What are today's mortgage interest rates: January 27, 2026?
A critical part of the homebuying process involves shopping around for low mortgage rates and lenders. While these were plentiful at the start of the decade when rates hovered near record lows, affordable options became scarce in the years that followed, thanks to an extended battle against inflation and higher interest rates designed to tame it. But at the start of 2026, inflation is considerably lower than it was a few years ago, and interest rates have been cut multiple times in response. And while mortgage interest rates, specifically, are not as low as they were in 2020 or 2021, they're largely back in line with historic averages.
That said, the chances of additional mortgage rate relief, at least in the short term, appear low right now. The Federal Reserve's meeting this week is largely expected to end without a rate cut, and the central bank won't meet again until March. At the same time, rates here declined for much of 2025 and could already be low enough to support a purchase for buyers or even a refinance for existing homeowners.
So, what are today's mortgage purchase and refinance rates, as of January 27, 2026? Below, we'll detail the numbers you need to know now.
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What are today's mortgage interest rates?
The average mortgage interest rate on a 30-year term is 5.99% as of January 27, 2026, according to Zillow. The average purchase rate for a 15-year term is 5.37%. These are just averages, however, and qualified borrowers with good credit scores that are willing to make more than the conventional 20% down payment can potentially qualify for even better rates. So, shop for lenders and rates online, but first start with checking your credit score and credit report to confirm that you're in good standing.
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What are today's mortgage refinance rates?
The average mortgage refinance rate on a 30-year term is 6.88% as of January 27, 2026, according to Zillow. The average refi rate on a 15-year term is 5.67%. While the former may not be helpful for homeowners who secured rates during the low rate period of recent years, the latter type could be beneficial for those homeowners who secured rates in the high 6% to high 7% range from 2023 to 2024.
While 15-year terms will often equate to larger payments (thanks to the quicker payoff timeline), the interest savings may still be worth it. Crunch the numbers carefully, then, to determine which rate fits your budget best. And don't discount closing costs, which can impact your final decision.
The bottom line
The average mortgage rate on a 30-year mortgage is 5.99% as of January 27, 2026, and 5.37% for 15-year terms. The median refi rate on a 30-year mortgage, meanwhile, is 6.88% and 5.67% for 15-year options. With three of the four primary mortgage rate terms under 6%, then, and the chances of securing a rate that's even lower by shopping around for lenders, now could be the smart time to lock in a rate. You could always float it down prior to closing or refinance in the future should rates fall materially at that point.
