Honestly, if you've been watching the housing market for the last couple of years, you're probably exhausted. It's been a wild ride of "maybe next month" and "just wait for the Fed." But here we are. It is January 18, 2026, and the big question—what is interest rate for mortgage today—finally has an answer that doesn't feel like a punch to the gut.
For the first time in a long time, we're seeing numbers that actually start with a 5. Well, sometimes. It depends on who you ask and how much "skin in the game" you have.
The Numbers Right Now
As of Sunday, January 18, 2026, the national average for a 30-year fixed mortgage sits at approximately 6.11%.
Now, wait. If you go look at Zillow or talk to a specific lender in California or Texas, you might see 5.99%. Some places are quoting an APR of 6.18% once you bake in all those annoying fees. The point is, we are hovering right on that psychological fence of 6%.
It’s a massive shift from 2024 or even early 2025 when 7% was the "new normal" everyone hated.
If you're looking at a 15-year fixed mortgage, you're in even better shape. Those are averaging around 5.47%.
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Why the sudden "dip"?
It isn't magic. It's mostly the bond market finally exhaling.
The Federal Reserve spent the last year basically wrestling inflation into a corner. We saw a full percentage point cut in 2024, followed by another 75 basis points throughout 2025. Now, in early 2026, the market is pricing in the expectation of more stability.
One big thing people are missing: the government-sponsored enterprises (think Fannie Mae and Freddie Mac) were recently instructed to buy up $200 billion in mortgage-backed securities. That sounds like boring nerd-talk, but it’s huge. It basically forces more liquidity into the system, which helps pull mortgage rates down even when the Fed is being stubborn.
What is interest rate for mortgage today for different loan types?
Not all loans are created equal. You probably know this, but the "average" is a bit of a lie.
- FHA Loans: These are often the hero for first-time buyers. Right now, you can find 30-year FHA rates around 5.78%.
- VA Loans: If you're a veteran, you're winning. 30-year VA rates are hovering near 5.375% with some lenders.
- Jumbo Loans: If you're buying a mansion (or just a regular house in Seattle), jumbo rates are actually a bit higher, averaging around 6.40%.
- Refinance Rates: This is the kicker. If you're looking to refi, the rates aren't quite as sexy as purchase rates. You’re looking at an average of 6.56% for a 30-year refi.
The "Lock-In" Effect is Finally Cracking
For the last three years, nobody wanted to sell their house. Why would you? If you had a 3% rate from 2021, moving meant doubling your interest. That created a ghost town of a market.
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But at 5.8% or 6.1%, the math starts to change. People are realizing that 3% isn't coming back. Like, ever. Experts like Ted Rossman from Bankrate have been saying that 6% is the new "good."
If you bought in late 2023 when rates hit 8%, today is basically your Christmas. Refinancing from 8% to 6.1% on a $400,000 loan saves you over $300 a month. That’s a car payment. Or a lot of groceries.
Don't Try to Outsmart the Market
Here is the truth: timing the bottom is a fool's errand.
I’ve seen people wait for "the big drop" since 2023. While they waited, home prices in many areas just kept climbing. Morgan Stanley is projecting that rates might hit 5.5% by mid-2026, but then they could easily bounce back up if inflation gets spicy again.
If you find a house you love and the payment at 6.1% doesn't make you want to cry, it might be time to move. You can't live in an interest rate. You live in a house.
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How to actually get the lowest rate today
Don't just take the first offer from your primary bank. They are notoriously lazy with their rates because they think they already "own" you.
- Check your credit score. If you're under 740, you aren't getting that 5.99% you saw on the news.
- Look into "points." You can basically prepay interest at closing to lower your monthly rate. In this environment, buying down the rate is actually a pretty smart move if you plan to stay in the home for 7+ years.
- Shop local credit unions. They often don't have the massive overhead of a Rocket Mortgage or a Chase, so they can sometimes shave off 0.25%.
Actionable Next Steps
If you are seriously asking what is interest rate for mortgage today, don't just stare at the screen. Get a pre-approval from at least three different types of lenders: one big national bank, one online lender, and one local credit union.
Compare the Loan Estimate forms side-by-side. Look at the APR, not just the "headline" interest rate. The APR is the real truth because it includes the fees.
Finally, if the numbers work, consider a "float down" lock. It locks your rate now so it can't go up, but if rates drop significantly before you close, you can snag the lower one. It's the best way to sleep at night in a market that's still a little bit twitchy.