Mortgage and refinance interest rates today, February 3, 2026: Will rates stay under 6%?

Mortgage rates moved up a bit on Tuesday, but they are still holding below an important level. According to Zillow data, the average 30-year fixed mortgage rate is now 5.97%, keeping it under 6% for more than a week. The 15-year fixed rate stands at 5.47%, also staying below a key threshold.

Rates have ticked higher compared with recent lows, but the overall movement has been modest. With no clear signal that rates will drop further, many buyers and homeowners may consider locking in a rate while this window remains open.

Today’s Mortgage Rates

Based on the latest national averages from Zillow:

• 30-year fixed: 5.97%
• 20-year fixed: 5.90%
• 15-year fixed: 5.47%
• 5/1 ARM: 5.95%
• 7/1 ARM: 5.82%
• 30-year VA: 5.54%
• 15-year VA: 5.21%
• 5/1 VA: 5.09%

These figures reflect national averages and are rounded to the nearest hundredth. Individual rates can vary based on credit score, location, loan size, and lender.

Today’s Refinance Rates

Refinance rates remain slightly higher than purchase rates:

• 30-year fixed: 6.07%
• 20-year fixed: 5.88%
• 15-year fixed: 5.59%
• 5/1 ARM: 6.10%
• 7/1 ARM: 6.14%
• 30-year VA: 5.62%
• 15-year VA: 5.47%
• 5/1 VA: 5.22%

Refinance borrowers often see higher rates, though strong credit and shorter terms can help narrow the gap.

Why Rates Moved Higher Today

The increase in mortgage rates did not stem from new developments today. Instead, it reflects delayed market reaction to a strong manufacturing report released earlier in the week.

That data pushed bond yields higher, which usually leads to higher mortgage rates. However, because the bond market weakened after lenders had already posted rates, many lenders waited until today to adjust pricing. The result was a small bump rather than a sharp jump.

Even with the increase, rates remain within a very tight range. Over the past two weeks, the difference between highs and lows has been minimal, keeping borrowing costs relatively stable.

30-Year vs. 15-Year Mortgages

The choice between a 30-year and 15-year loan often comes down to monthly budget versus long-term savings.

For example:

• A $400,000 30-year loan at 5.97% comes with a monthly payment of about $2,390, but total interest costs can exceed $460,000 over time.
• A $400,000 15-year loan at 5.47% raises the monthly payment to roughly $3,262, but cuts lifetime interest to around $187,000.

Buyers who want flexibility may choose a 30-year loan and make extra payments when possible to reduce interest without locking into higher monthly costs.

Fixed vs. Adjustable Rates

Fixed-rate mortgages offer payment stability for the life of the loan, which many borrowers prefer in uncertain markets.

Adjustable-rate mortgages (ARMs) lock in a rate for several years, then adjust annually. While ARMs sometimes start lower, recent data shows that ARM rates have often been similar to or higher than fixed rates, reducing their appeal.

Borrowers considering an ARM should be confident they will sell or refinance before the adjustment period begins.

What Comes Next for Mortgage Rates

Mortgage rates recently climbed to their highest levels in about two weeks, but the overall range remains narrow. That suggests the market is waiting for clearer direction from upcoming economic data.

Without a major shift in inflation or labor market trends, rates are likely to continue moving sideways in the near term. For buyers and refinancers, that means opportunities still exist—but timing matters.

Bottom Line

Mortgage rates have edged higher but remain under 6%, a level many buyers have been watching closely. While there’s no guarantee rates will stay this low, the market has been relatively calm. Borrowers who value certainty may want to act sooner rather than wait for clearer signals that may not arrive. For direct financing consultations or mortgage options for you visit 👉 Nadlan Capital Group.