Mortgage rates are climbing fast—30-year fixed hit 6.696% and 15-year fixed jumped to 6.036% as of July 26, 2026. ARMs also surged. While national averages apply, local rates vary. Refinancing may cost more, but the choice between 30- and 15-year loans boils down to monthly cash flow vs. long-term savings. Experts expect 30-year rates to stay between 6.4% and 6.5% through year-end. Focus on boosting your credit and savings to secure better terms. And always compare APR—not just the interest rate—to see the real cost.

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