As of February 2, 2026, mortgage rates are hovering just below 6%. According to Zillow data, the average 30-year fixed rate is 5.91%, while the 15-year fixed rate sits at 5.44%. These figures represent national averages. Potential homebuyers with strong credit scores may secure even more favorable terms. The data underscores ongoing fluctuations in the housing market.

These rates are critical for both potential buyers and those considering refinancing. A 30-year fixed-rate mortgage on a $300,000 home would result in a monthly payment of approximately $1,781, with total interest paid over the loan's life reaching $341,279. The 15-year term offers a lower rate, but higher monthly payments.

Refinance rates are generally higher than purchase rates. For a 30-year fixed refinance, the rate is 6.09%. Furthermore, adjustable-rate mortgages (ARMs) are available, often starting with lower rates that adjust over time. Experts predict the 30-year mortgage rate to remain around 6% through 2026, according to forecasts.

Consumers should shop around for the best rates and consider factors like credit score and down payment. Mortgage lenders generally offer more favorable terms to borrowers with high credit scores and low debt-to-income ratios. Consider whether a shorter-term mortgage or an ARM is the best choice for your financial situation, given your long-term plans.