Mortgage and refinance interest rates today, February 3, 2026 Will rates stay under 6%
Mortgage rates moved slightly higher on Tuesday, but they’re still holding below a key psychological level that many buyers and homeowners are watching closely. According to Zillow data, the average 30-year fixed mortgage rate now sits at 5.97%, keeping it under 6% for more than a week. The 15-year fixed rate is holding at 5.47%, also remaining below an important threshold.
While rates are higher than their recent lows, the increase has been modest. The bigger story is stability. Mortgage rates have been trading in a very tight range, and there’s no clear signal that significantly lower rates are right around the corner. That’s why many borrowers are starting to consider whether this may be a good time to lock in, rather than waiting for a drop that may not come.
Today’s rate movement wasn’t driven by fresh news. Instead, it reflects a delayed reaction to stronger-than-expected manufacturing data released earlier in the week. That report pushed bond yields higher, which usually leads to higher mortgage rates. Because much of the bond market movement happened after lenders had already set pricing, the adjustment showed up today as a small bump rather than a sharp move.
Even with this increase, mortgage rates remain remarkably calm. Over the past couple of weeks, the gap between highs and lows has been narrow, keeping borrowing costs relatively predictable.
For borrowers, the choice between a 30-year and 15-year mortgage continues to come down to flexibility versus long-term savings. A 30-year loan offers lower monthly payments and more breathing room, while a 15-year loan comes with higher payments but dramatically less interest over time. Some buyers choose a 30-year loan and make extra payments when possible to strike a balance between the two.
Fixed-rate mortgages remain the preferred option for most borrowers, offering stability in an uncertain economic environment. Adjustable-rate mortgages are available, but with ARM rates often close to or even higher than fixed rates, their appeal has faded unless a borrower plans to sell or refinance before adjustments begin.
Looking ahead, mortgage rates are likely to continue moving sideways unless upcoming inflation or labor data delivers a surprise. For now, rates under 6% are still on the table, and for many borrowers, certainty may be more valuable than waiting for perfect timing.
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