Mortgage and refinance interest rates today, January 31, 2026: Dropping below 6%

The current average 30-year fixed mortgage rate remains below 6%, with the rate sitting at 5.91%, according to data compiled from the Zillow lender marketplace. The 15-year fixed rate is also relatively low at 5.44%. It’s important to note that Zillow often reports lower mortgage rates than Freddie Mac due to different survey methodologies.

Here are the current mortgage rates, as per the latest Zillow data:
– 30-year fixed: 5.91%
– 20-year fixed: 5.86%
– 15-year fixed: 5.44%
– 5/1 ARM: 5.93%
– 7/1 ARM: 6.04%
– 30-year VA: 5.50%
– 15-year VA: 5.13%
– 5/1 VA: 5.16%

These rates are national averages rounded to the nearest hundredth. It’s important to remember that mortgage refinance rates are often higher than rates when purchasing a home.

It is a good time to consider buying a house compared to a couple of years ago, as home prices are not increasing as rapidly. Mortgage rates have also dropped since the previous year, making it a favorable time for potential homebuyers.

When it comes to predicting future interest rates, the Mortgage Bankers Association (MBA) expects the 30-year mortgage rate to hover around 6.1% through 2026. Similarly, Fannie Mae predicts a 30-year rate close to 6% by the end of the year.

Securing a low mortgage refinance rate is similar to obtaining a mortgage when purchasing a home. Improving your credit score, reducing your debt-to-income ratio (DTI), and considering refinancing into a shorter term can help you secure a lower rate, although your monthly payments may increase.

In conclusion, staying informed about current mortgage rates and understanding the factors that influence them can help you make informed decisions when it comes to buying a home or refinancing your mortgage. Keeping an eye on market trends and working with reputable lenders can help you secure favorable rates for your homeownership journey.