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Mortgage and refinance rates today, August 21, 2024: Rates are down across the board

Laura Grace Tarpley
·Lead Editor and Content Strategist, Mortgages
9 min read

Almost all mortgage and refinance rates have decreased since this time last week — however, most changes are small. For example, according to Zillow, the current 30-year fixed mortgage rate is down by three basis points at 6.10%, and the 15-year fixed rate has dropped by two basis points to 5.35%.

The Federal Reserve is expected to cut the federal funds rate at its Sept. 18 meeting, and we should see more drastic declines in response. Until then, mortgage rates will probably continue to gradually inch down.

Read more: What determines mortgage rates? It's complicated.

Here are the current mortgage rates, according to our latest Zillow data:

  • 30-year fixed: 6.10%

  • 20-year fixed: 5.69%

  • 15-year fixed: 5.35%

  • 5/1 ARM: 6.32%

  • 7/1 ARM: 6.17%

  • 5/1 FHA: 4.75%

  • 30-year VA: 5.39%

  • 15-year VA: 4.75%

  • 5/1 VA: 5.56%

Remember that these are the national averages and rounded to the nearest hundredth.

Learn more: 5 strategies to get the lowest mortgage rates

Here are today's mortgage refinance interest rates, according to the latest Zillow data:

  • 30-year fixed: 6.19%

  • 20-year fixed: 5.96%

  • 15-year fixed: 5.62%

  • 5/1 ARM: 6.16%

  • 7/1 ARM: 5.88%

  • 5/1 FHA: 4.75%

  • 30-year VA: 5.48%

  • 15-year VA: 5.12%

  • 5/1 VA: 5.13%

As with the purchase mortgage rates, these are national averages we've rounded to the nearest hundredth. Keep in mind that refinance rates are usually a little higher than rates on your original mortgage.

Learn more: Is now a good time to refinance your mortgage?

Use the free Yahoo Finance mortgage calculator see how different mortgage terms and interest rates will impact your monthly payments. This can help you decide whether to buy a home or refinance in the near future.

Our calculator also considers factors like property taxes and homeowners insurance when determining your estimated monthly mortgage payment. This gives you a better idea of your total monthly payment than if you just looked at mortgage principal and interest.

30-year fixed rates inch down (-0.03%)

Today's 30-year fixed rate is 6.10%, which is down three basis points from last week's 6.13%.

On a $300,000 mortgage, a 6.10% rate on a 30-year term would result in a monthly mortgage payment of $1,818 toward principal and interest.

20-year fixed rates decrease (-0.07%)

The 20-year fixed rate is 5.69% today, down seven basis points since last Wednesday.

A 5.69% rate on a $300,000, 20-year mortgage means you would pay $2,096 toward principal and interest each month. A 20-year term can be a nice balance between a 30-year and 15-year term because you'll pay off your mortgage faster and pay less in interest, but your monthly payments won't be as high as with a 15-year mortgage loan.

15-year fixed rates barely move (-0.02%)

The current 15-year fixed rate is 5.35%, a decrease of two basis points since last week.

With a 15-year term and 5.35% interest rate, your monthly payment on a $300,000 mortgage would jump to $2,427. However, you would pay off your loan much more quickly than with a longer term and pay less in interest.

Learn more: 15-year vs. 30-year mortgages

The mortgage interest rate is 6.32% on a 5/1 adjustable-rate mortgage (ARM) today. This is 19-basis-point jump from last week, when it was 6.13%.

If you have a 5/1 ARM with a 30-year term, and your loan is for $300,000, a 6.32% rate will result in a $1,861 monthly payment for the first five years. Then, your rate will increase or decrease once per year for the remaining 25 years.

7/1 ARM rates drop (-0.12%)

Today's 7/1 ARM mortgage rate is 6.17%. This time last week, the rate was 6.29%.

A 6.17% rate means your monthly payment on a $300,000 mortgage will be $1,832 for the first seven years, then it will change annually for the last 23 years of your term.

Dig deeper: Best mortgage lenders for first-time home buyers

5/1 FHA rates tick down (-0.03%)

The 5/1 FHA loan rate is 4.75%, which is down three basis points since last week.

With a 4.75% rate on a 30-year term, you'd pay $1,565 monthly toward your principal and interest on a $300,000 mortgage. FHA loans can be great options if you have a low credit score or high debt levels, especially since interest rates are relatively low.

30-year VA loan rates fall (-0.10%)

The current 30-year VA loan rate is 5.39%, which is down from last week's 5.49%.

VA loans also typically come with lower rates. You also don't have to pay annual mortgage insurance premiums, which can make them more affordable than FHA loans. If you're affiliated with the military, a VA loan can be a great choice.

A 30-year, $300,000 mortgage with a 5.39% rate would result in a monthly payment of $1,683.

15-year VA loan rates plummet (-0.25%)

Today's 15-year VA loan rate is 4.75% — a 25-basis-point decline from last week.

With $300,000 mortgage loan that has a 15-year term and 4.75% rate, you'd pay $2,334 monthly toward the principal and interest.

5/1 VA ARM rates nosedive (-0.27%)

The 5/1 VA ARM rate today is 5.13%, which is a 27-point decrease from last week.

If you got a 5/1 VA ARM with a 30-year term and 5.13% rate, you'd pay $1,634 toward the $300,000 principal and interest. After the first five years, your rate and monthly payment would alter annually.

Learn more: Best VA loan lenders

30-year fixed refinance rates decline (-0.10%)

Today's 30-year fixed refinance rate is 6.19%, down from last week's 6.29%.

If you refinance into a $300,000 mortgage with a 30-year term and 6.19% rate, your new monthly mortgage payment toward principal and interest will be $1,835.

20-year fixed refinance rates go down (-0.07%)

The current 20-year fixed refinance rate is 5.96%, which is seven basis points higher than this time last week.

A new 20-year $300,000 mortgage with a 5.96% rate would result in a $2,142 monthly principal and interest payment.

The 15-year fixed refinance rate is 5.62%, a five-basis-point increase since last week.

A refinanced mortgage with a $300,000 principal, 15-year term, and 5.62% rate would result in a $2,470 monthly payment.

Read more: Want to refinance your mortgage? Here are 7 home refinance options.

Today's 5/1 ARM refinance rate is 6.16%, four basis points higher than last week.

A 5/1 ARM with a 6.16% rate and $300,000 principal would lead to an $1,830 monthly payment for the first five years of your refinanced mortgage. Then, your rate will go up or down annually for the last 25 years of your mortgage.

7/1 ARM refinance rates plunge (-0.39%)

The 7/1 ARM refinance rate is 5.88% today, a 39-basis-point decline since last week.

If you get a 7/1 ARM mortgage with a 5.88% rate, your monthly payment will be $1,776 on a $300,000 loan. After the first seven years, your rate will adjust annually for the remaining 23 years.

The current 30-year FHA refinance rate is 4.75%, which is the same as last week.

By refinancing into a 30-year FHA loan with a $300,000 balance and 4.75% rate, you'll pay $1,565 each month.

Learn more: Best FHA lenders

30-year VA refinance rates drop (-0.06%)

The 30-year VA refinance rate is 5.48% today, down six basis points since last week.

A 30-year $300,000 mortgage with a 5.48% rate will result in a $1,700 monthly payment toward your principal and interest.

15-year VA refinance rates fall (-0.08%)

Today's 15-year VA refinance rate is 5.12%, down eight basis points over the last week.

A 15-year refinanced mortgage for $300,000 with a 5.12% rate would cost you $2,391.

5/1 ARM refinance rates plunge (-0.27%)

The 5/1 ARM refinance rate is 5.13%, down 27 basis points from last week's 5.40%.

A 5/1 ARM with a 5.13% rate and $300,000 mortgage will result in a $1,634 monthly payment for the first five years. Then, your rate will increase or decrease for the remaining 25 years of your term.

Dig deeper: How soon can you refinance your mortgage after buying a home?

Mortgage rates on most terms have decreased today. According to Zillow, the 30-year fixed rate has dropped by three basis points since last week, and the 15-year fixed rate is down by two basis points.

Most mortgage refinance rates have dropped over the last week. For example, the 30-year fixed refinance rate has decreased by 10 basis points to 6.19%.

To get the lowest mortgage rate in the current housing market, make a sizable down payment, have an excellent credit score, and keep your debt-to-income ratio (DTI) low. The stronger your personal finances, the lower your interest rate should be.

It's impossible to predict the best day for a mortgage rate lock because rates shift from day to day. But locking in your rate early can be helpful so you can know what your monthly budget as a homeowner will be as soon as possible.