Mortgage and refinance interest rates today, January 28, 2026: Rates slip even further below 6%

Mortgage rates continue to hover near recent lows as January comes to a close. After a small dip midweek, borrowing costs are now sitting comfortably below the 6% mark, offering a bit more breathing room for both homebuyers and homeowners considering a refinance.

According to data compiled from the Zillow lender marketplace, the average 30-year fixed mortgage rate fell four basis points to 5.93%. The 15-year fixed rate held steady at 5.47%, remaining one of the more attractive options for borrowers focused on long-term interest savings.

Today’s Mortgage Rates

Here are the latest national average purchase rates, rounded to the nearest hundredth:

• 30-year fixed: 5.93%
• 20-year fixed: 5.89%
• 15-year fixed: 5.47%
• 5/1 ARM: 6.00%
• 7/1 ARM: 6.12%
• 30-year VA: 5.51%
• 15-year VA: 5.21%
• 5/1 VA: 5.31%

Rates can vary by lender, location, credit score, and loan type, but these figures reflect the national averages available today.

Today’s Mortgage Refinance Rates

Refinance rates also edged lower, though they remain slightly higher than purchase rates in most cases:

• 30-year fixed: 6.04%
• 20-year fixed: 5.94%
• 15-year fixed: 5.58%
• 5/1 ARM: 6.15%
• 7/1 ARM: 6.21%
• 30-year VA: 5.49%
• 15-year VA: 5.14%
• 5/1 VA: 5.17%

Refinancing typically comes with higher rates, but the current spread is narrower than it was earlier in 2025.

What Falling Rates Mean for Borrowers

Rates below 6% can make a meaningful difference in monthly payments, especially for buyers stretching affordability or homeowners refinancing loans from the past two years. Even small changes can add up over time, particularly on larger loan balances.

For buyers, lower rates may improve purchasing power slightly. For existing homeowners, this environment could open the door to refinancing if the rate reduction is large enough to offset closing costs.

Fixed vs. Adjustable Options

Fixed-rate mortgages continue to offer stability, with predictable payments that don’t change over time. Adjustable-rate mortgages (ARMs) still exist as an option, but recent data shows fixed rates are often matching or beating ARM introductory rates, reducing the appeal of adjustable loans for many borrowers.

Looking Ahead

Mortgage rates have been volatile in early 2026, reacting to economic data, policy headlines, and bond market movements. Even so, today’s rates remain well below levels seen a year ago. While further drops are not guaranteed, current conditions may offer a reasonable window for borrowers who are ready to act.

As always, shopping multiple lenders and locking at the right time can make just as much difference as broader market trends. For direct financing consultations or mortgage options for you visit 👉 Nadlan Capital Group.