Mortgage and refinance interest rates today, February 4, 2026 Annual Costs Drop by More Than Half
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Mortgage rates showed very little movement today, holding steady near recent lows and staying just under the closely watched 6% threshold. While daily changes have been minimal, the bigger story for buyers and homeowners is how much borrowing costs have improved compared with a year ago.
According to data from Zillow, the average 30-year fixed mortgage rate now sits at 5.98%. That’s more than half a percentage point lower than early 2025. The 15-year fixed rate stands at 5.50%, down even more sharply year over year. Those declines may not feel dramatic day to day, but over the life of a loan, they translate into meaningful savings and improved affordability.
Rates continue to vary by credit score, loan type, and lender, which means well-qualified borrowers may still find options below the national average.
The reason rates are staying calm comes down to the bond market. Treasury yields have been trading in a tight range, and recent updates from the U.S. Treasury showed no immediate surge in government borrowing. That helped ease concerns about upward pressure on rates. At the same time, mixed economic data has kept investors cautious, preventing large swings in either direction.
For borrowers, this stability matters. The 30-year fixed mortgage remains the most popular option, offering predictable payments and lower monthly costs, even though it results in more interest paid over time. The 15-year fixed mortgage, by contrast, appeals to borrowers who can handle higher monthly payments in exchange for faster equity growth and significantly lower total interest.
Adjustable-rate mortgages remain a mixed choice. While they can make sense for short-term homeowners, fixed-rate loans are currently just as competitive, reducing the incentive to take on future rate risk.
Overall, mortgage rates in early February remain steady, calmer than last year, and meaningfully lower on an annual basis. For buyers and homeowners who value certainty, today’s rate environment continues to offer a solid window to act without the pressure of sharp market swings.
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