Mortgage and refinance interest rates today, February 2, 2026: Just Below 6% as February Begins

Mortgage rates are starting February just under the 6% mark, keeping borrowing costs near their lowest levels in years. According to data from the Zillow lender marketplace, the average 30-year fixed mortgage rate now stands at 5.91%, while the 15-year fixed rate is 5.44%.

For borrowers with strong credit, steady income, and low debt, rates below these averages are still possible. While rates have edged slightly higher from recent lows, they continue to hold in a narrow range that many buyers and homeowners find encouraging.

Current Mortgage Rates Today

Here are the latest national average mortgage rates:

• 30-year fixed: 5.91%
• 20-year fixed: 5.86%
• 15-year fixed: 5.44%
• 5/1 ARM: 5.93%
• 7/1 ARM: 6.04%
• 30-year VA: 5.50%
• 15-year VA: 5.13%
• 5/1 VA: 5.16%

These figures are rounded to the nearest hundredth and represent national averages. Actual rates vary by lender, location, and borrower profile.

Current Mortgage Refinance Rates

Refinance rates remain slightly higher than purchase rates, though the gap is not wide:

• 30-year fixed refinance: 6.09%
• 20-year fixed refinance: 5.95%
• 15-year fixed refinance: 5.57%
• 5/1 ARM refinance: 6.16%
• 7/1 ARM refinance: 5.86%
• 30-year VA refinance: 5.54%
• 15-year VA refinance: 5.29%
• 5/1 VA refinance: 5.34%

Refinancing can still make sense for homeowners who locked in rates well above today’s levels, especially those looking to lower monthly payments or switch loan terms.

What These Rates Mean for Monthly Payments

At today’s average rate of 5.91%, a $300,000 loan on a 30-year term would result in a monthly principal and interest payment of about $1,781. Over the life of the loan, total interest would come to roughly $341,000.

Choosing a 15-year mortgage at 5.44% raises the monthly payment to around $2,442, but the total interest paid drops sharply to about $139,500. That tradeoff continues to attract buyers who can manage higher monthly costs and want long-term savings.

Adjustable-Rate Mortgages Still a Mixed Option

Adjustable-rate mortgages (ARMs) continue to sit close to fixed-rate loans. While ARMs can offer short-term savings, the small difference between fixed and adjustable rates has made many buyers lean toward fixed-rate loans for payment stability.

ARMs may still appeal to buyers who plan to sell or refinance before the rate adjusts, but shopping lenders carefully is key.

Why Rates Held Steady Despite Market Pressure

Mortgage rates edged slightly higher following weakness in the bond market caused by stronger-than-expected manufacturing data. Normally, that kind of bond movement would push mortgage rates higher.

However, lenders adjusted rates only modestly. Part of the reason is timing — bond losses occurred later in the day, after many lenders had already set their daily pricing. As a result, some of that pressure may show up in future rate updates instead.

Are Mortgage Rates Expected to Fall Further?

Most forecasts suggest rates will stay close to current levels for much of 2026. Industry outlooks expect the 30-year fixed mortgage rate to hover near 6%, with modest ups and downs depending on inflation data, economic growth, and Federal Reserve policy.

Rates have dropped steadily since peaking above 7% in early 2025, but sharp declines are not widely expected in the near term.

How to Qualify for a Lower Mortgage Rate

Borrowers who want the best rates should focus on:

• Improving credit scores
• Reducing debt-to-income ratios
• Saving for a larger down payment
• Comparing multiple lenders

Some buyers may also consider interest rate buydowns, though those only make sense if you plan to stay in the home long enough to recover the upfront cost.

Bottom Line

Mortgage rates remain just under 6% as February begins, offering buyers and homeowners a stable window to act. While rates are no longer falling quickly, they continue to support steady demand in a housing market that is slowly regaining balance. For direct financing consultations or mortgage options for you visit 👉 Nadlan Capital Group.