Mortgage and refinance interest rates today, Sunday, September 6, 2026: Rates much higher week-over-week

Mortgage rates are on the rise this week, according to Zillow's lender marketplace. The current 30-year fixed rate has increased by 12 basis points to 6.67%, while the 15-year fixed rate has gone up 13 basis points to 6.04%. The 5/1 ARM has seen the largest increase, with a 38 basis points rise to 6.26%.

A 30-year mortgage term is popular because it spreads out payments over 360 months, resulting in a lower monthly payment than shorter-term loans. However, a 15-year mortgage offers a lower interest rate and allows borrowers to pay off their loan 15 years sooner, with less interest paid over the life of the loan.

An adjustable-rate mortgage (ARM) has a fixed rate for an initial period, after which it may change based on various factors like the economy. With a 7/1 ARM, for instance, the rate is locked for the first seven years and then adjusts yearly for the remaining 23 years of the term. Initially, ARMs have lower rates than fixed rates, but they may increase after the initial period.

To secure the best mortgage rate, borrowers can improve their credit score, save for a larger down payment, or reduce their debt-to-income ratio. Comparing mortgage annual percentage rate (APR) is essential when choosing a lender, as it reflects the true annual cost of borrowing money, including interest, discount points, and fees.