Mortgage rates moved mostly higher on Wednesday, July 15, giving homebuyers another reminder that borrowing costs continue to fluctuate from day to day. While most fixed and adjustable mortgage products posted small increases, the 15-year fixed mortgage was one of the few loans to become slightly more affordable.
According to the latest national average data, the 30-year fixed mortgage rate increased to 6.46%, while the 20-year fixed loan climbed to 6.32%. The 15-year fixed mortgage slipped to 5.86%, and the 5/1 adjustable-rate mortgage (ARM) rose to 6.65%.
Today’s Purchase Mortgage Rates
- 30-year fixed: 6.46%
- 20-year fixed: 6.32%
- 15-year fixed: 5.86%
- 5/1 ARM: 6.65%
- 7/1 ARM: 6.32%
- 30-year VA: 5.93%
- 15-year VA: 5.62%
- 5/1 VA: 5.81%
These figures represent national averages and may vary depending on your credit score, loan type, down payment, and lender.
Today’s Refinance Rates
Homeowners looking to refinance are also seeing slightly higher borrowing costs.
- 30-year fixed: 6.53%
- 20-year fixed: 6.43%
- 15-year fixed: 6.00%
- 5/1 ARM: 6.53%
- 7/1 ARM: 6.35%
- 30-year VA: 5.95%
- 15-year VA: 5.56%
- 5/1 VA: 5.63%
Refinance rates are often a little higher than purchase mortgage rates, although individual offers vary by lender and borrower qualifications.
What These Rate Changes Mean
Small daily changes may not seem significant, but they can affect monthly payments over the life of a mortgage. Buyers should compare multiple lenders before locking a rate, as offers can vary even on the same day.
For homeowners considering refinancing, it is important to compare the new interest rate with closing costs and long-term savings before making a decision.
Choosing the Right Mortgage
A 30-year fixed mortgage remains popular because it offers lower monthly payments and predictable costs throughout the loan term. The trade-off is paying more total interest over time.
A 15-year fixed mortgage usually comes with a lower interest rate and allows borrowers to build equity faster while paying much less interest overall. However, monthly payments are higher.
An adjustable-rate mortgage (ARM) may work well for buyers planning to move before the fixed-rate period ends, but future payment increases remain a risk if market rates rise.
Final Thoughts
Mortgage rates were mixed on July 15, but the overall trend favored slightly higher borrowing costs. The average 30-year fixed mortgage now stands at 6.46%, while the 15-year fixed loan offered a small improvement at 5.86%.
Whether you’re buying your first home or refinancing an existing mortgage, comparing loan offers, understanding total borrowing costs, and locking a competitive rate at the right time can help you save money over the life of your loan. For direct financing consultations or mortgage options for you visit 👉 Nadlan Capital Group.
