Mortgage and refinance interest rates today, Tuesday, September 15, 2026: Rates cross the 7% threshold

On Tuesday, September 15, 2026, mortgage rates in the United States surpassed the 7% threshold, according to average rates from the Zillow lender marketplace. The 30-year fixed rate climbed to 7.02%, while the 15-year fixed rate decreased to 6.32%, and the 5/1 ARM increased to 7.33%. Zillow's latest data reveals these national average mortgage interest rates for Tuesday, September 15, 2026.

Refinance rates, on average, are typically higher than purchase rates. However, a mortgage calculator can demonstrate how different mortgage terms and interest rates impact monthly payments. Factors such as property taxes and homeowners insurance are also considered in the calculations, offering a more comprehensive view of the total monthly payment.

Mortgage rates are generally lower for 15-year mortgages compared to 30-year mortgages. Although monthly payments for a 15-year mortgage will be higher due to the shorter loan term, the borrower will ultimately pay less interest over the life of the loan. For instance, a $400,000 mortgage with a 30-year term and a 6.19% interest rate results in a monthly payment of approximately $2,447.28, accumulating $481,021 in interest over the loan period.

Conversely, a $400,000 15-year mortgage with a 5.65% interest rate has a monthly payment of around $3,300.26, with only $194,047 in interest paid over the loan term.

Refinancing can be financially advantageous if mortgage rates are lower than when the original loan was taken out. However, adjustable-rate mortgages (ARMs) come with the risk of rate increases after an initial fixed-rate period. Currently, the average 30-year fixed rate is 7.02%, up 11 basis points since the previous day. Forecasts suggest that the 30-year mortgage rate may remain relatively stable, ranging between 6.60% and 6.70% throughout 2026.

Fannie Mae predicts a 30-year average rate between 6.70% and 6.80% for the rest of the year, while the Mortgage Bankers Association expects average rates to hover around 6.70% for 2027.