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Mortgage and refinance interest rates today, August 20, 2025: A small relocation higher

Mortgage rates of interest bubbled a little bit greater today. According to Zillow, the typical 30-year set mortgage rate ticked up by 2 basis points to 6.55%. Meanwhile, the 15-year rate gained four basis indicate 5.73%.

Learn more: Where and how to discover the most affordable mortgage rates right now

Today's mortgage rates

Here are the existing mortgage rates, according to the most recent Zillow data:

- 30-year fixed: 6.55%

- 20-year repaired: 6.36%

- 15-year fixed: 5.73%

- 5/1 ARM: 6.91%

- 7/1 ARM: 7.26%

- 30-year VA: 6.16%

- 15-year VA: 5.58%

- 5/1 VA: 6.01%

Remember, these are the national averages and rounded to the nearby hundredth.

Learn more: Here's how mortgage rates are identified

Today's mortgage re-finance rates

These are today's mortgage re-finance rates, according to the most recent Zillow data:

- 30-year repaired: 6.58%

- 20-year fixed: 6.07%

- 15-year fixed: 5.88%

- 5/1 ARM: 7.16%

- 7/1 ARM: 6.81%

- 30-year VA: 6.08%

- 15-year VA: 5.61%

- 5/1 VA: 5.57%

Again, the numbers offered are national averages rounded to the nearby hundredth. Mortgage refinance rates are often greater than rates when you purchase a house, although that's not constantly the case.

Use our mortgage calculator

Use the mortgage calculator below to see how various rate of interest and loan quantities will affect your monthly payments. It likewise reveals how the term length plays into things.

To dive much deeper, use the Yahoo Finance mortgage calculator, that includes house owners insurance coverage and residential or commercial property taxes in your regular monthly payment quote. You even have the option to go into costs for private mortgage insurance coverage (PMI) and homeowners' association fees if those use to you. These details result in a more accurate regular monthly payment estimate than if you simply computed your mortgage principal and interest.

30-year fixed mortgage rates

There are 2 primary advantages to a 30-year fixed mortgage: Your payments are lower, and your regular monthly payments are foreseeable.

A 30-year fixed-rate mortgage has fairly low regular monthly payments because you're spreading your repayment out over a longer duration of time than with, state, a 15-year mortgage. Your payments are foreseeable due to the fact that, unlike with an adjustable-rate mortgage (ARM), your rate isn't going to alter from year to year. Most years, the only things that may impact your regular monthly payment are any changes to your property owners insurance coverage or residential or commercial property taxes.

The main drawback to 30-year fixed mortgage rates is mortgage interest - both in the brief and long term.

A 30-year fixed term includes a higher rate than a shorter fixed term, and it's higher than the intro rate to a 30-year ARM. The higher your rate, the greater your regular monthly payment. You'll also pay far more in interest over the life of your loan due to both the greater rate and the longer term.

15-year set mortgage rates

The benefits and drawbacks of 15-year fixed mortgage rates are basically swapped from the 30-year rates. Yes, your month-to-month payments will still be predictable, but another benefit is that shorter terms feature lower rates of interest. Not to mention, you'll pay off your mortgage 15 years sooner. So you'll save possibly numerous thousands of dollars in interest throughout your loan.

However, since you're settling the exact same amount in half the time, your month-to-month payments will be greater than if you select a 30-year term.

Dig deeper: 15-year vs. 30-year mortgages

Adjustable mortgage rates

Adjustable-rate mortgages secure your rate for a fixed amount of time, then change it regularly. For example, with a 5/1 ARM, your rate stays the exact same for the first five years and after that increases or down when each year for the staying 25 years.

The primary benefit is that the introductory rate is typically lower than what you'll get with a 30-year set rate, so your month-to-month payments will be lower. (Current average rates do not show this, though - repaired rates are really lower. Talk to your lending institution before choosing in between a repaired or adjustable rate.)

With an ARM, you have no concept what mortgage rates will be like as soon as the intro-rate duration ends, so you risk your rate increasing later. This might eventually end up costing more, and your regular monthly payments are unforeseeable from year to year.

But if you prepare to move before the intro-rate period is over, you could reap the benefits of a low rate without running the risk of a rate increase down the road.

Learn more: Adjustable-rate vs. fixed-rate mortgage

Today's mortgage rates: FAQs

What is a 30-year mortgage rate today?

The national average 30-year mortgage rate is 6.55% today, according to Zillow. But keep in mind that averages can vary depending on where you live. For instance, if you're buying in a city with a high cost of living, rates could be even higher.

Are rate of interest anticipated to go down?

Mortgage rates will likely remain in a tight range over the next couple of months. The CME FedWatch tool reports an approximately 86% chance the federal funds rate will decrease at the Federal Reserve's Sept. 17 meeting; however, that first rate cut of the year may not be adequate to move mortgage rates significantly.

Are mortgage rates dropping?

Mortgage rates are not dropping right now. In fact, according to Freddie Mac information, rates are up fractionally from one year ago.

How do I get the most affordable refinance rate?

In numerous methods, securing a low mortgage re-finance rate resembles when you purchased your home. Try to enhance your credit rating and lower your debt-to-income ratio (DTI). Refinancing into a much shorter term will also land you a lower rate, though your month-to-month mortgage payments will be greater.

Read More

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6 times when it makes good sense to re-finance your mortgage

How do you understand when to refinance your mortgage? Lower interest rates are only one sign that it could be time. Find out more about when to refinance.

Just how much does it cost to re-finance a mortgage?

A mortgage refinance can cost 2% to 6% of the loan quantity. Learn what impacts these costs and how to reduce or remove what you pay up front.

The length of time does it require to refinance a home?

The amount of time it takes to refinance a house depends upon your mortgage type, individual financial resources, and lending institution. Here's the length of time it requires to re-finance a mortgage.

The number of times can you re-finance your home?

There isn't a limitation on how many times you can re-finance your home, however there might be a necessary waiting period. Learn if it's a great concept to refinance once again.

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