What are today's mortgage interest rates: January 29, 2026?
For the first time since the summer of 2025, a Federal Reserve meeting concluded this week without the central bank issuing an interest rate cut. Cuts of 25 basis points had been issued in three straight meetings in September, October and December 2025, helping to further cool the interest rate climate. Those cuts were particularly welcomed by homebuyers as mortgage rates subsequently declined to their lowest level since 2022. Still, rates here have been relatively steady since those cuts were formally issued and, overall, mortgage rates remain substantially lower than they were at this point in 2025.
Whether you're looking to buy a home now or refinance your existing one, however, you'll need to start by familiarizing yourself with the current mortgage interest rate environment. By understanding what's available now – and what can be with time spent looking around – you can better position yourself for both short and long-term borrowing success. So, what are today's mortgage interest rates as of January 29, 2026? That's what we'll examine below.
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What are today's mortgage interest rates?
The average mortgage interest rate for a 30-year mortgage is 5.99% as of January 29, 2026, according to Zillow. The average mortgage rate on a 15-year term is currently 5.37%. Both rates remain unchanged from where they sat in recent days, as was expected with the Fed keeping rates frozen for the time being.
Still, these are only averages, and buyers who are interested in finding even lower rates are often encouraged to shop around to see what's available. And with adjustable-rate mortgages and the addition of mortgage points, both offering the possibility of lower rates now, it can make sense to start exploring your options again.
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What are today's mortgage refinance rates?
The average mortgage refinance rate on a 30-year mortgage is 6.56% as of January 9, 2026, according to Zillow. The average refi rate on a 15-year term is currently 5.64%. With these being average rates, too, current owners should also consider shopping around to see if they can find better rates and terms elsewhere. While the lender that currently services your loan may have competitive rates, other lenders may have even better offers.
Compare both closely and review the closing costs and fees that each comes with to better determine which makes the most sense. Try to avoid being singularly focused on the rate, too, as fees tacked on by lenders can often negate much of the savings you'd otherwise receive. Taking a comprehensive look at all of your costs is typically the better approach.
The bottom line
The average mortgage interest rate on a 30-year mortgage is 5.99% as of January 29, 2026, and it's 5.37% for a 15-year alternative. The median refinance rate on a 30-year mortgage is now 6.56%, and it's 5.64% for 15-year options. So rates here are noticeably more competitive than they were six months ago or even a full year ago. And that means that it may be worth revisiting your options. While no Fed rate cut was issued this week (and without another meeting on the calendar in February), these may be some of your better options for the foreseeable future.
