Mortgage and refinance interest rates today, Friday, August 28, 2026: Rates down ahead of Warsh speech at Jackson Hole

Mortgage and refinance interest rates experienced a decline on Friday, August 28, 2026, as they approached the Jackson Hole summit where Fed Chair Kevin Warsh would deliver his first official speech. The average 30-year fixed rate stood at 6.54%, dropping three basis points from the previous day. The 15-year fixed loan rate was 5.86%, marking an 11 basis point decrease from yesterday, while the 5/1 ARM was at 6.31%, four basis points lower than on Thursday.

Purchase and refinance rates for the day were outlined in the latest Zillow data, with national averages rounded to the nearest hundredth. Mortgage refinance rates tend to be higher than rates for first-time homebuyers, but this isn't always the case. A mortgage interest rate is essentially a fee charged by the lender for borrowing money, expressed as a percentage.

Borrowers can opt for either fixed or adjustable rates. A fixed-rate mortgage keeps the rate constant throughout the loan's life, while an adjustable-rate mortgage (ARM) starts at a fixed rate for a predetermined period before adjusting periodically.

An adjustable-rate mortgage might be beneficial if you plan to sell the home before the introductory rate period concludes. However, recent trends have seen 5/1 and 7/1 ARM rates closely align with or even surpass those of the 30-year fixed rate. Before opting for an ARM solely for a lower rate, it's essential to compare rate options across different terms and lenders.

Despite recent rate decreases, the average 30-year fixed rate today is 6.54%, down three basis points since yesterday. The 15-year fixed loan rate is currently 5.86%, while the 5/1 ARM is at 6.31%. Historically, mortgage rates have been on a significant downward trend, decreasing more than a half point since May 2025, which has led to a dramatic 62% increase in refinance applications compared to the previous year.

The housing market outlook for 2026 anticipates slightly lower mortgage rates and a slight cooling of home prices. It may be an opportune moment to secure a VA loan, as rates are favorable with no down payment required. The Federal Reserve's potential moves to cut or raise interest rates in 2026 were also discussed among economic experts.