Mortgage and Refinance Rates Drop on July 28, 2026 Amid Reduced Tensions in Iran
On Tuesday, July 28, 2026, mortgage rates across multiple loan types declined compared to the previous day. According to Zillow data, the average 30-year fixed-rate mortgage dropped by 8 basis points to 6.62%, while the 15-year and 5/1 ARM rates also fell slightly. Refinance rates similarly decreased but remained higher than purchase rates due to increased risk for lenders. The decline in rates coincided with a temporary pause in fighting between Iran, which eased investor concerns about geopolitical tensions affecting global markets. This reduction may encourage more homebuyers and refinancers to lock in lower borrowing costs before potential future rate increases.
Topics: housing market interest rates