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With the first Federal Reserve meeting of 2026 just days away and the knowledge that the central bank reduced rates in its last three consecutive meetings, homebuyers and owners hoping to refinance may be anticipating another drop in rates next week. After all, the Fed is a big driver behind mortgage rates, and it was a large reason why mortgage interest rates dropped to – and hovered near – 3-year lows in recent months. At the same time, the chances of a Fed rate cut on January 28 currently appear low, and there isn’t a Fed meeting on the calendar again until March. So the rates that are currently listed online may be the most competitive for the foreseeable future.
And that may be OK. Mortgage interest rates actually dropped for much of 2025. Currently, there are multiple ways in which to secure a rate in the 5% range, or even lower, for qualified borrowers. In other words, waiting for additional Fed action may not even be necessary, as there could already be rates and terms that fit your budget right now. But what are today’s mortgage interest rates, specifically, as of January 23, 2026? Below, we’ll detail the latest numbers.
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What are today’s mortgage interest rates?
The average mortgage interest rate on a 30-year term remained the same as it was on January 23, 2026, sticking to 5.99%, Zillow data shows. The average rate on a 15-year term ticked up slightly to 5.50%, up from the 5.37% it had been at in recent weeks. Still, with both terms in the 5% range now and with a little time spent shopping around for rates and lenders, borrowers may be able to once again find a rate that fits their budget.
While there is a wide expectation that rates here may fall further in 2026, waiting is inherently risky. Instead, consider the math now and, if it works, look to get started. You could always revisit your refinancing options if and when rates fall materially again.
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What are today’s mortgage refinance rates?
The average mortgage refinance rate on a 30-year term is now 6.65%, according to Zillow. The median refi rate on a 15-year alternative is significantly lower at 5.65%. While the latter option will result in larger monthly payments, thanks to the condensed timeline, it can save borrowers significant sums of interest and get them to the debt-free finish line much sooner.
Still, larger payments for many homeowners may defeat the point of refinancing altogether, so take the time to calculate your costs closely with both terms to better determine which makes the most sense for your needs, both currently and long term.
The bottom line
As of January 23, 2026, the average mortgage interest rate on a 30-year term is 5.99%, and it’s 5.50% for a 15-year option. The median refinance rate on a 30-year term, meanwhile, is currently 6.65% and 5.65% for 15-year options. So there’s much more to work with here – both for buyers and owners – than there has been in years, making waiting for the Fed to make another move unnecessary for many. Take a closer look, then, at your current options and consider speaking directly with a lender who may be able to better assist you and provide you with more favorable rates and terms than those listed online.