Mortgage rates in 2026 have started notably lower than at the beginning of 2025. Zillow data shows the average 30-year fixed mortgage rate is 5.90%, which is 82 basis points below the rate from this time last year. The 15-year fixed rate has decreased by 63 basis points and now stands at 5.36%.
A weekly survey of lenders conducted by Yahoo Finance identified three top-five-ranked lenders with loan rates at or below 5.50%.
Current mortgage rates from Zillow include a 30-year fixed at 5.90%, a 20-year fixed at 5.84%, and a 15-year fixed at 5.36%. Other rates are 6.11% for a 5/1 ARM, 6.28% for a 7/1 ARM, 5.48% for a 30-year VA, 5.07% for a 15-year VA, and 5.17% for a 5/1 VA. These figures are national averages rounded to the nearest hundredth.
Mortgage refinance rates are also available. Zillow reports a 30-year fixed refinance rate of 6.01%, a 20-year fixed at 5.94%, and a 15-year fixed at 5.45%. Additional rates are 6.37% for a 5/1 ARM, 6.48% for a 7/1 ARM, 5.51% for a 30-year VA, 5.14% for a 15-year VA, and 5.29% for a 5/1 VA. These are national averages, and refinance rates are typically higher than purchase rates.
In a comparison, a $400,000 mortgage with a 30-year term at 5.90% results in a monthly payment of about $2,373 for principal and interest, with total interest reaching $454,117. For a $400,000 15-year mortgage at 5.36%, the monthly payment is approximately $3,239, with total interest of $182,965.
Regarding rate types, fixed-rate mortgages lock in the rate from the start, while adjustable-rate mortgages maintain a set rate for an initial period before adjusting. For instance, a 7/1 ARM locks the rate for seven years, then adjusts annually.
According to Zillow data, today's 30-year fixed rate is 5.90% for purchases and 6.01% for refinances, with variations possible by location and individual finances.
Forecasts indicate the 30-year mortgage rate may remain near 6.4% through 2026, as per the MBA's December outlook. Fannie Mae predicts rates above 6% for most of next year, potentially dipping to 5.9% in the fourth quarter of 2026. For 2027, the MBA expects rates around 6.3% to 6.4%, while Fannie Mae forecasts an average near 5.9% for the year.