Mortgage rates are constantly fluctuating, and today is no different. According to the Zillow lender marketplace, there are mixed rates for different types of loans on Thursday, August 13, 2026. The 30-year fixed-rate purchase loan has decreased by 7 basis points to 6.58%, while the 15-year fixed purchase loan has increased by a single basis point to 6.01%. The 5/1 ARM purchase rate has seen a significant decrease of 20 basis points to 6.31%. It’s important to note that the 5/1 ARM rate has been experiencing larger swings compared to fixed-rate loans.
For those looking to refinance, the rates also vary. The 30-year fixed refinance rate stands at 6.56%, while the 20-year fixed refinance rate is at 6.43%. The 15-year fixed refinance rate remains the same at 6.01%, and the 5/1 ARM refinance rate is at 6.22%. The 7/1 ARM refinance rate is slightly higher at 6.36%. VA loans also have their rates, with the 30-year VA rate at 6.09%, the 15-year VA rate at 5.82%, and the 5/1 VA rate at 5.50%.
It’s important to remember that these rates are national averages and are rounded to the nearest hundredth. Refinance rates can sometimes be higher than purchase mortgage rates, so it’s essential to compare different lenders to find the best rate for your situation.
When it comes to choosing between a 30-year and a 15-year fixed-rate mortgage, there are a few factors to consider. A 30-year mortgage offers lower monthly payments but comes with a higher interest rate, resulting in more interest paid over the loan term. On the other hand, a 15-year mortgage has a lower interest rate, saving you money in the long run, but it comes with higher monthly payments.
In terms of how mortgage rates are determined, there are factors that you can control, such as comparing lenders and improving your credit score, and factors that you cannot control, such as the state of the economy. Refinance rates are typically slightly higher than purchase rates, so it’s important to keep that in mind when considering refinancing.
Overall, mortgage rates are influenced by various factors, and it’s essential to stay informed and compare rates to make the best decision for your financial situation. Whether you’re looking to purchase a new home or refinance your current mortgage, understanding the current rates and how they work can help you make informed decisions.
