Mortgage rates today are holding just under the 6% mark, offering buyers and homeowners renewed breathing room. The latest data shows meaningful improvement compared with mid-2025 highs. For anyone shopping or refinancing, timing matters more than ever.
Current mortgage rates today
According to updated rate data from Zillow, several popular loan products remain below or near key psychological thresholds.
- 30-year fixed: 5.99%
- 15-year fixed: 5.375%
- 20-year fixed: 6.00%
- 30-year FHA: 5.625%
- 30-year VA: 5.625%
- 7-year ARM: 5.875%
Rates were last updated January 19, 2026. These figures reflect national averages and can vary by borrower profile and location.
How rates compare to recent months
Mortgage rates today sit noticeably lower than they did six months ago. The average 30-year fixed rate has fallen by more than 80 basis points since mid-2025. That shift has reopened the door for buyers who were priced out last year.
For a $300,000 loan, even a half-point drop can mean hundreds less per month. Over the life of a loan, the savings add up fast.
What’s driving mortgage rates today
Several forces are shaping where rates land right now.
- Inflation has cooled compared with last year.
- Bond yields have stabilized after months of volatility.
- The Federal Reserve signaled patience after late-2025 rate cuts.
Lenders are pricing loans with fewer near-term shocks in mind. That stability is keeping rates from spiking, even if sharp drops remain unlikely.
Fixed vs. adjustable loans right now
Fixed-rate mortgages remain the clear favorite. Thirty-year and 15-year options both sit at attractive levels compared with recent history.
Adjustable-rate mortgages offer slightly lower starting rates in some cases. However, many ARMs are now close to fixed rates, reducing their appeal unless buyers plan to sell within a few years.
Tips to secure a lower mortgage rate
Borrowers still have room to improve their offers.
- Boost your credit score before applying
- Increase your down payment if possible
- Keep debt-to-income ratios low
- Compare multiple lenders, not just one quote
- Consider paying points only if you plan to stay long term
Even small tweaks can shift your final rate.
Should you lock in a rate now?
Mortgage rates today suggest a narrow window of opportunity. Most forecasts expect rates to hover near current levels through 2026, not plunge lower.
Locking in now can protect against sudden market swings. Waiting only makes sense if your financial profile will improve soon.
What this means for buyers and homeowners
Sub-6% mortgage rates won’t spark a buying frenzy overnight. Still, they are easing pressure across the housing market.
Buyers gain negotiating power. Homeowners regain refinancing options. Builders see steadier demand.
The market is no longer frozen—but it remains cautious.