Mortgage and refinance interest rates today, Sunday, August 23, 2026: Higher than last weekend as prime selling season wraps up

According to Zillow's latest data, mortgage rates climbed on Sunday, August 23, 2026, compared to last week. The 30-year fixed rate increased by 10 basis points to 6.64%, 15-year fixed rose fractionally by two basis points to 5.88%, and the 5/1 ARM surged 50 basis points to 6.74%. These rates represent national averages rounded to the nearest hundredth.

Mortgage refinance rates are also higher than purchase rates, though not always the case. Current average 30-year mortgage rate is 6.64%, while 15-year mortgage rate is 5.88%. A 30-year term offers lower monthly payments due to spreading payments over 360 months but results in paying more interest over the life of the loan. A 15-year term, despite higher monthly payments, allows you to pay off the loan 15 years sooner and save significantly on interest.

A fixed-rate mortgage locks in the rate for the entire loan term, while an adjustable-rate mortgage (ARM) adjusts based on economic factors after an initial period. Rates are typically lower at the start of an ARM but may rise later. Mortgage rates have been decreasing since late May, sparking a record increase in refinancing applications.

Fannie Mae predicts 30-year rates to reach 6.8% by year-end, while the Mortgage Bankers Association forecasts them at 6.5%.