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Rates in this article are daily averages based on Better Mortgage data, not APRs. Real rates and APRs vary by borrower.
The average 30-year fixed mortgage rate is 6.75% and the average 15-year fixed rate is 6.29%, both holding steady for a second straight day.
That keeps the 30-year average at its lowest level in over two weeks.
These are national averages — your actual rate depends on your credit profile, down payment, and loan type.
Today's average mortgage rates by loan type
| Loan type | Average rate |
|---|---|
| 30-year fixed | 6.75% |
| 15-year fixed | 6.29% |
| 5/1 ARM | 6.53% |
| 30-year fixed refinance | 6.83% |
| 15-year fixed refinance | 6.16% |
These are national averages — your actual rate depends on your credit score, down payment, loan amount, and lender.
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What's moving rates today
Mortgage rates are holding flat for a second consecutive day after bond market gains earlier this week pulled the 30-year average down to its lowest point in more than two weeks. Underlying bond market activity has stayed minimal, giving lenders little reason to move pricing in either direction right now.
Rates still sit close to a 13-month high reached in late July, so this steady stretch is a pause, not a reversal. With no Federal Reserve meeting on the immediate calendar, the market's attention stays on incoming inflation data, employment reports, and any further oil-price movement tied to geopolitical developments. Any of those could push rates in either direction over the coming days.
If you're comparing loan types, remember that rate and annual percentage rate (APR) aren't the same number. APR bakes in lender fees and points on top of the interest rate, so it's usually the better figure for comparing offers apples-to-apples. And if you're refinancing rather than buying, check today's refinance rates separately, since refi pricing can move independently of purchase rates.
Should you lock your rate now?
A rate lock guarantees your interest rate for a set window of time, typically 30 to 60 days, while your loan moves through processing and underwriting. Locking removes the risk that rates rise before you close.
In a market that's still hovering near its highest levels in over a year, even with rates holding at a two-week low, locking sooner rather than later protects your monthly payment from climbing again between now and closing. If you're early in your home search with weeks or months of runway, you have more flexibility to wait and watch how rates move.
Many lenders offer float-down options that allow you to lock a rate and then move to a lower rate should it drop materially before closing. That flexibility can be worth asking about if you're locking now but want room to benefit if rates keep easing.
Your credit score, down payment size, and monthly debt obligations all play a direct role in the rate you're actually offered. Most homebuyers won't land exactly on the national average. Comparing multiple lenders and knowing how to shop around for mortgage rates are among the most reliable ways to land below it.
How today's rate affects a monthly payment
A small rate difference can add up to a meaningful swing in your monthly payment. Here's what principal and interest alone look like on a $350,000 loan at today's averages:
| Loan type | Rate | Est. monthly P&I on $350,000 |
|---|---|---|
| 30-year fixed | 6.75% | $2,271 |
| 15-year fixed | 6.29% | $3,009 |
| 5/1 ARM (initial rate) | 6.53% | $2,219 |
| 30-year fixed refinance | 6.83% | $2,289 |
| 15-year fixed refinance | 6.16% | $2,984 |
These are hypothetical scenarios meant to illustrate how rate differences affect payments. Your actual payment will differ, and these figures do not include taxes, insurance, or HOA dues.
What about 15-year vs. 30-year payments at today's rates?
The 15-year fixed average, 6.29%, is lower than the 30-year average of 6.75%. But the shorter term means a higher required monthly payment: about $3,009 versus $2,271 on the same $350,000 loan, a difference of roughly $738 a month.
The tradeoff is total interest paid. A 15-year loan builds equity faster and costs far less in interest over the life of the loan, but it demands more cash flow every month. If the higher payment doesn't fit your budget, a 30-year loan with extra principal payments when you can afford them offers a middle path: the lower required payment of a 30-year term with some of the interest savings of a shorter one.
Why is the 5/1 ARM rate lower than the 30-year fixed rate?
A 5/1 adjustable-rate mortgage holds a fixed rate for the first five years, then adjusts annually based on market conditions. Lenders typically price that initial period below the 30-year fixed rate because you're taking on the risk that your rate could rise after year five. Today, that gap works out to about $52 a month less on a $350,000 loan, but only for the first five years.
More frequently asked questions about today's rates
Why have rates been flat for two days in a row?
Bond markets rallied earlier this week on easing Iran-related tension and lower oil prices, pulling the 30-year fixed average down to a two-week low. Bond market activity has stayed minimal since then, so lenders haven't had a strong signal to move pricing in either direction.
Should I lock my rate now or wait to see if rates drop further?
If you're within a few weeks of closing, locking now protects you from the market moving back up, which it has done repeatedly over the past several weeks. If you're early in your search with no offer yet, you have more room to watch and wait, since rates could move in either direction.
What's a good mortgage rate today if my credit score is around 680?
A 680 credit score is generally considered good, though not top-tier. You'll likely see a rate above the very best advertised offers but below what a subprime borrower would be quoted. Getting pre-approved is the only way to see your actual number, and it's worth understanding the difference between pre-qualification and pre-approval before you start.
Is a 15-year or 30-year fixed rate better if I'm buying my first home on a tight budget?
For most first-time buyers on a tight budget, a 30-year fixed loan is the more manageable choice because it lowers your required monthly payment, even though the 15-year option carries a lower rate and saves more in total interest over time.
What's the risk of not locking my rate before closing?
Your rate isn't finalized until it's locked, so it can continue moving with the market right up until closing. If rates rise between your offer and your closing date, as they have over the past several weeks, your monthly payment could end up higher than what you originally budgeted.
How is a refinance rate different from a purchase rate?
Refinance pricing can move independently of purchase pricing because lenders weigh factors like loan-to-value and cash-out amounts differently on a refinance. Today, the 30-year fixed refinance average sits at 6.83%, eight basis points above the 30-year fixed purchase average of 6.75%.
Bottom line on today's rates
Rates are holding at their lowest point in more than two weeks for a second straight day, with the 30-year and 15-year fixed averages unchanged. Even so, rates remain close to their highest levels in over a year, and incoming inflation, employment, and oil-price developments are the factors most likely to move them from here.
National averages are a useful benchmark, but they aren't a quote. Your credit profile, loan type, and down payment determine what you'll actually be offered.
A mortgage pre-approval can show the rates you might qualify for.
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Rates shown in this article are daily average interest rates, not APRs, based on Better Mortgage data and are for informational purposes only. Rates are not guaranteed, may include borrower-paid or lender credits, and actual rates and terms vary by borrower and transaction. Comparison to industry average rates may not reflect individual borrower scenarios and is not a guarantee of lower rates or savings.
Today's figures reflect Wednesday's (August 5) settled close for 30-year and 15-year fixed rates, the most recent available data at the time of publication, since Thursday's settle had not yet posted. Refinance rates are cross-referenced from Wednesday, August 5 data. The 5/1 ARM rate is cross-referenced from Tuesday, August 4, the most recent available figure for that loan type at publication time.