Mortgage rates today, September 23, 2026: 30-year fixed rate falls to 6.92% — What homebuyers need to know

The average 30-year fixed mortgage rate is 6.92% on Wednesday, September 23, 2026. That is 11 basis points lower than Tuesday's rate, giving homebuyers a small drop in borrowing costs. The latest figures come from the Zillow lender marketplace. Mortgage rates are national averages and are rounded to the nearest hundredth, so the actual rate offered to a borrower can be different, according to Zillow.

Mortgage rates today: 30-year fixed rate falls to 6.92% on September 23, 2026. (Pexel/Representative image) (Pexel)15-year fixed mortgage rate also moves lowerThe average 15-year fixed mortgage rate is 6.48% today. It is 2 basis points lower than yesterday. A 15-year mortgage generally comes with a lower interest rate than a 30-year loan. However, borrowers have to repay the loan in half the time, which means their monthly payments are usually higher.

The 5/1 ARM increased to 6.99%, up 5 basis points from Tuesday. These figures are national averages based on the latest Zillow data, according to Zillow.

The fall in the 30-year rate means borrowers could get a slightly lower rate than they would have received yesterday, depending on their lender and financial profile. A 30-year fixed mortgage can make monthly payments more manageable because the loan is repaid over a longer period.

The biggest benefit is payment stability: the interest rate does not change from year to year. However, homebuyers should remember that their total monthly housing cost can still change because property taxes and homeowners insurance may increase.

The lower monthly payment comes with a higher long-term interest cost. A 30-year fixed mortgage generally has a higher interest rate than a shorter-term fixed mortgage. Because the borrower is making payments for 30 years, they can end up paying significantly more interest over the full life of the loan. So, buyers need to look at both the monthly payment and the total interest cost before choosing a loan.

A 15-year fixed mortgage offers a shorter repayment period. Borrowers can pay off their home loan 15 years earlier than with a 30-year mortgage. The shorter loan term also usually comes with a lower interest rate.

This can help borrowers save a large amount of money in interest over the life of the loan. The trade-off is that the same loan amount has to be repaid in half the time, so monthly payments are higher.

The average 5/1 adjustable-rate mortgage, or ARM, is 6.99% today, up 5 basis points from Tuesday. With a 5/1 ARM, the initial interest rate remains fixed for the first five years.

After that period, the rate can adjust once a year for the rest of the loan. This means borrowers may initially get a lower payment, but their rate and monthly payment can change later.

The main attraction of an ARM is its introductory rate. The initial rate is often lower than the rate on a 30-year fixed mortgage, which can reduce monthly payments during the early years. An ARM could make sense for someone who expects to move or sell the home before the initial fixed-rate period ends. But borrowers should understand what could happen to their payments after the introductory period expires.

The biggest uncertainty with an ARM is what mortgage rates will look like when the fixed period ends. If rates rise, the borrower's mortgage rate and monthly payment could also increase.

That could make the loan more expensive over time. Unlike a fixed-rate mortgage, borrowers cannot count on having the same interest rate for the entire loan. Borrowers should discuss the possible future rate changes with their lender before choosing an ARM.

Homeowners looking to refinance are also seeing different rates today. The latest Zillow figures show:

These are national averages rounded to the nearest hundredth, according to Zillow.

Mortgage refinance rates are often higher than rates offered to people buying a home, although that is not always the case. Homeowners considering a refinance should compare their current mortgage rate with the new rate. They should also consider closing costs and other fees before deciding whether refinancing would actually save money.

The 30-year fixed rate has moved down to 6.92%, but a small daily move should not be the only factor in a homebuying decision. Buyers should compare offers from different lenders because the actual rate can vary based on their financial situation.

They should look at the monthly payment, interest rate, loan term and total interest cost. Buyers choosing between fixed and adjustable loans should also consider how long they expect to stay in the home. Today's lower 30-year rate may improve borrowing costs slightly, but buyers still need to weigh the long-term cost and payment risks of each mortgage type.

Durva More is a Senior Content Producer at Hindustan Times, where she covers finance, and global news. She brings experience across digital and television journalism, with a strong focus on breaking news, business reporting, and international affairs. Before joining Hindustan Times, Durva worked as an International News Writer at The Economic Times, covering a diverse range of subjects including global politics, business, sports, entertainment, and major world events. She also worked as a Business Reporter with NDTV Profit. A postgraduate diploma holder in Journalism from the Asian College of Journalism, Durva is passionate about field reporting and storytelling. She thrives on the adrenaline of chasing stories, speaking with people from different walks of life, and amplifying voices that deserve to be heard. Her reporting is driven by curiosity, accuracy, and a commitment to making complex subjects accessible to readers. When she is not chasing stories or covering breaking news, Durva enjoys reading books and painting. She loves exploring new ideas, meeting people, and learning about different perspectives. For her, both journalism and art are ways to understand the world and tell stories that matter.Read More