Average 30-year fixed mortgage rates fall 8 basis points to 6.62% amid temporary geopolitical calm in Iran.
Mortgage rates declined across major loan types on July 28, 2026, as geopolitical tensions in Iran eased temporarily. The average 30-year fixed rate dropped 8 basis points to 6.62%, while the 15-year fixed rate fell 6 basis points to 5.98%. Adjustable-rate mortgages also saw declines, with the 5/1 ARM down 18 basis points to 6.46%.
Refinance rates followed a similar trend but remained higher than purchase rates. The 30-year fixed refinance rate settled at 6.73%, down from the previous day. VA loan rates showed smaller declines, with the 30-year VA rate at 5.94% and the 15-year VA rate at 5.48%.
The decline in rates comes after a period of volatility driven by geopolitical uncertainty. Lenders surveyed by Zillow reported the lowest rates available, though national averages may vary by region and borrower profile.