Mortgage rates are falling today, according to lender marketplace Zillow. Wednesday, July 8, 2026compared to yesterday. The 30-year fixed-rate purchase loan fell 2 basis points to 6.34%The 15-year fixed-money purchase loan fell 7 basis points to 5.76%, and the 5/1 ARM purchase rate fell 8 basis points to 6.23%.
Today’s mortgage rates
Here are the current mortgage rates Wednesday, July 8, 2026According to the latest Zillow data:
30 year fixed: 6.34%
20 year fixed: 6.12%
15 year fixed: 5.76%
5/1 HAND: 6.23%
7/1 ARM: 6.17%
30-year-old V.A.: 5.77%
15 year old VA: 5.43%
5/1 VA: 5.72%
Remember, these are national averages rounded to the nearest hundredth.
Find out how mortgage rates are determined
Today’s Mortgage Refinance Rates
These are today’s mortgage refinance rates for Wednesday, July 8, 2026According to the latest Zillow data:
30 year fixed: 6.30%
20 year fixed: 6.39%
15 year fixed: 5.77%
5/1 HAND: 6.16%
7/1 ARM: 6%
30-year-old V.A.: 5.73%
15 year old VA: 5.43%
5/1 VA: 5.58%
Again, the numbers provided are national averages rounded to the nearest hundredth. Mortgage refinance rates are often higher than rates when buying a home, although this is not always the case.
Find out more: 8 Tips to Get the Lowest Mortgage Rate
Use our mortgage calculator
Use the mortgage calculator below to see how different interest rates and loan amounts will affect your monthly payments. It also shows how the length of a term affects things.
Payment breakdown Depreciation
Mortgage payment calculator
Distribution of mortgage payments
81% Principal and interest
US$2149
0% Private Mortgage Insurance
You can bookmark Yahoo Finance’s Mortgage Payment Calculator and keep it handy for future reference as you shop for homes and with better lenders. You even have the option to enter private mortgage insurance (PMI) costs and homeowners association dues if they apply to you. This data allows you to get a more accurate estimate of your monthly payment than if you simply calculated your mortgage principal and interest.
30 year fixed mortgage rates
The 30-year fixed mortgage has two main advantages: your payments are lower and your monthly payments are predictable.
A 30-year fixed-rate mortgage has relatively low monthly payments because you spread the repayments over a longer period of time than, say, a 15-year mortgage. Your payments are predictable because, unlike an adjustable rate mortgage (ARM), your rate will not change from year to year. In most cases, the only thing that can affect your monthly payment is any changes to your homeowner’s insurance or property taxes.
The main disadvantage of 30-year fixed mortgage rates is the mortgage interest, both short term and long term.
A 30-year fixed loan has a higher interest rate than a short-term fixed rate loan. You’ll also pay much more interest over the life of the 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 30-year fixed rates. Yes, your monthly payments will remain predictable, and another benefit is that shorter terms come with lower interest rates. Not to mention, you’ll pay off your mortgage 15 years sooner. This way, you can save hundreds of thousands of dollars in interest over the life of the loan.
However, since you’re paying off the same amount in half the time, your monthly payments will be higher than if you chose the 30-year term.
Find out more: Should you take out a 15 or 30 year mortgage?
Adjustable mortgage rates
Adjustable rate mortgages lock in your rate for a predetermined period and then adjust it periodically. For example, with a 5/1 ARM, your rate stays the same for the first five years and then increases or decreases once a year for the remaining 25 years.
The main benefit is that the initial rate is usually lower than what you’d get with a 30-year fixed rate, so your monthly payments will be lower. (Current average rates don’t reflect this, however—fixed rates are actually lower, according to Zillow. Talk to your lender before choosing between a fixed or adjustable rate.)
With an ARM, you have no idea what mortgage rates will be after the introductory rate period ends, so you run the risk of a rate increase later. It may cost more in the long run, and your monthly payments will be unpredictable from year to year.
But if you plan to move before the introductory rate period ends, you can take advantage of a low rate without risking a rate increase in the future.
Continue reading: Learn more about the differences between adjustable and fixed rate mortgages.
Today’s Mortgage Rates: Frequently Asked Questions
What is the current rate on a 30 year mortgage?
The national average rate for a 30-year mortgage is 6.34% right now, according to data collected from Zillow’s lender marketplace. But keep in mind that averages may vary depending on where you live. For example, mortgage rates vary by state, and if you buy in a city with a high cost of living, rates may be higher.
Are mortgage rates falling?
Yes, rates today are lower than yesterday. The 30-year fixed-rate purchase loan fell 2 basis points to 6.34%The 15-year fixed-money purchase loan fell 7 basis points to 5.76%, and the 5/1 ARM purchase rate fell 8 basis points to 6.23%.
How to get the lowest refinancing rate?
In many ways, securing a low mortgage refinance rate is similar to when you bought a house. Work to improve your credit score and lower your debt-to-income (DTI) ratio. Refinancing to a shorter term will also get you a lower rate, although your monthly mortgage payments will be higher.