What are today's mortgage interest rates: January 26, 2026?
If you've been paying close attention to the mortgage rate climate in recent years, you're likely already familiar with some of the factors that can drive rates up or down. Inflation is one. Unemployment, in an indirect way, is another. The 10-year Treasury yield is a major one, as is the Federal Reserve's interest rate policy. The central bank cut rates three times in four months at the end of 2025, causing rates to decline considerably both for buyers and owners looking to refinance. So, with another Fed meeting on the calendar this week, many may be hoping for yet another drop.
But waiting may not be necessary and, in fact, could even be risky. With mortgage rates considerably lower than they were in January 2025, making a move now could be the secure, cost-effective way to take advantage. Before getting started, it helps to know what today's mortgage purchase and refinance rates actually are. Below, we'll detail the rates you need to know to determine your next steps best.
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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 26, 2026, according to Zillow data. That's largely where the rate has sat for the past weeks. The average purchase rate on a 15-year term is currently 5.37%. With both options under 6%, then, and the potential of securing an even lower rate by shopping around for lenders, this could be a good time to get started with an application. Just make sure to apply with a good credit score and clean credit history to position yourself for the most competitive offers and terms.
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What are today's mortgage refinance rates?
The average mortgage refinance rate for a 30-year mortgage dipped to 6.59% as of January 26, 2026, according to Zillow. The median refi rate for a 15-year option also declined, from 5.70% to 5.62%. While the 30-year rate may only be favorable for a small sliver of homeowners, the 15-year option can be favorable for a much broader range of current homeowners. At the same time, a condensed timeline will lead to bigger monthly payments in exchange for reduced interest costs. So calculate your potential payments here closely and don't forget about closing costs, which can typically be paid upfront or rolled into your larger mortgage balance.
The bottom line
The average mortgage interest rate on a 30-year term is 5.99% as of January 26, 2026 and just 5.37% for a 15-year purchase term. The median refinance rate, meanwhile, is now 6.59% for 30-year terms and 5.62% for 15-year options. In other words, there are plenty of improved options for both buyers and current owners to explore right now. And with adjustable-rate mortgages and the addition of mortgage points offering viable pathways to lock in even lower rates, now could be the time to make a move.
