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Mortgage Interest Rates Today, September 26, 2023 | Rates Not Moving Much

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Our experts answer readers’ home-buying questions and write unbiased product reviews (here’s how we assess mortgages). In some cases, we receive a commission from our partners; however, our opinions are our own.

Average 30-year mortgage rates are currently down around 12 basis points compared to where they were a week ago. Rates have been fluctuating up and down a bit from day to day, but overall they’ve held surprisingly steady this month.

If you’re planning to get a mortgage soon, keep an eye out for next week’s jobs report release and the following week’s Consumer Price Index report. If the data points from these reports show that the economy is cooling and inflation is slowing, mortgage rates could start to trend down soon.

But if inflation remains stubborn, we could have to deal with higher rates for a little while longer.

Current Mortgage Rates

Mortgage type Average rate today

 

 

 

 

 

 

 

 

 

 

 

 

 

 

This information has been provided by
Zillow. See more
mortgage rates on Zillow

Current Refinance Rates

Mortgage type Average rate today

 

 

 

 

 

 

 

 

 

 

 

 

 

 

This information has been provided by
Zillow. See more
mortgage rates on Zillow

Mortgage Calculator

Use our free mortgage calculator to see how today’s mortgage rates would impact your monthly payments. By plugging in different rates and term lengths, you’ll also understand how much you’ll pay over the entire length of your mortgage.

Mortgage Calculator

$1,161
Your estimated monthly payment

  • Paying a 25% higher down payment would save you $8,916.08 on interest charges
  • Lowering the interest rate by 1% would save you $51,562.03
  • Paying an additional $500 each month would reduce the loan length by 146 months

Click “More details” for tips on how to save money on your mortgage in the long run.

Mortgage Rates for Buying a Home

30-Year Fixed Mortgage Rates Decrease (-0.12%)

The current average 30-year fixed mortgage rate is 6.98%, down 12 basis points since this time last week. This rate is relatively stable compared to a month ago, when it was 6.93%. 

At 6.98%, you’ll pay $664 monthly toward principal and interest for every $100,000 you borrow.

The 30-year fixed-rate mortgage is the most common type of home loan. With this type of mortgage, you’ll pay back what you borrowed over 30 years, and your interest rate won’t change for the life of the loan.

20-Year Fixed Mortgage Rates Barely Inch Down (-0.04%)

The average 20-year fixed mortgage rate is down just 4 basis points from last week and sits at 6.89%. This time in August, the rate was 6.72%.

With a 6.89% rate on a 20-year term, your monthly payment will be $769 toward principal and interest for every $100,000 borrowed.

A 20-year term isn’t as common as a 30-year or 15-year term, but plenty of mortgage lenders still offer this option.

15-Year Fixed Mortgage Rates Tick Up Very Slightly (+0.08%)

The average 15-year mortgage rate is 6.41%, an 8-basis-point increase from last week. It’s also up a bit from this time last month, when it was 6.27%.

With a 6.41% rate on a 15-year term, you’ll pay $866 each month toward principal and interest for every $100,000 borrowed.

If you want the predictability that comes with a fixed rate but are looking to spend less on interest over the life of your loan, a 15-year fixed-rate mortgage might be a good fit for you. Because these terms are shorter and have lower rates than 30-year fixed-rate mortgages, you could potentially save tens of thousands of dollars in interest. However, you’ll have a higher monthly payment than you would with a longer term.

7/1 ARM Rates Essentially Flat (-0.02%)

The 7/1 adjustable mortgage rate is down a tiny bit from last week, currently at 7.58%. It was 6.89% a month ago. 

At 7.58%, your monthly payment would be $705 toward principal and interest for every $100,000 borrowed — but only for the first seven years. After that, your payment would increase or decrease annually depending on the new rate.

5/1 ARM Rates Inch Down (-0.03%)

The average 5/1 ARM rate is 7.32%, a very small decrease from last week. This time in August, this rate was a bit higher at 6.54%.

Here’s how a 7.32% rate would affect you for the first five years: You’d pay $687 per month toward principal and interest for every $100,000 you borrow.

30-year FHA Rates Are Flat (no change)

The average 30-year FHA interest rate is 6.04% today, which is the same as it was last week. This rate was 6.67% this time last month.

At 6.04%, you would pay $602 monthly toward principal and interest for every $100,000 borrowed.

FHA mortgages are good choices if you don’t qualify for a conforming mortgage. You’ll need a 3.5% down payment and 580 credit score to qualify.

30-year VA Rates Basically Unchanged (+0.02%)

The current VA mortgage rate is 6.26%, just two basis points up from this time last week. It was 6.33% this time last month.

With a 6.26% rate, your monthly payment would be $616 toward principal and interest for every $100,000 you borrow.

Mortgage Refinance Rates

30-Year Fixed Refinance Rates Go Up Slightly (+0.09%)

The average 30-year refinance rate is 7.43%, which is a little bit higher than it was last week. It’s also up compared to a month ago, when it was 6.98%.

Here’s how a 7.43% rate would affect your monthly payments: You’d pay $694 toward principal and interest for every $100,000 borrowed.

Refinancing into a 30-year term can land you lower monthly payments, but you’ll ultimately pay more by refinancing into a longer term.

20-Year Fixed Refinance Rates Go Up Half a Percentage Point (+0.52%)

The current 20-year fixed refinance rate is 7.34%, which is quite a bit higher compared to a week ago. This rate was 6.72% this time in August.

A 7.34% rate on a 20-year term will result in a $796 monthly payment toward principal and interest for every $100,000 you borrow.

15-Year Fixed Refinance Rates Increase a Bit (+0.12)

The average 15-year fixed refinance rate is 6.60%, which is higher than it was it was last week. This rate is lower than it was this time in August, when it was at 6.21%.

A 6.60% rate on a 15-year term means you’ll pay $877 each month toward principal and interest for every $100,000 borrowed.

Refinancing into a 15-year term can save you money in the long run, because you’ll get a lower rate and pay off your mortgage faster than you would with a 30-year term. But it could result in higher monthly payments.

7/1 ARM Refinance Rates Go Up (+0.44%)

The average 7/1 ARM refinance rate is 7.97%, up from this time last week. A month ago, it was 7.21%.

Refinancing into a 7/1 ARM with a 7.97% rate means your monthly payment toward principal and interest will be $732 for every $100,000 you borrow. This will be the payment for the first seven years, then your rate will change annually unless you refinance again.

5/1 ARM Refinance Rates Increase (+0.35%)

The 5/1 ARM refinance rate is 7.72%, up from last week. It’s also up significantly compared to this time last month, when it was 6.43%.

A 7.72% rate will result in a monthly payment of $714 toward principal and interest for every $100,000 borrowed. You’ll pay this amount for the first five years of your new mortgage.

30-Year FHA Refinance Rates Stay the Same (no change)

The 30-year FHA refinance rate is 5.92%, which is flat compared to last week. This rate was 6.44% this time last month.

A 5.92% refinance rate would lead to a $594 monthly payment toward the principal and interest per $100,000 borrowed.

30-Year VA Refinance Rates Rise (+0.24%)

The average 30-year VA refinance rate is 6.57%, which is just one basis point down from last week. This rate was 6.44% a month ago.

At 6.57%, your new monthly payment would be $637 toward principal and interest for every $100,000 you borrow.

Are Mortgage Rates Going Down?

Mortgage rates started ticking up from historic lows in the second half of 2021 and increased over three percentage points in 2022. Mortgage rates have been volatile so far in 2023, and they’re higher than they were in September 2022.

As inflation starts to come down, mortgage rates will recede somewhat as well. If we experience a recession, rates may drop a little faster. But average 30-year fixed rates will likely remain somewhere in the 6% to 7% range in the near term.

For homeowners looking to leverage their home’s value to cover a big purchase — such as a home renovation — a home equity line of credit (HELOC) may be a good option while we wait for mortgage rates to ease. Check out some of our best HELOC lenders to start your search for the right loan for you.

A HELOC is a line of credit that lets you borrow against the equity in your home. It works similarly to a credit card in that you borrow what you need rather than getting the full amount you’re borrowing in a lump sum. It also lets you tap into the money you have in your home without replacing your entire mortgage, like you’d do with a cash-out refinance.

Current HELOC rates are relatively low compared to other loan options, including credit cards and personal loans. 

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