10:26 pm - February 4, 2026
Mortgage rates remain relatively stable today, with the average 30-year fixed mortgage rate holding below 6% at 5.98%, according to the latest Zillow data. This represents a year-over-year decrease of 61 basis points, offering potential homebuyers an opportunity to secure favorable financing terms. The 15-year fixed rate currently stands at 5.50%, down 73 basis points compared to this time last year.
Actual mortgage rates vary significantly based on individual factors including credit score, geographic location, and lender selection. Borrowers with strong credit profiles may be able to lock in rates even lower than the national averages. According to Zillow, the 20-year fixed rate is currently 6.06%, while the 5/1 adjustable-rate mortgage stands at 5.92%.
Current Mortgage Rate Landscape
The current mortgage rate environment shows a range of options for prospective homeowners. VA loan rates remain particularly competitive, with the 30-year VA mortgage at 5.53% and the 15-year VA at 5.23%. The 5/1 VA adjustable-rate option offers an even lower rate at 5.07%, providing veterans with attractive financing alternatives.
Additionally, mortgage refinance rates present a different picture for current homeowners looking to restructure their loans. The 30-year fixed refinance rate sits at 6.11%, slightly higher than purchase rates. The 15-year fixed refinance rate is 5.68%, while various adjustable-rate refinance options range from 5.07% to 6.53%.
Factors Influencing Mortgage Rates Today
Recent fluctuations in mortgage rates have been tied to policy announcements and geopolitical developments, according to market observers. Rates initially dropped following proposals aimed at enhancing home affordability. However, international tensions subsequently caused rates to rise again, though they remain substantially lower than a year ago.
Meanwhile, the choice between fixed-rate and adjustable-rate mortgages depends heavily on individual circumstances. Fixed-rate mortgages offer predictable monthly payments and stability, with the 30-year option providing lower monthly costs spread over a longer repayment period. In contrast, 15-year mortgages come with higher monthly payments but lower interest rates and significantly reduced total interest costs.
Understanding Adjustable-Rate Mortgage Options
Adjustable-rate mortgages lock in an initial rate for a predetermined period before adjusting periodically. For instance, a 5/1 ARM maintains the same rate for five years before adjusting annually for the remaining loan term. Traditionally, these products offered lower introductory rates than fixed-rate alternatives, though current market conditions show fixed rates are actually more competitive in some cases.
However, ARMs carry the risk of rate increases after the introductory period ends, potentially leading to higher long-term costs and unpredictable monthly payments. These loans may benefit borrowers planning to relocate before the adjustment period begins, allowing them to take advantage of lower initial rates without exposure to future increases.
Regional Variations in Mortgage Rates
Geographic location plays a significant role in determining actual mortgage rates, with averages varying considerably across different states and metropolitan areas. Cities with higher costs of living typically experience elevated mortgage rates compared to the national average. Borrowers should compare offers from multiple lenders to identify the most competitive rates available in their specific market.
Furthermore, individual financial profiles significantly impact the rates lenders offer. Credit scores, debt-to-income ratios, down payment amounts, and employment history all factor into rate determinations. Borrowers seeking to refinance can improve their rate prospects by enhancing their credit scores and reducing their debt-to-income ratios before applying.
The mortgage rate environment remains subject to ongoing economic conditions and policy developments. Industry observers will continue monitoring federal policy announcements and economic indicators that may influence rate movements in the coming weeks and months.
