Zillow reports the 30‑year fixed rate sits at 5.97%, keeping the benchmark under 6% for roughly a week and a half. The 15‑year fixed hovers at 5.47%, also below 5.5%. With rates still low, many borrowers view today as a prime moment to lock in a mortgage.

Refinance rates trail purchase rates, with the 30‑year fixed refinance at 6.07% and the 20‑year fixed at 5.88%. Adjustable‑rate options rise to 6.10% for 5/1 ARM and 6.14% for 7/1 ARM. Homeowners eye these figures when weighing the cost of switching versus staying.

Both the Mortgage Bankers Association and Fannie Mae project a 30‑year rate near 6.4% for most of 2026, dipping to 5.9% in Q4. By 2027, forecasts converge on 6.3% to 6.4%, suggesting limited volatility. These outlooks shape lender pricing and borrower timing.

Given the current spread between purchase and refinance rates, borrowers with sufficient home equity may still benefit from a refinance, especially if they can lock in a lower fixed rate before the projected uptick. Lenders, meanwhile, will adjust product offerings to capture the tightening market.