Today's mortgage rates, September 5, 2026, dropped across the board: the 30-year fixed fell to 6.67%, the 15-year fixed dropped to 6.04%, and the 5/1 ARM tumbled 39 basis points to 6.64% — completely erasing yesterday's spike. VA loans remain especially competitive, with the 15-year VA rate sitting below 6% at 5.91%. It's a welcome reset after a volatile few days, though rates remain well above the lows of recent years. Here's the full rate breakdown and what it means if you're buying or refinancing.
Today's Mortgage Rates, Sept 5: Rates Drop Across the Board, 30-Year Falls to 6.67%
Current Mortgage Rates (as of September 5, 2026)
Here’s a quick look at the average mortgage rates from Zillow for today:
| Loan Type | Current Rate |
|---|---|
| 30-year fixed | 6.67% |
| 20-year fixed | 6.66% |
| 15-year fixed | 6.04% |
| 5/1 ARM | 6.64% |
| 7/1 ARM | 6.53% |
| 30-year VA | 6.32% |
| 15-year VA | 5.91% |
| 5/1 VA | 5.93% |
These rates show a notable decrease for many loan types, offering some relief to those looking to buy a home or refinance.
What These Changes Mean for You
Mortgage rates went down today, which is good news for people thinking about getting a home loan. The 30-year fixed rate dropped by 4 basis points to 6.67%. This means the cost of borrowing for a long-term, stable loan is a bit lower. The 15-year fixed rate also saw a bigger drop of 10 basis points, landing at 6.04%. This type of loan lets you pay off your home faster, often with a lower interest rate, but your monthly payments will be higher.
The most dramatic change was in the 5/1 ARM (Adjustable-Rate Mortgage). This rate fell by a large 39 basis points to 6.64%. Just yesterday, it had jumped up by the same amount, showing how much these rates can move around. ARMs have a fixed rate for a few years (like 5 years for a 5/1 ARM) and then the rate changes every year after that. This can be risky because your payments might go up later.
Understanding Different Loan Types
When you are looking for a mortgage, you will find several options. Each has its own benefits and things to think about.
- Fixed-Rate Mortgages: These loans have an interest rate that stays the same for the entire life of the loan. This means your monthly principal and interest payment will not change, making your budget easier to plan.
- 30-year fixed: This is the most common type. It offers lower monthly payments because you spread the cost over a long time.
- 20-year fixed: This loan has slightly higher monthly payments than a 30-year fixed but allows you to pay off your home faster and pay less interest overall.
- 15-year fixed: This option comes with the highest monthly payments among fixed-rate loans but allows you to pay off your home much faster and save a lot on interest over the life of the loan. As you can see today, the 15-year fixed rate is quite a bit lower than the 30-year fixed rate.
- Adjustable-Rate Mortgages (ARMs): These loans start with a fixed interest rate for a certain number of years, and then the rate changes periodically.
- 5/1 ARM: The “5” means the interest rate is fixed for the first five years. The “1” means the rate can change every year after that. These loans often start with a lower interest rate than fixed-rate loans, but your payments could go up when the rate adjusts.
- 7/1 ARM: Similar to the 5/1 ARM, but the rate is fixed for the first seven years before it starts adjusting yearly. This gives you a longer period of stable payments.
- VA Loans: These are special loans for eligible veterans, service members, and their spouses. They often offer very good terms, including no down payment and lower interest rates.
- 30-year VA: A fixed-rate loan over 30 years for those who qualify.
- 15-year VA: A fixed-rate loan over 15 years for those who qualify.
- 5/1 VA: An adjustable-rate mortgage for those who qualify, with a fixed rate for the first five years.
Today, VA loans are still offering some of the lowest rates. For example, the 15-year VA loan is below 6% at 5.91%. This is a significant advantage for those who are eligible.
Market Trends and What We Are Seeing
The fact that rates went down across the board today is a positive sign. It means borrowers are getting a small break. However, it is important to remember that rates are still higher than they were a few years ago.
- Fixed-Rate Stability: Even with the small drop, the 30-year fixed rate remains slightly higher than the 20-year fixed rate. This difference is something to consider if you are debating between these two loan types.
- ARM Swings: The 5/1 ARM showed a big drop today, completely erasing its big jump from yesterday. This kind of big up-and-down movement in ARMs tells us that lenders are reacting quickly to new economic information. It means if you are thinking about an ARM, you need to be ready for the rate to change a lot in a short time.
What This Means for You When Borrowing
With rates moving around, especially with ARMs, you need to think carefully about your choices.
- Locking Your Rate: If you are planning to close on a home soon (within 30 days), locking in a fixed rate when rates are down, like they are today, can be a smart move. This stops your rate from going up unexpectedly before you close. If you choose an ARM, be aware that the rate could change before you close, or dramatically after the fixed period.
- Looking at the 15-Year Option: The 15-year fixed rate is 6.04% today. This is a noticeable 0.63% lower than the 30-year fixed rate. If you can afford the higher monthly payments, taking a 15-year loan means you pay off your home much faster and save a lot of money on interest over the years. It is a good choice for people who have enough money coming in each month to handle the bigger payments.
- Considering ARMs Carefully: The 7/1 ARM is currently 6.53%, which is lower than the 5/1 ARM at 6.64%. If you think you might sell your home or refinance it within seven years, the 7/1 ARM might be a better choice. It gives you a lower starting rate and a longer period of fixed payments compared to the 5/1 ARM. However, if you plan to stay in your home longer than seven years, you need to be prepared for the rate to change and potentially increase your monthly payment.
Final Thoughts
Today's across-the-board drop is a welcome reset after yesterday's sharp ARM spike, but it doesn't change the bigger picture — rates remain well above where they stood a few years ago. If you're closing within the next month, today's dip is worth locking in rather than waiting, especially given how quickly ARM rates have swung in just the past two days.
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Also Read:
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