Mortgage rates in early February 2026 remain close to their lowest levels in months, offering welcome relief to homebuyers and homeowners looking to refinance. Compared with late summer, borrowing costs are now more than half a percentage point lower, which can make a noticeable difference in monthly payments.
Based on data from Zillow, the average 30-year fixed mortgage rate currently sits at 5.95%, down about 53 basis points since early August. Refinance rates have also moved lower, with the average 30-year refinance rate at 6.07%, a decline of roughly 51 basis points over the same period.
While rates may still fluctuate day to day, the broader trend has improved affordability compared with last year, especially for buyers who were priced out when rates were above 6.5%.
Current Mortgage Rates Snapshot
Here are the latest national average mortgage rates:
- 30-year fixed: 5.95%
- 20-year fixed: 5.99%
- 15-year fixed: 5.43%
- 5/1 ARM: 5.93%
- 7/1 ARM: 5.95%
- 30-year VA: 5.48%
- 15-year VA: 5.18%
- 5/1 VA: 4.94%
These figures are national averages rounded to the nearest hundredth. Actual rates may vary depending on credit score, location, loan size, and lender.
Current Refinance Rates
Refinance rates remain slightly higher than purchase rates, which is typical:
- 30-year fixed refinance: 6.07%
- 20-year fixed refinance: 5.90%
- 15-year fixed refinance: 5.59%
- 5/1 ARM refinance: 6.20%
- 7/1 ARM refinance: 5.97%
- 30-year VA refinance: 5.44%
- 15-year VA refinance: 5.11%
- 5/1 VA refinance: 4.90%
Even with slightly higher refinance rates, many homeowners could still benefit if their existing loan is well above today’s averages.
What These Rates Mean for Monthly Payments
The 30-year mortgage remains the most common option because it keeps monthly payments lower by spreading repayment over 360 months.
For example:
- A $300,000 loan at 5.95% on a 30-year term results in a monthly principal-and-interest payment of about $1,789, with total interest of roughly $344,000 over the life of the loan.
- The same loan on a 15-year term at 5.43% raises the monthly payment to about $2,440, but total interest drops to roughly $139,000.
Choosing between these terms often comes down to balancing monthly affordability with long-term interest savings.
Fixed vs. Adjustable Mortgage Rates
A fixed-rate mortgage locks in your interest rate for the full loan term, offering predictable payments. This option is popular when rates are relatively stable, as they are now.
An adjustable-rate mortgage (ARM) holds the rate steady for a set period, such as five or seven years, then adjusts annually. While ARMs often start lower, that hasn’t always been the case recently, and borrowers face the risk of higher payments later.
For buyers planning to move or refinance within a few years, an ARM may still make sense, but comparing lender offers is key.
How to Secure a Lower Mortgage Rate
Instead of waiting for rates to drop further, buyers can often improve their rate by focusing on personal factors:
- Increase your down payment
- Improve your credit score
- Reduce debt-to-income ratio
- Compare offers from multiple lenders
Applying with several lenders within a short window allows borrowers to compare terms without significantly impacting their credit score.
Outlook for Mortgage Rates in 2026
Most forecasts suggest mortgage rates will remain near current levels through the rest of 2026. Industry projections from major housing groups expect the 30-year fixed rate to hover around 6%, with modest swings driven by inflation data, bond markets, and Federal Reserve policy.
For buyers and refinancers, today’s rates may represent a reasonable opportunity rather than something to wait out indefinitely.
Mortgage Rates FAQs
What are mortgage rates right now?
The national average 30-year fixed mortgage rate is 5.95%, and the 15-year fixed rate is 5.43%, according to Zillow.
Is this a good time to buy or refinance?
Compared with mid-2025, rates are meaningfully lower. For borrowers with strong credit and stable finances, current conditions may offer better affordability than last year.
Will rates fall further?
Most forecasts expect rates to stay near current levels rather than drop sharply, making timing less important than personal readiness.
