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Following a series of Federal Reserve interest rate cuts in the final months of 2025, which also followed a series of Federal Reserve interest rate cuts in the final months of 2024, homebuyers and current owners looking to refinance may feel comfortable revisiting their options now, at the start of 2026. And there are encouraging reasons to do just that.
Mortgage interest rates gradually declined for much of 2025, hitting 3-year lows repeatedly. And there have been multiple recent opportunities for those looking to secure a rate under 6%. While that’s higher than what would have been available at the start of the decade, it’s also considerably lower than what was being offered in 2023 and 2024, too. So there may be enough improvement here to justify taking the next step.
So, what are today’s mortgage interest rates, as of January 6, 2026? Below, we’ll detail everything you need to know to make an informed decision.
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What are today’s mortgage interest rates?
The average mortgage interest rate for a 30-year term is 5.99% as of January 6, 2026, according to Zillow. The average rate for a 15-year term is 5.37%. Both rates are similar to what was available in the final days of 2025, following the Fed’s 25 basis-point rate cut on December 10. But it’s also important to note that these are just averages and with a little time spent shopping around online, buyers can potentially find rates that are even lower than these.
Still, rates change each day, so if these are close to what you currently need, consider taking action now. The chances of a Fed rate cut at the central bank’s next meeting this month are currently low; therefore, waiting for additional action then may not be advantageous.
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What are today’s mortgage refinance rates?
The average mortgage refinance rate for a 30-year term is 6.56% as of January 6, 2026, according to Zillow. The median refinance rate for a 15-year term is now 5.64%. While the former rate may not be helpful for many homeowners, the 15-year option can be workable for those homeowners who purchased a home in recent years with a rate comfortably over 6%.
While the shorter payoff timeline will likely lead to bigger monthly payments, it can reduce interest costs and get homeowners toward a debt-free finish line in half the time. And if they elect to pay their mortgage bi-weekly (26 half payments each year), they’ll reduce their timeline even further.
The bottom line
The average mortgage interest rate for a 30-year mortgage is 5.99% as of January 6, 2026, and 5.37% for a 15-year term. The median refi rate for a 30-year mortgage is now 6.56% and 5.64% for a 15-year option. All of these rates are comparable to what they were in December but can be low enough to justify taking the next step, especially considering that Fed rate cuts appear to be on hold, at least for January. Consider taking the time to shop around for lenders and start calculating your potential monthly payments, then. You may be surprised at the difference today’s rates make.