What are today's mortgage interest rates: January 20, 2026?
With another Federal Reserve meeting set for next week and with the Fed cutting interest rates in its last three straight meetings, some homebuyers may be hoping for another reduction on January 28. But while the chances of another rate cut appear low right now, it doesn't mean that mortgage rates aren't now low enough to justify making a move. Rates here declined gradually for much of 2025, and right now, there are multiple ways to secure a rate under 6% for qualified borrowers.
Monitoring the interest rate climate each day, however, is a key way in which buyers can exploit timely rate drops. And with rates here evolving daily, you may be surprised to see how low some of your existing offers already are. So, what are today's mortgage interest rates, specifically, as of January 20, 2026? And what are the existing refinance rates for those who want to lower their current mortgage rate? Below, we'll detail what you need to know right now.
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What are today's mortgage interest rates?
The average mortgage interest rate on a 30-year mortgage is 5.99% as of January 20, 2026, according to Zillow. The average mortgage rate on a 15-year term is 5.37%. Both are considerably lower than they were in recent years, with the 30-year mortgage term in January 2025 over 7%.
So, there may be an opportunity here for buyers who were holding out for improved rates and terms. With a little time spent shopping around for mortgages, qualified borrowers may be able to find rates even lower than these averages online, too.
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What are today's mortgage refinance rates?
The average mortgage refinance rate on a 30-year mortgage is 6.50%, as of January 20, 2026, according to Zillow. The average refi rate on a 15-year mortgage, however, ticked up to 5.79%, higher than it has been in recent weeks but still low enough to offer real interest savings to those borrowers with rates in the 7% range. While that will come at the expense of higher monthly mortgage payments, the expedited payoff timeline and significant interest savings could justify an application.
At the same time, mortgage refinancing comes with closing costs, just as a mortgage purchase does. Not only will those costs need to be accounted for to justify the potential monthly savings, but homeowners will also need to be realistic about their long-term ownership plans. If they're not planning on keeping the home that they're refinancing for long enough to break even on those expenses, a refinance on their existing home may not make sense to pursue.
The bottom line
The average mortgage interest rate on a 30-year term is 5.99% as of January 20, 2026, while it's just 5.37% for a 15-year option. The median refi rate on a 30-year term is 6.50% and just 5.79% for 15-year options. With multiple options in the 5% range, but with the potential for them to fall much further currently unclear, both buyers and owners may want to investigate their options right now. While far from the record lows offered at the start of the decade, today's rates are in line with historic averages and could once again be low enough to support a purchase or refinance application.
