According to the latest data from Zillow lender marketplace, mortgage rates have moved higher compared to last week as of July 20, 2026. The current 30-year fixed rate rose by 4 basis points to 6.48%, while the 15-year fixed increased by 8 basis points to 5.90%. The 5/1 ARM rose by 3 basis points to 6.46%. As reported by The Hindu BusinessLine, home loan interest rates across banks and housing finance companies show a wide range of floating and fixed rate options, with floating rates ranging from 7.05% to 13.20% and fixed rates spanning from 8.20% to 14.00%. According to Mortgage Resource Center data, the current average refinance rate on a 30-year, fixed-rate home loan is 6.635%. The rates are current as of 7:41 AM UTC on July 20, 2026, as reported by Rocket Mortgage.
As reported by The Hindu BusinessLine, major banks including State Bank of India, HDFC Bank, and ICICI Bank offer floating rates between 7.25% to 13.20% for different loan amounts. Axis Bank maintains consistent floating rates across all loan categories at 8.0% to 9.10%. Bank of Baroda offers competitive rates at 7.20% to 8.95% for loans under ₹30 lakh, while Canara Bank provides rates ranging from 7.15% to 10%. The data indicates that DBS Bank offers the most competitive floating rates at less than 8.70% across all loan amounts. According to Mortgage Resource Center, refinancing involves closing costs that run about 2% to 6% of the loan amount, with a rate-and-term refi on a $300,000 loan potentially costing anywhere from $6,000 to $18,000 in refi closing costs.
According to the report, housing finance companies present a diverse rate structure with LIC Housing Finance Ltd offering floating rates from 7.15% to 10.10% for different loan amounts. PNB Housing provides rates between 7.60% to 10.05% for loans under ₹30 lakh, while Central Bank Housing offers floating rates from 10% to 12.85%. Bajaj Finserv maintains competitive rates at 7.25% to 20% across all loan categories, and Sundaram Home Finance Ltd offers the highest floating rates at 10.65% and above for loans above ₹75 lakh. As noted by Mortgage Resource Center, refinancing involves meeting lender criteria regarding credit profile, proof of income, debt-to-income ratio, and other requirements, which may result in a small hit to your credit score.
As reported by The Hindu BusinessLine, fixed rate options are available across multiple institutions with Axis Bank offering fixed rates at 14.00% across all loan amounts. Bank of Baroda provides fixed rates from 8.90% to 9.95% for different loan categories. ICICI Bank offers fixed rates ranging from 8.90% to 11.20% for various loan amounts. LIC Housing Finance Ltd provides fixed rates at 10% to 10.25% for different loan amounts, while Karnataka Bank offers the highest fixed rates at 11.59% to 12.69% for loans above ₹75 lakh. According to Mortgage Resource Center, refinancing may make sense when you can get a new rate that's a full percentage point lower than your current rate, such as someone with a 7% rate potentially refinancing to a 6% rate.
According to the latest forecasts, the MBA expects the 30-year mortgage rate to be between 6.4% and 6.5% through 2026, while Fannie Mae predicts a 30-year rate of 6.4% through the end of the year. As reported by BankBazaar.com, the data reflects rates as of July 20, 2026, obtained from respective bank websites. The report notes that fixed interest rates may be subject to revision after a specified tenure depending on the bank's terms and conditions. Some banks and financial institutions allow fixed rate options only for a definite period, after which prevailing floating rates become applicable. The comprehensive rate comparison provides borrowers with current market options across different loan categories and financial institutions. Mortgage rates have remained well above pandemic-era lows when some homeowners secured loans with rates in the 2% and 3% range, with 82.8% of homeowners with a mortgage having a rate below 6% as of the third quarter of 2024, according to Redfin data.
