Mortgage and refinance interest rates today, Tuesday, September 8, 2026: Rates down to start holiday-shortened week

Mortgage and refinance rates have dipped as the holiday-shortened week begins, according to Zillow data. The 30-year fixed rate dropped 4 basis points to 6.67%, while the 15-year fixed rate decreased by 10 basis points to 6.04%, and the 5/1 ARM fell by 39 basis points to 6.64%. These figures represent national averages, rounded to the nearest hundredth.

Refinance rates tend to be higher than purchase rates. A mortgage calculator can help borrowers understand how different mortgage terms and interest rates will impact monthly payments, including property taxes and homeowners insurance. The 15-year mortgage generally has lower rates but higher monthly payments than the 30-year mortgage due to the shorter loan term.

Interest rates are expected to remain relatively stable in 2027, with the Mortgage Bankers Association forecasting 30-year fixed rates to hover around 6.70%. However, Fannie Mae predicts rates to be slightly higher, ranging between 6.70% and 6.80%. Mortgage rates have declined by over half a point since the end of May, leading to a 62% increase in refinance applications year over year.

It may be beneficial to refinance soon, as mortgage rates are down and the housing market outlook suggests marginally lower rates and cooling home prices in 2026.