NEW YORK, NY — Mortgage rates moved higher heading into the weekend, with Zillow’s lender-marketplace averages showing increases across several major loan types on Saturday, Oct. 10, 2026. The biggest move among the headline purchase loans came in the 5/1 adjustable-rate mortgage, which rose 19 basis points to 7.28%.
The 30-year fixed average climbed 10 basis points to 7.44%, while the 15-year fixed rate rose 8 basis points to 6.77%. Those numbers are national averages, rounded to the nearest hundredth, and they reflect a broad snapshot rather than what any one borrower will see from a lender.
30-year fixed loans remain the highest-volume benchmark
Zillow’s latest national averages put the 30-year fixed mortgage at 7.44%, with the 20-year fixed at 7.22%. The 15-year fixed loan came in lower at 6.77%, while VA options were listed at 6.90% for a 30-year term, 6.70% for a 15-year term, and 6.36% for a 5/1 VA loan.
The appeal of a 30-year fixed loan is stability. Borrowers get the same principal-and-interest payment every month, which makes budgeting easier than with an adjustable loan. The tradeoff is that a longer term generally means paying more interest over time, even if the monthly bill is more manageable at the start.
Zillow also notes that taxes and homeowners insurance can still change a borrower’s total monthly housing payment even when the loan rate itself stays fixed.
Shorter terms offer lower rates but higher monthly payments
Borrowers looking at the 15-year fixed option will see a lower average rate than the 30-year term, but the monthly payment is typically larger because the loan is paid off in half the time. That faster payoff can mean substantial interest savings over the life of the mortgage.
The same basic tradeoff applies to refinance borrowers comparing terms. A shorter refinance term generally carries a lower rate than a longer one, but the monthly obligation rises because the balance has to be repaid faster. For households with room in the budget, that can be a way to cut long-term interest costs.
Zillow’s refinance averages show the 15-year fixed at 6.62% and the 20-year fixed at 6.98%, both below the 30-year refinance average of 7.37%.
Adjustable-rate mortgages are moving, but not necessarily cheaper
Adjustable-rate mortgages saw some of the sharpest movement in the latest Zillow data. The 5/1 ARM reached 7.28% for purchase loans and 7.30% for refinances, while the 7/1 ARM stood at 7.02% for purchases and 7.00% for refinances.
With an ARM, the introductory rate is fixed for a set period before adjusting on a regular schedule. In a 5/1 loan, that means the rate stays the same for five years and then can change once a year after that. Buyers often choose ARMs when they expect to move or refinance before the adjustment period begins.
Zillow points out that ARM pricing is not always lower than fixed-rate pricing, so borrowers are often comparing the short-term advantage of a stable introductory rate with the risk of later increases.
Refinance rates sit close to purchase rates
Zillow’s refinance averages were only modestly different from purchase rates in several categories. The 30-year refinance average was 7.37%, just below the 30-year purchase average of 7.44%, while the 5/1 ARM refinance average was 7.30%, slightly above the purchase version at 7.28%.
The 7/1 ARM refinance average came in at 7.00%, nearly identical to the 7.02% purchase average. For VA borrowers, the refinance numbers were 6.88% for a 30-year term, 6.33% for a 15-year term, and 6.30% for a 5/1 VA loan.
Zillow says refinance pricing is often higher than purchase pricing, though that is not always the case. The differences depend on lender, loan type, credit profile, and other borrower-specific details.
Forecasts still point to a softer finish for 2026
Even with the daily increase, several outlooks still call for mortgage rates to ease later in the year. Zillow says the Mortgage Bankers Association expects the 30-year mortgage rate to average between 6.7% and 6.8% through the rest of 2026, and Fannie Mae has a similar forecast.
The recent move higher also comes against a year-over-year comparison that remains somewhat favorable for buyers, according to Zillow’s framing. Rates are still below where they stood a year ago, even if they ticked up from the prior day.
Zillow also emphasizes that timing the housing market is difficult. The company says the best time to buy is usually when it fits a household’s needs, rather than waiting for a perfect rate call.
Why the quoted rate can differ from lender to lender
Zillow says its averages come from its lender marketplace, while Freddie Mac uses loan applications submitted to its underwriting system and publishes a weekly average. That means the two numbers can differ even when both are describing the same broad market.
Mortgage rates also vary by state, ZIP code, lender, loan type, and borrower credit profile. For that reason, Zillow advises shoppers to compare offers from multiple lenders instead of relying on a single national average.
The company also suggests using a mortgage calculator to estimate monthly payments and, when relevant, to include expenses such as private mortgage insurance and homeowners association dues. That can give buyers a more realistic picture of what they will actually owe each month.
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