Result of the Second Overnight Variable Rate Reverse Repo (VRRR) auction held on September 16, 2026

Mortgage rates have slightly decreased on Wednesday, September 16, 2026, ahead of the Federal Reserve's rate decision. The average 30-year fixed rate is now 7.00%, down 2 basis points from the previous day. The 15-year fixed loan is at 6.36%, and the 5/1 ARM is at 7.21%, both showing changes from the prior day. These figures represent national averages, rounded to the nearest hundredth.

Refinance rates for the same day are also provided, rounded to the nearest hundredth. Mortgage refinance rates tend to be higher than purchase rates, but the Zillow data can help estimate monthly payments by factoring in interest rates, loan amounts, term length, and additional costs like PMI and homeowners association dues. A 30-year fixed mortgage offers lower monthly payments and predictability, while a 15-year fixed loan has higher payments but lower interest and allows for faster payoff.

Adjustable-rate mortgages (ARMs) have lower introductory rates but unpredictable future rates. The national average 30-year mortgage rate is currently 7.00%, but it varies by location. Refinancing could be a good idea due to recent rate drops, but factors like credit score, debt-to-income ratio, and loan term should be considered when deciding.