Mortgage and refinance interest rates today, Thursday, July 16, 2026: Rates on the rise
Mortgage and refinance interest rates today, Thursday, July 16, 2026: Rates on the rise.
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According to the Zillow lender marketplace, mortgage rates are generally higher today, Thursday, July 16, 2026 , than yesterday. The 30-year fixed-rate purchase loan rose 3 basis points to 6.49% ; the 15-year fixed purchase loan increased by 10 basis points to 5.96% ; and the 5/1 ARM purchase rate rose 9 basis points to 6.74%.
Here are the current purchase mortgage rates for today, Thursday, July 16, 2026 , according to the latest Zillow data:
Remember, these are the national averages and rounded to the nearest hundredth.
Here are 8 strategies for getting the lowest mortgage rate possible.
Here are the current refinance mortgage rates for today, Thursday, July 16, 2026 , according to the latest Zillow data:
As with mortgage rates for purchase, these are national averages that we've rounded to the nearest hundredth. Refinance rates can be higher than purchase mortgage rates, but that isn't always the case.
Use the mortgage calculator below to see how various mortgage rates will impact your monthly payments.
You can bookmark the Yahoo Finance mortgage payment calculator and keep it handy for future use, as you shop for homes and lenders. Be sure to use the dropdown to include private mortgage insurance costs and HOA dues if they apply to you. These monthly expenses, along with your mortgage principal and interest rate, will give you a realistic idea of what your monthly payment could be.
A mortgage interest rate is the fee charged by a lender for borrowing money, expressed as a percentage. There are two basic types of mortgage rates: fixed and adjustable rates.
A fixed-rate mortgage locks in your rate for the entire life of your loan. For example, if you get a 30-year mortgage with a 6% interest rate, your rate will remain at 6% for the entire 30 years. (Unless you refinance or sell the home.)
An adjustable-rate mortgage keeps your rate the same for the first few years, then changes it periodically. Let's say you get a 5/1 ARM with an introductory rate of 6%. Your rate would be 6% for the first five years, and then the rate would increase or decrease once per year for the last 25 years of your term. Whether your rate goes up or down depends on several factors, such as the economy and the U.S. housing market.
At the beginning of your mortgage term, most of your monthly payment goes toward interest. As time passes, less of your payment goes toward interest, and more goes toward the mortgage principal or the amount you originally borrowed.
Read more: Learn how to choose between an adjustable-rate vs. fixed-rate mortgage.
Two categories determine mortgage rates : those you can control and those you cannot.
What factors can you control? First, you can compare the best mortgage lenders to find the one that gives you the lowest rate and fees.
Second, lenders typically extend lower rates to people with higher credit scores, lower debt-to-income (DTI) ratios , and considerable down payments. If you can save more or pay down debt before securing a mortgage, a lender will probably give you a better interest rate.
The list of ways the economy impacts mortgage rates is long, but here are the basic details. If the economy — for example, employment rates — is struggling, mortgage rates decrease to encourage borrowing, which helps boost the economy. If the economy is strong, mortgage rates go up to temper spending.
