Mortgage and refinance interest rates today, January 28, 2026 Rates slip even further below 6% 1
Mortgage rates are finishing January on a relatively calm note, hovering near their recent lows and offering borrowers a bit of breathing room after months of volatility.
According to data from the Zillow lender marketplace, the average 30-year fixed mortgage rate dipped to 5.93%, slipping back below the psychologically important 6% level. The 15-year fixed rate held steady at 5.47%, continuing to appeal to borrowers focused on minimizing long-term interest costs.
While day-to-day movements have been modest, today’s rates remain meaningfully lower than where they started in 2025. That stability is important. In a market shaped by affordability constraints, even small improvements in borrowing costs can influence buyer confidence and refinancing decisions.
Refinance rates also edged lower, with the average 30-year refinance rate sitting at 6.04%. Although refinances typically carry slightly higher rates than purchases, the gap has narrowed compared with earlier in the year. For homeowners who took out loans during the 2024–2025 peak, this may reopen conversations about refinancing—especially if the rate drop is enough to justify closing costs.
For buyers, rates below 6% can modestly improve purchasing power. While this doesn’t solve affordability challenges on its own, it can help stabilize monthly payments and expand options at the margin, particularly in markets where prices have stopped climbing aggressively.
Fixed-rate mortgages continue to dominate the landscape. Adjustable-rate mortgages remain available, but with fixed rates often matching or even beating ARM introductory rates, the incentive to take on future rate uncertainty has diminished for many borrowers.
Looking ahead, mortgage rates remain sensitive to economic data, central bank messaging, and global bond market movements. Volatility hasn’t disappeared—but for now, borrowing costs are holding near levels that many buyers and homeowners consider workable.
For borrowers who are financially prepared, this period of relative stability may offer a reasonable opportunity to act—especially compared with the unpredictability seen over the past few years.
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