Mortgage and refinance rates for January 12, 2026: Seek lenders with rates below 6%

Overview of Current Mortgage Rates

Mortgage rates are currently hovering just under 6%, with some lenders providing options in the mid-5% range. Recent data from Zillow shows the average 30-year fixed mortgage rate at 5.91%, while the 15-year fixed rate stands at 5.36%.

Latest Mortgage Rate Averages

Based on the most recent Zillow statistics, here are the prevailing mortgage rates:

• 30-year fixed: 5.91%
• 20-year fixed: 5.83%
• 15-year fixed: 5.36%
• 5/1 ARM: 6.17%
• 7/1 ARM: 6.36%
• 30-year VA: 5.57%
• 15-year VA: 5.21%
• 5/1 VA: 5.36%

These figures represent national averages and are rounded to two decimal places.

Current Refinance Rates

Here are today’s average mortgage refinance rates, according to Zillow:

• 30-year fixed: 5.99%
• 20-year fixed: 5.75%
• 15-year fixed: 5.43%
• 5/1 ARM: 6.39%
• 7/1 ARM: 6.49%
• 30-year VA: 5.46%
• 15-year VA: 5.13%
• 5/1 VA: 5.44%

These refinance rates are also national averages, rounded to the nearest hundredth. Typically, refinancing rates are a bit higher than purchase rates, but this isn’t always the case.

Refinance Interest Rates

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Use Yahoo Finance’s complimentary mortgage calculator to see how various loan terms and interest rates can impact your monthly payments. The tool factors in property taxes and homeowners insurance, giving you a more accurate estimate of your total monthly obligation than just principal and interest alone.

Today’s 30-Year Mortgage Rates

The average rate for a 30-year fixed mortgage is currently 5.91%. This loan type is the most common, as spreading payments over 30 years keeps monthly costs relatively low.

For example, if you take out a $300,000 mortgage at 5.91% over 30 years, your estimated monthly principal and interest payment would be about $1,781. Over the life of the loan, you would pay approximately $341,279 in interest, in addition to the original loan amount.

15-Year Mortgage Rates Today

The current average for a 15-year fixed mortgage is 5.36%. When deciding between a 15-year and a 30-year mortgage, several factors come into play.

Opting for a 15-year loan means a lower interest rate and paying off your mortgage much sooner, which reduces the total interest paid. However, monthly payments are higher since the repayment period is cut in half.

For instance, a $300,000 mortgage at 5.36% over 15 years would result in a monthly payment of $2,429, but the total interest paid would drop to $137,224 over the life of the loan.

Adjustable-Rate Mortgages (ARMs)

An adjustable-rate mortgage (ARM) features an initial fixed-rate period, after which the rate adjusts periodically. For example, a 5/1 ARM keeps the same rate for the first five years, then adjusts annually.

ARMs often start with lower rates than fixed-rate loans, but there’s a risk that your rate could rise after the initial period. If you plan to move before the fixed-rate period ends, an ARM could help you save on interest.

Recently, ARM rates have sometimes matched or even exceeded fixed rates. It’s wise to compare offers from multiple lenders, as some may provide more attractive ARM rates than others.

Tips for Securing a Lower Mortgage Rate

Lenders generally reserve their best rates for borrowers with larger down payments, strong credit scores, and low debt-to-income ratios. To improve your chances of qualifying for a lower rate, consider saving for a bigger down payment, boosting your credit score, or paying off existing debts before house hunting.

You can also reduce your interest rate by purchasing discount points at closing. Alternatively, a temporary buydown—such as a 2-1 buydown—lets you start with a lower rate that gradually increases to the full rate over a few years.

Before choosing a buydown, weigh the upfront cost against the potential savings. Consider how long you plan to stay in the home to determine if the investment is worthwhile.

Frequently Asked Questions About Mortgage Rates

What are today’s mortgage interest rates?

According to Zillow, the national averages are 5.91% for a 30-year fixed loan, 5.36% for a 15-year fixed, and 6.17% for a 5/1 ARM.

What is considered a typical mortgage rate right now?

The average 30-year fixed mortgage rate is 5.91%, based on Zillow’s data. Keep in mind, Zillow’s averages may differ from those reported by Freddie Mac and other sources, as each uses different data collection methods. Zillow’s rates come from its lender marketplace, while Freddie Mac uses loan application data. Your actual rate may vary depending on your location and credit profile.

Are mortgage rates expected to decrease?

Not significantly. The Mortgage Bankers Association projects that the 30-year rate will remain around 6.4% through 2026. Fannie Mae also anticipates rates above 6% into next year, with a possible dip to 5.9% by the fourth quarter of 2026.