55% a week prior but down from 6.72% a year ago. This year-over-year decline indicates a general, albeit slow, improvement in borrowing costs for consumers.
Expert Forecasts for 2026-2027
Looking ahead, major industry bodies offer cautious optimism. The Mortgage Bankers Association (MBA) forecasts that the 30-year mortgage rate will hover between 6.4% and 6.5% for the remainder of 2026. Fannie Mae aligns with this, predicting a rate of 6.4% by year-end. For 2027, the MBA expects rates to remain stable at around 6.5%, while Fannie Mae predicts a potential further decline to a range of 6.3% to 6.4%. These projections depend heavily on inflation trends and future Federal Reserve policy decisions.
Frequently Asked Questions (FAQ)
What is the difference between a fixed-rate and an adjustable-rate mortgage (ARM)?
A fixed-rate mortgage maintains the same interest rate for the entire duration of the loan, typically 15 or 30 years. This provides a stable, predictable monthly payment. An ARM, such as a 5/1 or 7/1 ARM, has an interest rate that is fixed for an initial period (5 or 7 years) and then adjusts periodically (usually annually) based on a benchmark index. ARMs often start with a lower rate than fixed loans but introduce the risk of higher payments in the future.
How does my credit score impact the mortgage rate I’m offered?
Your credit score is one of the most significant factors lenders use to determine your mortgage rate. A higher score indicates to lenders that you are a lower-risk borrower, which typically results in a lower interest rate offer. Borrowers with FICO scores of 740 or above generally qualify for the best available rates, while those with lower scores will be offered higher rates to compensate the lender for the increased risk.
Is now a good time to refinance my mortgage?
Whether it’s a good time to refinance depends on your current interest rate, financial goals, and how long you plan to stay in your home. A common rule of thumb is to consider refinancing if you can secure a rate that is at least 0.75% to 1% lower than your current rate. This can lead to significant savings on your monthly payment and total interest. However, you must also account for closing costs, which can range from 2% to 5% of the loan amount. Other reasons to refinance include switching from an ARM to a fixed-rate loan for stability or cashing out home equity for renovations or debt consolidation.
