What are today's mortgage interest rates: February 2, 2026?
The start of a new month is always a smart time to review your financial options. And, this February, homebuyers and owners looking to refinance may find it an opportune time to revisit their options. Mortgage interest rates declined considerably in 2025, falling by more than a point, on average, from where they sat in January. While there was no interest rate cut at the Federal Reserve's first 2026 meeting last week, rates here may already be low enough to support a purchase or refinancing activity for homeowners burdened with rates over 7%.
With multiple ways to secure rates below average, including the addition of mortgage points and the use of an adjustable-rate mortgage, rates in the 5% range may already be available for qualified borrowers now. To best determine the value of acting now, however, it helps to shop around to see what lenders are actually offering. And this is true even for current homeowners, who may find more competitive rates with lenders besides the one that serves their mortgage loan now.
So, what are today's mortgage interest rates, specifically, as of February 2, 2026? Below, we'll detail what you need to know to determine your next moves.
See how low your current mortgage rate offers are here.
What are today's mortgage interest rates?
The average mortgage interest rate on a 30-year term is 5.99% as of February 2, 2026, according to Zillow. The average mortgage interest rate on a 15-year term is now 5.37%. Both rates are identical to what they were for much of January. But after the series of interest rate increases in recent years, consistency is welcome here. And with some time spent improving your credit score, building up your down payment and shopping for lenders online, you can potentially secure an even lower rate than the average ones listed online right now.
Compare mortgage rates, terms and lenders online today.
What are today's mortgage refinance rates?
The average mortgage refinance interest rate on a 30-year term is 6.63%, as of February 2, 2026, according to Zillow. The average refi rate on a 15-year term, however, is considerably lower, coming in at just 5.63%. While the latter may mean bigger monthly payments thanks to the abbreviated payoff timeline, it will also mean significant interest savings and a debt-free finish line much earlier.
But 30 and 15-year mortgages aren't the only options worth considering now, as many lenders will also offer 20-year terms, which can be a good middle ground for owners. Explore all three, then, to best determine your next refinancing move.
The bottom line
The average mortgage interest rate on a 30-year term is now 5.99%, and it's just 5.37% for 15-year options. The median refinance rate on a 30-year mortgage, meanwhile, is now 6.63%, and it's just 5.63% for 15-year alternatives. With multiple ways to secure a rate under 6%, this February could be a good time for both buyers and owners to re-enter the market.
