Mortgage and refinance rates today, Wednesday, September 16, 2026: Rates ease somewhat ahead of the Fed's rate decision

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Mortgage and refinance rates today, Wednesday, September 16, 2026: Rates ease somewhat ahead of the Fed's rate decision Tim Manni · Wed, September 16, 2026 at 7:00 PM GMT+9 5 min read According to the Zillow lender marketplace, mortgage rates are mostly lower today, ahead of the Fed's conclusion of its two-day rate-setting meeting.

The average 30-year fixed rate today, Wednesday, September 16, 2026, is 7.00%, down 2 basis points since yesterday. The 15-year fixed loan is currently 6.36%, 4 basis points higher than yesterday. The 5/1 ARM is 7.21%, down 12 basis points from Tuesday.

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

Again, the numbers provided are national averages rounded to the nearest hundredth. Mortgage refinance rates are often higher than rates when you buy a house, although that's not always the case.

Use the mortgage calculator below to see how various interest rates and loan amounts will affect your monthly payments. It also shows how the term length plays into things.

Down payment Down Payment: This is the part of your home's purchase price that you pay upfront, not covered by your loan. The amount you pay as a down payment can influence your mortgage interest rate. Generally, larger down payments result in lower interest rates, as lenders see these as a sign of strong financial commitment. Loan term Loan Term: This refers to the duration over which you will repay your loan, typically measured in years. Opting for a longer loan term can reduce your monthly payments by spreading them out over a greater number of years, whereas shorter loan terms generally lead to higher monthly payments. 30-year fixed Interest rate Interest Rate: This is the annual cost you incur for borrowing money, expressed as a percentage of the loan amount. It represents the fee you pay each year to the lender for your loan. Data is provided as-is via the Zillow Mortgage API © Zillow, Inc., 2024. Use is subject to the Zillow Terms of Use. Interest rate provided via Enter Taxes, insurance and HOA fees Property tax /month Homeowners insurance /month Private mortgage insurance /month HOA fees /month Mortgage payment breakdown 82% Principal & interest 13% Property tax 5% Homeowners insurance 0% Private mortgage insurance 0% HOA fees Monthly total $2,769 82% Principal & interest $2,265 13% Property tax /month 5% Homeowners insurance /month Taxes, insurance, HOA fees 0% Private mortgage insurance /month 0% HOA fees /month See rates at top mortgage lenders Advertiser Disclosure Check rates Check rates Check rates You can bookmark the Yahoo Finance mortgage payment calculator and keep it handy for future use, as you shop for homes and the best lenders. You even have the option to enter costs for private mortgage insurance (PMI) and homeowners' association dues if those apply to you. These details result in a more accurate monthly payment estimate than if you simply calculated your mortgage principal and interest.

There are two main advantages to a 30-year fixed mortgage: Your payments are lower, and your monthly payments are predictable.

A 30-year fixed-rate mortgage has relatively low monthly payments because you're spreading your repayment out over a longer period of time than with, say, a 15-year mortgage. Your payments are predictable because, unlike with an adjustable-rate mortgage (ARM), your rate isn't going to change from year to year. Most years, the only things that might affect your monthly payment are any changes to your homeowners insurance or property taxes.

The main disadvantage of 30-year fixed mortgage rates is the mortgage interest, both in the short and long term.

A 30-year fixed-term loan comes with a higher interest rate than a shorter-term fixed-rate loan. You'll also pay much more in interest over the life of your loan due to both the higher rate and the longer term.

The pros and cons of 15-year fixed mortgage rates are essentially the same as those of 30-year rates. Yes, your monthly payments will remain predictable, and another advantage is that shorter terms come with lower interest rates. Not to mention, you'll pay off your mortgage 15 years sooner. So you could save hundreds of thousands of dollars in interest over the life of your loan.

However, because you're paying off the same amount in half the time, your monthly payments will be higher than if you choose a 30-year term.

Adjustable-rate mortgages lock in your rate for a predetermined period, then adjust it periodically. For example, with a 5/1 ARM, your rate stays the same for the first five years and then goes up or down once per year for the remaining 25 years.

The main advantage is that the introductory rate is usually lower than what you'll get with a 30-year fixed rate, so your monthly payments will be lower. Talk to your lender before deciding between a fixed or adjustable rate.

With an ARM, you have no idea what mortgage rates will be like once the intro-rate period ends, so you risk your rate increasing later. This could ultimately end up costing more, and your monthly payments are unpredictable from year to year.

But if you plan to move before the intro-rate period is over, you could reap the benefits of a low rate without risking a rate increase down the road.

The national average 30-year mortgage rate is 7.00% right now, according to data compiled from the Zillow lender marketplace. But keep in mind that averages can vary depending on where you live. For example, mortgage rates vary by state, and if you're buying in a city with a high cost of living, rates could be higher.

Some are, yes. The average 30-year fixed rate today, Wednesday, September 16, 2026, is 7.00%, down 2 basis points since yesterday. The 15-year fixed loan is currently 6.36%, 4 basis points higher than yesterday. The 5/1 ARM is 7.21%, down 12 basis points from Tuesday.

In many ways, securing a low mortgage refinance rate is similar to when you bought your home. Try to improve your credit score and lower your debt-to-income ratio (DTI). Refinancing into a shorter term will also land you a lower rate, though your monthly mortgage payments will be higher.

Mortgage rates are down more than a half point since the end of last May, sparking a more than 62% increase for refinance applications year over year. Does that mean now is a good time to refinance your mortgage?

Mortgage rates are down, so refinancing soon could be a good idea. Here's what you should know if you want to refinance your mortgage loan in early 2026.

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The housing market outlook for next year includes marginally lower mortgage rates and cooling home prices. Learn what to expect in 2026 and how to prepare now.

With today's high mortgage rates and home prices, it is a good time to get a VA loan. You'll pay a lower rate with no down payment. Learn about getting a VA loan now.