Mortgage and refinance interest rates today, January 22, 2026: Slipping slightly lower

2 1 minute read

Mortgage and refinance rates have recently seen a slight decrease, making it a potentially favorable time to secure a mortgage rate. According to Zillow, the 30-year fixed mortgage rate dropped to 6.03%, while the 15-year rate decreased to 5.48%. These rates are national averages and rounded to the nearest hundredth.

Here are the current mortgage rates based on the latest Zillow data:
– 30-year fixed: 6.03%
– 20-year fixed: 6.03%
– 15-year fixed: 5.48%
– 5/1 ARM: 6.35%
– 7/1 ARM: 6.51%
– 30-year VA: 5.57%
– 15-year VA: 5.22%
– 5/1 VA: 5.26%

It’s important to note that refinance rates can sometimes be higher than purchase mortgage rates, but that is not always the case.

When considering mortgage rates, there are two main types to choose from: fixed-rate and adjustable-rate mortgages. Fixed-rate mortgages lock in your rate for the entire loan term, while adjustable-rate mortgages keep your rate the same for the initial period before adjusting periodically.

Factors that can affect mortgage rates include your credit score, debt-to-income ratio, and down payment amount. Lenders typically offer lower rates to borrowers with higher credit scores and lower debt levels.

Some popular mortgage terms include 30-year and 15-year fixed-rate mortgages. A 30-year mortgage offers lower monthly payments but higher interest rates over the life of the loan, while a 15-year mortgage has lower rates and less interest paid in the long run, but higher monthly payments.

When looking for the best mortgage rate, it’s wise to shop around and compare offers from various lenders, including banks, credit unions, and mortgage lending specialists.

While historically low rates like 2.75% are rare in today’s market, it’s essential to keep an eye on market trends and consider refinancing if you can lock in a rate that is significantly lower than your current mortgage rate.

In conclusion, mortgage rates have eased slightly lower, presenting an opportunity for potential homeowners to secure favorable rates. It’s crucial to explore different mortgage options and consider factors like credit score and loan term when choosing a mortgage.