Mortgage and refinance interest rates in the U.S. remain near one-year lows as of January 30, 2026, according to data from Freddie Mac and Zillow. The 30-year fixed mortgage rate averaged 6.10% for the week, down from 6.95% a year ago, while the 15-year fixed rate averaged 5.49%, compared to 6.12% in January 2025. Refinance rates also showed declines, with the 30-year fixed refinance rate at 6.06% and the 15-year at 5.56%. These rates reflect national averages and may vary based on credit score, loan type, and location.
Current Mortgage Rates (Zillow Data)
- 30-year fixed: 5.87%
- 15-year fixed: 5.43%
- 5/1 ARM: 5.93%
- 30-year VA: 5.49%
- 15-year VA: 5.13%
Current Refinance Rates (Zillow Data)
- 30-year fixed: 6.06%
- 15-year fixed: 5.56%
- 5/1 ARM: 6.33%
- 30-year VA: 5.56%
- 15-year VA: 5.20%
How Mortgage Rates Work
Mortgage interest rates are fees for borrowing money, expressed as percentages. Borrowers can choose between fixed-rate mortgages, which lock in the rate for the loan term, and adjustable-rate mortgages (ARMs), which adjust after an initial fixed period. ARMs may offer lower initial rates but carry the risk of future rate increases.
Challenges for Homebuyers and Refinancers
Despite lower rates, homebuyers and refinancers face challenges, including high mortgage rates compared to recent years and limited housing inventory. Experts advise improving credit scores and comparing multiple lenders to secure the best rates. Refinancing may still be beneficial for some homeowners, particularly those with strong credit and equity.
Economic Context
The Federal Reserve's interest rate hikes over the past two years have contributed to higher borrowing costs. While rates remain elevated compared to 2020-2021 levels, they have declined from recent peaks, offering some relief for borrowers.