The current mortgage rates are a hot topic in the housing market, with purchase rates now lower than refinance rates. According to data from the Zillow lender marketplace, the current 30-year fixed-rate purchase loan is 6.44%, which is 8 basis points lower than the refinance rate. The 15-year fixed-rate purchase is also lower at 5.82%, a 7 basis point difference from the refinance rate. Additionally, the 5/1 ARM purchase rate is 6.43%, 12 basis points lower than the refinance rate.
These rates are national averages and are rounded to the nearest hundredth. It’s important to note that mortgage refinance rates are typically higher than purchase rates, but this is not always the case. The current mortgage rates for Monday, July 13, 2026, are as follows:
– 30-year fixed: 6.44%
– 20-year fixed: 6.21%
– 15-year fixed: 5.82%
– 5/1 ARM: 6.43%
– 7/1 ARM: 6.35%
– 30-year VA: 5.88%
– 15-year VA: 5.43%
– 5/1 VA: 5.66%
When considering a mortgage, it’s essential to explore different options and understand how different terms and rates will affect your monthly payments. Using a mortgage payment calculator can help you estimate your total monthly payment, taking into account factors like property taxes and homeowners insurance.
It’s also crucial to consider the type of mortgage that best suits your needs. A 30-year mortgage offers a relatively low monthly payment spread out over 360 months, while a 15-year mortgage comes with a lower interest rate, allowing you to pay off the loan sooner and save on interest payments.
Adjustable-rate mortgages (ARMs) offer lower initial rates but come with the risk of rates increasing after the introductory period. It’s essential to shop around for the best lenders and rates before committing to a fixed or adjustable mortgage rate.
To secure a low mortgage rate, aim for a higher down payment, improve your credit score, and lower your debt-to-income ratio. You can also consider paying for discount points at closing to reduce your interest rate. Ultimately, it’s important to weigh the cost of buying down your rate against the savings you’ll achieve over the life of the loan.
As mortgage rates continue to fluctuate, staying informed about the latest market trends and forecasts can help you make informed decisions when navigating the housing market.
