Mortgage rates have held steady at historically low levels in February 2026, with the 30-year fixed rate averaging 5.85% according to Zillow data. The 15-year fixed rate stands at 5.36%, offering borrowers lower long-term interest costs despite higher monthly payments. These rates represent some of the lowest we've seen in years, surprising industry observers who expected more volatility.

Borrowers can choose from various mortgage options including 5/1 and 7/1 adjustable-rate mortgages, with VA loan rates running even lower at 4.99% for 5/1 terms. While these are national averages, individual rates will vary based on location and personal finances. The stability in rates comes despite economic uncertainty, with major forecasts predicting 30-year rates to remain near 6% through 2026 and into 2027.

For a $400,000 mortgage, the payment difference between 30- and 15-year terms is significant - about $2,360 monthly for 30 years versus $3,239 for 15 years. However, the shorter term saves borrowers over $266,000 in interest payments. With rates expected to hold steady, borrowers should shop multiple lenders to secure the best possible rate for their situation.