Mortgage rates remain relatively low as of February 9, 2026, with the average 30-year fixed rate at 5.95% and the 15-year fixed rate at 5.43%, according to Zillow data. These rates under 6% and 5.5% represent significant milestones for homebuyers. The current rate environment reflects broader economic factors, including a disappointing jobs report released last week.

Economic indicators continue to influence mortgage markets, with inflation data scheduled for release on Friday potentially affecting future rates. If inflation shows signs of rising more slowly, mortgage rates could increase in response. The Federal Reserve's monetary policy decisions remain a critical factor shaping consumer loan rates and overall housing affordability.

Homebuyers face important decisions between 30-year and 15-year mortgage terms. While 30-year mortgages offer lower monthly payments—approximately $1,789 on a $300,000 loan at 5.95%—15-year terms provide substantial long-term savings. The same $300,000 loan at 5.43% would result in monthly payments of $2,440 but save borrowers $204,825 in interest over the loan's lifetime. Adjustable-rate mortgages present another option, though current ARM rates have occasionally matched or exceeded fixed rates, making careful lender comparison essential for securing optimal terms.