Mortgage and refinance interest rates today for July 21, 2025: Rates have increased since last July
Rates have increased since this time last year. In July 2024, the average 30-year fixed mortgage rate was 6.58% while the average 15-year fixed mortgage rate was 5.86%. Many people expected rates to fall this year, but that hasn't been the case. This is a good example of why home buyers should buy a house when the timing works for them, rather than following interest rate trends.
Read next: Best mortgage lenders for first-time buyers
Current mortgage rates
Here are the current mortgage rates, according to the latest Zillow data:
30-year fixed: 6.72%
20-year fixed: 6.52%
15-year fixed: 5.97%
5/1 ARM: 7.42%
7/1 ARM: 7.4%
30-year VA: 6.33%
15-year VA: 5.69%
5/1 VA: 6.49%
Remember, these are the national averages and rounded to the nearest hundredth.
Current mortgage refinance rates
These are today's mortgage refinance rates, according to the latest Zillow data:
30-year fixed: 6.70%
20-year fixed: 6.60%
15-year fixed: 5.67%
5/1 ARM: 7.59%
7/1 ARM: 7.46%
30-year VA: 6.32%
15-year VA: 6.15%
5/1 VA: 6.43%
Again, the numbers provided are national averages rounded to the nearest hundredth. Although it's not always the case, mortgage refinance rates tend to be a little higher than purchase rates.
Read more: The best mortgage refinance lenders right now
Refinance interest rates
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Mortgage payment calculator
You can use the free Yahoo Finance mortgage calculator to play around with how different terms and rates will affect your monthly payment. Our calculator considers factors like property taxes and homeowners insurance when estimating your monthly mortgage payment. This gives you a better idea of your total monthly payment than if you just looked at mortgage principal and interest.
But if you want a quick, simple way to see how today's rates would impact your monthly mortgage payment, try out the calculator below:
30-year mortgage rates today
Today's average 30-year mortgage rate is 6.72%. A 30-year term is the most popular type of mortgage because by spreading out your payments over 360 months, your monthly payment is relatively low.
If you had a $300,000 mortgage with a 30-year term and a 6.72% rate, your monthly payment toward the principal and interest would be about $1,940, and you'd pay $398,334 in interest over the life of your loan — on top of that original $300,000.
15-year mortgage rates today
The average 15-year mortgage rate is 5.97% today. Several factors must be considered when deciding between a 15-year and 30-year mortgage.
A 15-year mortgage comes with a lower interest rate than a 30-year term. This is great in the long run because you'll pay off your loan 15 years sooner, and that's 15 fewer years for interest to compound.
However, your monthly payments will be higher because you're squeezing the same debt payoff into half the time.
If you get that same $300,000 mortgage but with a 15-year term and a 6.72% rate, your monthly payment would jump up to $2,527 — but you'd only pay $154,808 in interest over the years.
Dig deeper: How much house can I afford? Use our home affordability calculator.
Adjustable mortgage rates
With an adjustable-rate mortgage, your rate is locked in for a set period of time and then increases or decreases periodically. For example, with a 5/1 ARM, your rate stays the same for the first five years, then changes every year.
Adjustable rates usually start lower than fixed rates, but you run the risk that your rate goes up once the introductory rate-lock period is over. But an ARM could be a good fit if you plan to sell the home before your rate-lock period ends — that way, you pay a lower rate without worrying about it rising later.
Lately, ARM rates have occasionally been similar to or higher than fixed rates. Before dedicating yourself to a fixed or adjustable mortgage rate, be sure to shop around for the best lenders and rates. Some will offer more competitive adjustable rates than others.
How to get a low mortgage rate
Mortgage lenders typically give the lowest mortgage rates to people with higher down payments, excellent credit scores, and low debt-to-income ratios. So if you want a lower rate, try saving more, improving your credit score, or paying down some debt before you start shopping for homes.
You can also buy down your interest rate permanently by paying for discount points at closing. A temporary interest rate buydown (as mentioned early in the article) is also an option — for example, maybe you get a 6.5% rate with a 2-1 buydown. Your rate would start at 4.5% for year one, increase to 5.5% for year two, then settle in at 6.5% for the remainder of your term.
Just consider whether these buydowns are worth the extra money at closing. Ask yourself if you'll stay in the home long enough that the amount you save with a lower rate offsets the cost of buying down your rate before making your decision.
Mortgage rates today: FAQs
What are interest rates today?
Here are interest rates for some of the most popular mortgage terms: According to Zillow data, the national average 30-year fixed rate is 6.72%, the 15-year fixed rate is 5.97%, and the 5/1 ARM rate is 7.42%.
What is a normal mortgage rate right now?
A normal mortgage rate on a 30-year fixed loan is 6.72%. However, keep in mind that's the national average based on Zillow data. The average might be higher or lower depending on where you live in the U.S.
Will mortgage rates drop down?
Mortgage rates probably won't drop significantly in 2025 — especially over the next several weeks while economists keep an eye on inflation, tariffs, and the Federal Reserve.
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