What are today's mortgage interest rates: January 21, 2026?
A lot can go into the homebuying process, from boosting your credit score to shopping around for lenders to working with a real estate agent and a trusted legal representative. One of the key components that is often overlooked, however, is continuous monitoring of the interest rate climate. An aggressive and informed buyer, after all, is often one who can benefit from timely interest rate drops. And buyers who paid close attention to the mortgage rate climate in recent months may have already benefited from this approach.
While mortgage interest rates declined considerably in 2025, they could continue to fall in the weeks and months ahead, should certain conditions be met. At the same time, rates here could already be affordable enough to support a purchase or even a refinance for homeowners currently saddled with interest rates above 7%. To better understand which group you potentially fall into, then, it helps to know where mortgage rates sit right now. So, what are today's mortgage interest rates as of January 21, 2026? Below, we'll break down the latest numbers to know.
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What are today's mortgage interest rates?
The average mortgage purchase rate on a 30-year term remained at 5.99% on January 21, 2026, according to Zillow. The average rate on a 15-year term is now 5.37%. These are just averages, however, and there are multiple ways in which buyers can potentially find lower rates. Purchasing mortgage points, which serve as a fee to the lender in exchange for a below-average rate, is one such way.
Shopping around for rates and lenders has also been shown to save buyers via a rate that's approximately half a percentage point to one full percentage point lower than what they'd otherwise receive. Adjustable-rate mortgages, in which the rate changes after an abbreviated time frame, could also be worth researching now, depending on what rates and terms lenders are currently offering.
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What are today's mortgage refinance rates?
The average mortgage refinance rate on a 30-year term is 6.72% as of January 21, 2026, according to Zillow. The average refi rate on a 15-year term is now 5.65%. While these rates are far from the record lows available at the start of the decade, they can still offer real savings for homeowners, especially those who bought a home in 2023 or 2024.
Consider calculating your potential repayment costs with these rates and terms versus what you're currently paying to see if it's worth pursuing. You may be surprised at how much more affordable your payments could soon become.
The bottom line
The average mortgage rate on a 30-year purchase is now 5.99% and just 5.37% for 15-year terms. The median rate on a 30-year refi term, meanwhile, is 6.72% and 5.65% for 15-year alternatives. With these just averages, however, there may be ways for both buyers and owners to locate even more affordable options now. Consider using an online marketplace, then, which lists multiple rates, lenders and terms in one centralized location that makes it easier to understand and compare your options.
