Mortgage and refinance interest rates today, Saturday, August 22, 2026: Bond market sends rates scrambling

On Saturday, August 22, 2026, mortgage rates experienced significant fluctuations, with the bond market causing rates to "scramble." According to the Zillow lender marketplace, the 30-year fixed rate increased by 14 basis points to 6.64%, while the 15-year fixed rate dropped by 12 basis points to 5.88%, and the 5/1 ARM surged by 49 basis points to 6.74%.

A 30-year fixed mortgage offers lower and predictable monthly payments, but it comes with higher mortgage interest compared to shorter-term loans. Conversely, a 15-year fixed mortgage has lower interest rates and allows homeowners to pay off their mortgage 15 years sooner, saving on interest over the life of the loan. However, it comes with higher monthly payments.

Adjustable-rate mortgages (ARMs) have lower introductory rates, making monthly payments cheaper initially. However, rates adjust periodically and can increase, leading to higher costs and unpredictable payments. Despite the fluctuations, now is an excellent time to buy a house compared to a couple of years ago, with home prices stabilizing and mortgage rates remaining lower than last year.