Mortgage rates today February 17, 2026 are holding steady near their lowest levels in years. After months of sharp swings, rates have moved lower in a more controlled pattern, giving buyers and homeowners a rare stretch of stability.
According to Zillow’s national averages, the 30-year fixed mortgage rate is now 5.85%, while the 15-year fixed sits at 5.36%. These averages reflect lender data nationwide, but individual rates vary based on credit score, loan size, location, and lender pricing. Shopping around can still make a meaningful difference.
Today’s Mortgage Rates
Here are the current national averages:
- 30-year fixed: 5.85%
- 20-year fixed: 5.64%
- 15-year fixed: 5.36%
- 5/1 ARM: 5.81%
- 7/1 ARM: 5.71%
- 30-year VA: 5.36%
- 15-year VA: 5.15%
- 5/1 VA: 4.99%
These figures are rounded to the nearest hundredth.
Rates have remained under the 6% mark for several weeks, which is a key psychological level for many borrowers.
Today’s Refinance Rates
Refinance rates are slightly higher than purchase rates in most cases. Current averages:
- 30-year fixed refinance: 5.97%
- 20-year fixed refinance: 5.67%
- 15-year fixed refinance: 5.39%
- 5/1 ARM refinance: 6.10%
- 7/1 ARM refinance: 5.89%
- 30-year VA refinance: 5.68%
- 15-year VA refinance: 5.21%
- 5/1 VA refinance: 4.95%
Refinance activity has increased recently as homeowners who bought at higher rates look for savings.
Why Rates Are Moving Lower
Mortgage rates are closely tied to bond market activity, particularly the 10-year Treasury yield. Recent economic reports have shown easing inflation and moderate job growth, which has helped keep bond yields contained.
Lower inflation reduces pressure on the Federal Reserve to keep rates high. While the Fed does not directly set mortgage rates, its policy direction influences long-term borrowing costs.
Another factor is reduced volatility in financial markets. When bond markets stabilize, mortgage lenders can price loans more consistently, which often leads to steadier rate trends.
30-Year vs. 15-Year Mortgage: Payment Comparison
Choosing between a 30-year and 15-year loan depends on monthly budget and long-term goals.
For example:
- A $400,000 loan at 5.85% for 30 years results in a monthly principal and interest payment of about $2,360. Over the life of the loan, total interest would be approximately $449,515.
- The same $400,000 loan at 5.36% for 15 years would have a monthly payment of about $3,239, but total interest would drop to roughly $182,965.
The shorter term saves more than $260,000 in interest but requires a higher monthly commitment.
Borrowers who choose a 30-year loan can still make extra principal payments to reduce interest costs over time.
Fixed-Rate vs. Adjustable-Rate Mortgages
A fixed-rate mortgage keeps the same interest rate for the entire loan term. This provides predictable monthly payments.
An adjustable-rate mortgage (ARM) locks in a rate for an initial period, such as five or seven years, then adjusts annually. For example, a 7/1 ARM keeps the same rate for seven years before adjusting each year after that.
ARMs can start with lower rates, but borrowers face the risk of payment increases later. Recently, fixed rates have often been close to or even lower than some ARM options, reducing the advantage of adjustable loans.
What This Means for Buyers
Rates in the mid-5% range are lower than most of 2023 and 2024. Combined with increased home inventory in some markets and more price flexibility from sellers, conditions are more balanced than they were during the pandemic boom.
However, affordability is still a challenge due to home prices remaining elevated. Even small rate changes can significantly impact monthly payments.
For example, on a $400,000 loan, a quarter-point change in rate can shift the monthly payment by roughly $60 to $70.
What This Means for Homeowners
Homeowners who locked in rates above 6.5% or 7% over the past two years may benefit from refinancing, depending on closing costs and how long they plan to stay in the home.
Refinancing makes more sense when:
- The new rate is at least 0.5% to 1% lower
- The homeowner plans to stay in the property long enough to recover closing costs
- Monthly savings improve overall cash flow
Mortgage Rates Outlook for 2026 and 2027
According to recent forecasts:
- The Mortgage Bankers Association expects 30-year rates near 6.1% through 2026.
- Fannie Mae projects rates around 6% by the end of the year.
- For 2027, forecasts suggest rates may stay in the 6% range with modest movement.
While further declines are possible if inflation continues easing, major drops are not widely expected.
Bottom Line
Mortgage rates today February 17, 2026 remain below 6%, offering buyers and homeowners one of the most stable periods in recent years. Rates have been resisting market volatility while gradually trending lower.
Borrowers should compare multiple lenders, review loan terms carefully, and evaluate long-term affordability before locking in a rate. Even in a calmer rate environment, small differences in pricing can have a large financial impact over time. For direct financing consultations or mortgage options for you visit 👉 Nadlan Capital Group.
