What are today's mortgage interest rates: January 28, 2026?
Right before the Federal Reserve met in September 2025, mortgage interest rates plunged, largely on expectations that the central bank would cut rates that day (and it did). The same dynamic played out in September 2024, when mortgage rates fell to their lowest level in two years (at that point). And mortgage interest rates largely hovered around 3-year lows in the final months of 2025 as the Fed cut rates again at the end of October and again in December. So, following this logic, mortgage rates should decline again this week with the Fed wrapping its first 2026 meeting, right? Not necessarily.
A Fed rate cut today is largely out of the question. And with no Fed meeting on the calendar for February, today's rates are unlikely to change much, assuming no other economic data is released to warrant another drop or increase. But that may not necessarily be a bad thing, either. Mortgage interest rates in 2025 declined by more than a full percentage point, on average, from where they started the year. Right now, there are already multiple ways in which to secure a rate under 6%. Waiting, then, may not only be unnecessary but it could be risky if today's offers already fit your goals and budget.
But what are today's mortgage interest rates, specifically, as of January 28, 2026? That's what we'll detail below.
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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 28, 2026, according to Zillow, unchanged from where it sat in recent days. The average mortgage rate on a 15-year term also remained the same, sitting at 5.37%.
And while no Fed rate cut is expected for the foreseeable future, comments made by Fed officials and the release of other economic data can impact what lenders offer customers. In other words, if these rates work now, consider shopping around to see how much lower your offers may be. Waiting to act may not be a risk worth taking.
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What are today's mortgage refinance rates?
The average mortgage refinance rate on a 30-year mortgage moved to 6.88% as of January 28, 2026, according to Zillow. The average refi rate on a 15-year term is considerably lower, however, coming in at 5.62% right now. While the 30-year refinance rate may only be beneficial for a small sliver of current homeowners, the 15-year alternative can be worth exploring for those who are looking to pay off their total balance more quickly. Just understand the pros and cons of both options carefully before getting started (and don't discount mortgage points and closing costs, both of which can go a long way toward impacting affordability now).
The bottom line
The average mortgage interest rate on a 30-year mortgage is now 5.99% for 30-year terms and 5.37% for 15-year alternatives. The median refinance rate on a 30-year mortgage is currently 6.88% and 5.62% for 15-year options. With these just averages, however, qualified borrowers with good-to-excellent credit scores may be able to locate even more competitive options now. Take the time to shop around, then, as you may be pleasantly surprised with how low your current offers actually are.