The latest data from the Zillow lender marketplace indicates a significant increase in mortgage rates since Sunday, June 28. The current 30-year fixed rate has risen by 23 basis points to 6.40%. Similarly, the 15-year fixed rate saw an 11 basis point increase to 5.86%, while the 5/1 ARM surged by 43 basis points to 6.52%.
Today, on Sunday, July 5, 2026, the mortgage rates stand as follows according to the latest Zillow data:
– 30-year fixed: 6.40%
– 20-year fixed: 6.29%
– 15-year fixed: 5.86%
– 5/1 ARM: 6.52%
– 7/1 ARM: 6.30%
– 30-year VA: 5.81%
– 15-year VA: 5.51%
– 5/1 VA: 5.74%
It is important to note that these figures represent national averages and are rounded to the nearest hundredth. Mortgage refinance rates are typically higher than rates for purchasing a home, although this is not always the case.
When considering the differences between a 30-year and a 15-year mortgage, it is essential to weigh the pros and cons. While a 30-year term offers lower monthly payments, a 15-year mortgage comes with a lower interest rate and allows for quicker loan repayment, resulting in less interest paid over the life of the loan.
Additionally, borrowers have the option to choose between fixed-rate and adjustable-rate mortgages. Fixed-rate mortgages lock in the rate for the duration of the loan, providing stability, while adjustable-rate mortgages offer initial lower rates that can change over time based on market conditions.
To secure a low mortgage rate, borrowers are advised to focus on improving their credit score, saving for a larger down payment, and reducing their debt-to-income ratio. Shopping around and comparing mortgage lenders based on their annual percentage rate (APR) can also help in finding the best deal.
In conclusion, staying informed about current mortgage rates, understanding the various types of mortgages available, and taking steps to improve financial health can help borrowers make informed decisions when securing a mortgage.
