What are today's mortgage interest rates: January 7, 2026?
The Federal Reserve isn't slated to meet again until the end of January, but homebuyers and owners looking to refinance may not have to wait until then to justify making a move.
Mortgage interest rates gradually declined for much of 2025, ending the year more than a full percentage point lower than where they started (for 30-year terms). Now, in the opening days of 2026, there are multiple ways in which to secure a mortgage rate or refinance one under 6%. While those rates are still considerably higher than they were at the beginning of the decade, they're materially lower than they were in 2025 and 2024 and, historically, are about in line with the average rates lenders typically offered borrowers.
Ahead of the traditional spring homebuying season, then, and before another potential Fed rate cut results in increased competition among buyers, many may be better served by exploring their mortgage rate options right now. So, what are today's mortgage interest rates, specifically, as of January 7, 2025? 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 7, 2026, according to Zillow. The average purchase rate on a 15-year term is 5.37%.
That said, these are just averages, and it's possible buyers can find rates slightly lower by shopping around for lenders. Buyers can often save anywhere from 0.50% to 1% off their mortgage rate by researching their options. And while that may not seem like a lot on paper, it can add up to substantial savings over a 15-year or 30-year mortgage term. So, if these rates are close to what you need to justify a move, it could make sense to start the process online now.
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What are today's mortgage refinance rates?
The average mortgage refinance rate on a 30-year term rose to 6.67%, as of January 7, 2026, according to Zillow. That's up from 6.56% earlier this week. The median 15-year refi rate also increased, albeit in a small amount, from 5.59% to 5.62%.
Still, the 15-year option represents a real interest-savings opportunity for borrowers who currently have mortgage rates in the high 6% range or higher. While shortening a 30-year mortgage term to a 15-year one can lead to larger monthly payments, it may be a worthwhile exchange if it means saving interest costs and expediting your payoff timeline at the same time.
The bottom line
The average mortgage rate on a 30-year mortgage is 5.99% as of January 7, 2026, and 5.37% on a 15-year option. The median refinance rate for a 30-year term is 6.67% and 5.62% for a 15-year alternative. With the chances of a Fed rate cut at the central bank's next meeting currently low, however, these averages aren't likely to change much further (barring major developments). So, if today's rates fit your budget and you're willing to take the time to comparison shop lenders, it could make sense to get started now.