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With a new unemployment report released last week, an inflation reading this week and a new Federal Reserve meeting on the schedule for later this month, there are plenty of relevant factors at play that could again impact mortgage interest rates. But buyers and owners hoping to refinance may not have to wait for these developments to play out further, considering that mortgage interest rates declined by more than a full percentage point, on average, in 2025. That could open new opportunities that seemed out of reach just 12 or 18 months ago.
And if buyers, in particular, take action now, they can circumvent the complications that could arise this spring homebuying season when new buyers enter the market amid pent-up demand for still-limited inventory. To understand the value of taking action now, however, it helps to start with what today’s mortgage interest rates actually are. Below, we’ll outline everything you need to know to inform your next steps.
See how low your current mortgage rate offers are here.
What are today’s mortgage interest rates?
The median mortgage interest rate on a 30-year term is 5.87% as of January 13, 2026, according to Zillow. The average rate on a 15-year term remained at 5.25%. That said, these are just averages, and if buyers comparison shop for lenders, they may be able to find even lower rates. They may be able to secure a lower rate by purchasing mortgage points. This acts as a fee that the borrower pays the lender to lock in a lower rate than they’d normally be offered (typically 25 to 50 basis points lower).
That fee can then be paid upfront during the closing process, or it can be rolled into the total mortgage loan balance, depending on what your lender offers. While another fee may not be ideal, it can be valuable for those homeowners who need just a slightly lower interest rate to support their home purchase right now.
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What are today’s mortgage refinance rates?
The average mortgage refinance rate on a 30-year term is 6.48% as of January 13, 2026, according to Zillow. The average refi rate on a 15-year term is now 5.48%. While the 30-year option may be too high to justify refinancing activity for homeowners, the 15-year mortgage can be worthwhile for those who don’t mind larger payments in exchange for a quicker timeline.
At the same time, be confident in your homeownership timeline. You don’t want to sell the home before you’ve had a chance to break even on the mortgage refinancing closing costs. So, only refinance if you’re planning on remaining in the home long-term.
The bottom line
The average mortgage interest rate on a 30-year term is 5.87% as of January 13, 2026, and it’s just 5.25% for a 15-year option. The average refinance rate on a 30-year term is 6.48% and just 5.48% for a 15-year option. With multiple ways to secure a rate under 6% now, then, buyers and owners can feel relatively comfortable revisiting their options again. But with pending economic developments that can impact rate offers, it behooves both groups to monitor the mortgage rate climate daily for timely opportunities to act.
