Mortgage rates are on the rise, according to the latest data from the Zillow lender marketplace. Compared to last week, most mortgage rates have increased. The current 30-year fixed rate has risen by 10 basis points to 6.64%, the 15-year fixed rate is slightly higher by two basis points at 5.88%, and the 5/1 ARM has surged by 50 basis points to 6.74%.
Here are the current mortgage rates as of Sunday, August 23, 2026, based on the latest Zillow data:
– 30-year fixed: 6.64%
– 20-year fixed: 6.37%
– 15-year fixed: 5.88%
– 5/1 ARM: 6.74%
– 7/1 ARM: 6.30%
– 30-year VA: 6.14%
– 15-year VA: 5.59%
– 5/1 VA: 5.84%
Please note that these rates are national averages rounded to the nearest hundredth. Mortgage refinance rates are typically higher than rates for home purchases. It’s essential to consider all factors, including property taxes and homeowners insurance when calculating your estimated monthly mortgage payment.
When comparing mortgage lenders, it’s crucial to look beyond just the interest rates. Consider the mortgage annual percentage rate (APR), which factors in the interest rate, discount points, and fees, providing a more accurate representation of the total cost of borrowing money.
If you’re looking to secure a low mortgage rate, focus on improving your credit score, increasing your down payment, and reducing your debt-to-income ratio. While waiting for rates to drop might not be the best strategy, taking steps to strengthen your financial profile can help you secure a favorable rate.
When choosing a mortgage lender, apply for preapproval with multiple companies to compare offers. Look for a lender that offers competitive rates, excellent customer service, and transparent terms. Remember to consider the APR when evaluating loan offers.
Overall, staying informed about current mortgage rates, understanding the difference between fixed-rate and adjustable-rate mortgages, and taking steps to secure a low rate can help you make informed decisions when navigating the homebuying process.
