Mortgage and Refinance Interest Rates Today, January 23, 2026: Near One-Year Lows

Today’s national average mortgage and refinance lates remain near one-year lows. According to Freddie Mac, the 30-year fixed mortgage rate averaged for the week 6.09%. A year ago, it was 6.96%. The 15-year fixed rate was a weekly average 5.44%. A year ago, it was 6.16%. This can be a good time to shop around for mortgage lenders offering the best deals and locking in a rate.

Here are the current mortgage rates, according to the latest Zillow data:

• 30-year fixed: 5.96%

• 20-year fixed: 6.07%

• 15 years fixed: 5.51%

• 5/1 ARM: 6.19%

• 7/1 ARM: 6.06%

• 30-year VA: 5.65%

• 15-year VA: 5.33%

• 5/1 VA: 5.31%

Remember, these are national averages and are rounded to the nearest hundred.

Here are today’s mortgage refinance rates, according to the latest Zillow data:

• 30-year fixed: 6.12%

• 20-year fixed: 6.06%

• 15 years fixed: 5.64%

• 5/1 ARM: 6.35%

• 7/1 ARM: 6.31%

• 30-year VA: 5.60%

• 15-year VA: 5.36%

• 5/1 VA: 5.27%

Again, the numbers provided are national averages rounded to the nearest hundred. Mortgage refinance rates are often higher than rates when you buy a home, although this is not always the case.

Dig deeper into 7 home refinancing options.

Interest rate refinancing

Your mortgage rate plays a big role in how much your monthly payment will be. Use this mortgage calculator to see how your mortgage amount, rate, and term length will affect your monthly payments:

You can bookmark the Yahoo Finance mortgage payment calculator and use it for future reference as you shop for homes and lenders.

A mortgage interest rate is a fee for borrowing money from your lender, expressed as a percentage. You can choose from two types of rates: fixed or adjustable.

A fixed-rate mortgage locks in your rate for the life of your loan. For example, if you get a 30-year mortgage with a 6% interest rate, your rate will remain at 6% for the entire 30-year term unless you refinance or sell.

An adjustable-rate mortgage locks in your rate for a predetermined period of time and then adjusts it periodically. Let’s say you get a 7/1 ARM with an introductory rate of 6%. Your rate will be 6% for the first seven years, after which the rate will increase or decrease once per year for the last 23 years of your term. Whether your rate goes up or down depends on many factors, such as the economy and the housing market.

At the beginning of your mortgage term, most of your monthly payments go toward interest. Your monthly payment toward mortgage principal and interest stays the same throughout the year—however, less and less of your payment goes toward interest, and more goes toward mortgage principal, or the amount you originally borrowed.

A 30-year fixed-rate mortgage is a good option if you want the predictability of having low mortgage payments and a fixed rate. Just know that if you choose a shorter term, your rate will be higher, and you’ll pay significantly more in interest over the years.

If you aim to pay off your home loan quickly and save money on interest, you may want to consider a 15-year fixed-rate mortgage. These shorter terms come with lower interest rates, and since you’re cutting your repayment time in half, you’ll save more on interest in the long run. But you need to be sure that you can easily afford the higher monthly payments that come with 15-year terms.

In general, an adjustable-rate mortgage may be better if you plan to sell before the introductory rate period ends. Adjustable rates usually start lower than fixed rates, then your rate will change after a predetermined amount of time. However, 5/1 and 7/1 ARM rates are currently the same (or even higher) than 30-year fixed rates. Before getting an ARM just for the low rate, compare your rate options term to term and lender to lender.

Mortgage rates have generally declined since late May, and home loan rates are still lower than they were a year ago. Economists don’t expect a big drop in mortgage rates until late 2026. Despite the most recent cut in the federal funds rate in December, mortgage rates continue to stay within a range — barely moving since mid-October.

According to Freddie Mac, the national average 30-year mortgage rate rose three basis points for the week to 6.09%, while the average 15-year mortgage rate rose six basis points to 5.44%.

According to its December forecast, the MBA expects 30-year mortgage rates to hover near 6.4% through 2026. Fannie Mae also predicts the 30-year rate above 6% next year, but will fall to 5.9% in Q4 2026.

Mortgage rates are likely to change little in 2027. MBA forecasts 30-year fixed rates at 6.3% for most of 2027, before stepping up to an average of 6.4% in Q4 ’27. Fannie Mae predicts average rates near 5.9% for the full year of 2027.