What are today's mortgage interest rates: January 16, 2026?
Buying a home or refinancing an existing one isn't a decision made lightly. And in the interest rate environment of recent years, unfortunately, it hasn't been a decision millions of Americans have been able to make at all. With home prices elevated in many parts of the country and interest rates exponentially higher than they were at the start of the decade, many wound up on the sidelines waiting for a break. But these circumstances started to improve last year.
Mortgage interest rates in 2025 declined by more than a full percentage point, on average, from where they started the year. And there are reasons to believe that they can continue to gradually decline in 2026, too. At the same time, waiting for the perfect rate isn't recommended, and you could easily lose out on your dream home if you make a low rate your singular goal. That said, waiting may not even be necessary right now, especially with multiple mortgage rate options for qualified borrowers already comfortably under 6%.
So, what are today's mortgage interest rates as of January 16, 2026, specifically? Below, we'll break down the latest numbers you need to know.
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 5.87%, as of January 16, 2026, according to Zillow. It ticked up slightly overnight for 15-year terms, however, coming in at 5.37% after consistently being listed at 5.25% in recent weeks.
Still, these are considerably lower than what most buyers were offered last year, and even better than what was often listed online in 2023 and 2024. And, if buyers tack on mortgage points, they could push these rates even further toward the 5% mark. Consider shopping for rates and lenders now, then. You may be surprised how affordable your current options actually are.
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What are today's mortgage refinance rates?
The average mortgage refinance rate on a 30-year term is 6.58% as of January 16, 2026. It's just 5.53% for 15-year alternatives, a slight increase from recent days but still low enough to justify an application for those homeowners who want to reduce their interest costs right now.
A refinance shouldn't be done haphazardly, though. Mortgage refinancing closing costs will need to be accounted for. And you should be planning on remaining in the home long enough to recuperate those expenses. Finally, don't discount mortgage points here, either, which can easily make the difference between a refinance being valuable now versus having to wait for rates to shake out further.
The bottom line
The average mortgage interest rate on a 30-year mortgage purchase term is 5.87% currently, and is 5.37% for 15-year options. The median refi rate, meanwhile, is 6.58% for 30-year options and 5.53% for 15-year ones. With plenty of improved rate options to choose from, buyers and owners can feel confident that it's at least worth taking a new look at their current rate offers. An informed and strategic approach can potentially help them exploit these new options in an affordable and secure way.
