Mortgage and refinance interest rates today, Sunday, August 16, 2026: Rates mostly lower than last week

On Sunday, August 16, 2026, mortgage rates were generally lower compared to the previous week, according to Zillow data. The 30-year fixed rate increased by 3 basis points to 6.54%, while the 15-year fixed rate dropped by 15 basis points to 5.86%. The 5/1 ARM also decreased by 13 basis points to 6.24%.

These rates represent national averages rounded to the nearest hundredth. Mortgage refinance rates are often higher than purchase rates, but not always. The average 30-year mortgage rate is currently 6.54%, and a 15-year rate stands at 5.86%. A 30-year term is popular due to its lower monthly payments, while a 15-year term offers a lower interest rate but a higher monthly payment.

When deciding between loan types, consider your short-term and long-term goals. For a $300,000 mortgage, a 30-year term at 6.41% would result in a monthly payment of $1,878.48 with $376,254 in interest over the loan's life. Conversely, a 15-year term at 5.80% would have a monthly payment of $2,499.27 and only $149,869 in interest over the life of the loan.

Fixed-rate mortgages lock in an interest rate for the entire loan term, while adjustable-rate mortgages (ARMs) have a fixed rate for a predetermined period before adjusting based on economic factors. Currently, some fixed rates are lower than ARM rates. Mortgage lenders typically offer lower rates to borrowers with larger down payments, excellent credit scores, and low debt-to-income ratios.

To secure the best mortgage, focus on personal finances, improve credit scores, and pay down debt. Refinancing is an option if you have an excellent credit score, substantial down payment, and low debt-to-income ratio. Mortgage rates have decreased significantly since the end of May 2026, leading to a 62% increase in refinance applications compared to the previous year.