What are today's mortgage interest rates: January 15, 2026?
With an unemployment report released last week, an inflation report this week and the first Federal Reserve meeting of 2026 on the calendar for later this month, there are plenty of items that can impact the mortgage interest rate environment right now. And in a different time, that wouldn't necessarily be a good thing for buyers and owners looking to refinance. But the interest rate climate of recent months has been an improved one. Look no further than mortgage interest rates, specifically, as an example.
Rates here dropped from over 7% at the start of 2025% to under 6% by the end of the year. Currently, there are multiple ways in which to secure a mortgage rate in the 5% range and there could be additional opportunities in the weeks and months ahead. That said, waiting for rates to decline even further is inherently risky and it may not even be required if today's rates already comfortably fit your budget.
To best determine next steps, it helps to know what today's mortgage interest rates actually are, as of January 15, 2026. Below, we'll detail what you actually need to know to inform your next steps.
See how low your current mortgage rate offers are here.
What are today's mortgage interest rates?
The average mortgage interest rate for a 30-year term is 5.87% as of January 15, 2026, according to Zillow. The average rate on a 15-year term remained unchanged at 5.25%. Calculate your potential costs with both terms, then, to decide which makes the most sense now. While the long-term option will come with lower payments, you'll also pay more interest over the extended period.
15-year options, however, come with bigger payments in exchange for an expedited payoff. And don't get too hung up on a few basis points here or there, as rates here are expected to decline later in the year, at which point you can revisit your refinance options (or consider a float down if you haven't yet completed the closing process).
Compare mortgage rates and lenders online to learn more.
What are today's mortgage refinance rates?
The median refinance rate on a 30-year mortgage is 6.62% as of January 15, 2026, according to Zillow. The median refinance rate on a 15-year option is 5.53%. While these may not be low enough for many homeowners, they can be significantly better for those who purchased a home in 2023, 2024 or 2025 when rates were often over 7%.
Refinancing into a mortgage rate that's a full percentage point lower than your existing one is often thought to be worth doing. But for those who can realize significant savings with a rate that's even half a percentage point lower, today's new refi rates may also be worth exploring.
The bottom line
The average mortgage interest rate on a 30-year term is 5.87% as of January 15, 2026, and 5.25% for a 15-year option. Refinance rates, meantime, are now 6.62% for 30-year terms and just 5.53% for 15-year alternatives. And with these being averages, and with options like mortgage points available with many lenders, it's possible that qualified borrowers can secure rates even lower than those listed online right now. Consider reviewing your options, then, to see what's available right now.
