U.S. mortgage rates fell on Tuesday, July 28, 2026. According to data from the Zillow Lending Market, the 30-year fixed rate dropped to 6.62%, down 8 basis points from the previous day; the 15-year fixed rate fell to 5.98%, down 6 basis points; and the 5/1 ARM rate dropped to 6.46%, down 18 basis points. This decline in rates coincided with a lull in the conflict with Iran.