What are today's mortgage interest rates: January 8, 2026?
Shopping around for mortgage interest rates in recent years has often felt like a fruitless mission. And that was especially true as recently as 2023 or 2024, when rates were hovering near their highest level since 2000. But developments in the last 18 months or so have changed that trajectory.
The Federal Reserve issued three interest rate reductions in the final months of 2024. And then did the same in the final months of 2025. While not quite as low as they were a few years ago, during the height of the pandemic, mortgage interest rates have responded positively, and they dropped, on average, by more than a full percentage point in 2025. That represents real savings for borrowers, and it has opened new windows of opportunity that seemed unfathomable just a year ago.
So, there could be real, tangible motivation behind re-entering the homebuying market now (or the refinance one for current homeowners). To better understand the value of taking action, however, it helps to start with an understanding of what today's mortgage interest rates actually are. Below, we'll detail the current rates you need to know to inform your next steps.
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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 8, 2026, according to Zillow. That's the same rate borrowers were seeing earlier this week and during much of December following a Fed rate cut in the month. The average mortgage purchase rate on a 15-year term declined to 5.25%, giving borrowers who don't mind bigger payments in exchange for an expedited payoff timeline a viable alternative to explore.
Just remember that these are averages and that borrowers with good credit scores and clean credit histories may be able to secure rates that are a bit lower. And that's especially true if they take the time to shop around to compare rates and lenders.
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What are today's mortgage refinance rates?
The average mortgage refinance rate on a 30-year term is now 6.75%, as of January 8, 2026, according to Zillow. The median refi rate for a 15-year term increased overnight, moving from 5.50% to 5.72%. So there may be some limited but valuable opportunities for current homeowners with these new options.
Most experts recommend waiting until you can secure a mortgage rate that's at least one full percentage point lower than your existing one but, in some circumstances, refinancing to one that's just half a percentage point lower may be worth doing, too. Crunch your potential savings (and don't forget about mortgage refinancing closing costs), then, to see if it's worth making a move now.
The bottom line
The average mortgage interest rate on a 30-year term is 5.99% as of January 8, 2026, and it's just 5.25% for a 15-year option. The median rate on a 30-year refinance, meanwhile, is 6.75% and 5.72% for a 15-year alternative. These rates can and likely will change each day, however, especially with multiple new economic data points set to be released later this month. So monitor the market closely. While these rates may not be quite as low as you'd prefer, newer, better options may be on the horizon.
