Design Highlights
- Today’s average 30-year fixed mortgage rate is 6.09%, slightly up from last week, but still significantly lower than last year’s 6.96%.
- The 15-year fixed mortgage rate is at 5.44%, reflecting a 72 basis point decrease from last January’s rate of 6.16%.
- FHA and VA rates are more favorable, with the FHA 30-year rate at 5.973% and the VA average at 5.724%.
- Adjustable-rate mortgages (ARMs) offer lower initial rates, with the 5/1 ARM at 5.42%, but come with risks as rates adjust annually.
- Current market conditions present opportunities for homebuyers to secure favorable rates before potential competition increases in the housing market.
What’s the scoop on mortgage rates today? Well, they’re a bit of a mixed bag, but you might just find something to smile about. As of January 22, 2026, the average 30-year fixed mortgage rate sits at 6.09%. That’s a bump of 3 basis points from last week’s 6.06%.
But hold your horses—this is actually a dramatic drop of 87 basis points from the previous year when it was a challenging 6.96%. You see? Lower rates can bring a little cheer, even if only slightly.
Then there’s the 15-year fixed mortgage rate, which currently averages 5.44%. This one’s also up, increasing by 6 basis points from last week’s 5.38%. When compared to last January, it’s 72 basis points lower than 6.16%.
So, if you’re looking for shorter terms, it’s a decent time to reflect. Refinancing activity tends to pick up with this term. Who doesn’t want to save a little more cash each month, right?
Now, let’s not forget about government-backed mortgage programs. The 30-year FHA rate is currently at 5.973%, down 149 basis points from just a month ago. VA and USDA rates are looking pretty good too, averaging 5.724% and 5.959%, respectively. These reductions might make you think twice about waiting too long to jump in. Additionally, current opportunities for buyers could mean securing dream homes before competition increases.
Jumbo mortgage rates? They’re sitting at 6.369%, unchanged from last week. But they’ve decreased 56 basis points from a month ago, so there’s that.
Jumbo loans are for those brave souls needing more than conventional limits. Higher risks, higher prices—simple math, folks.
Adjustable-rate mortgages, anyone? The 5/1 ARM averages 5.42% right now. That’s a slight increase from last week, but still lower compared to fixed-rate options.
Sure, they adjust annually, but hey, it’s a gamble some are willing to take. Just like improving credit scores can dramatically lower auto insurance rates, your financial profile affects mortgage terms too.
On the refinancing front, the 30-year refinance rate is at 6.64%, and the 15-year one is 5.72%. They’re higher than purchase rates, which is a big ol’ bummer.
But remember, no Fed rate cuts are expected anytime soon, so the landscape isn’t changing drastically. Furthermore, inflation concerns are prompting lenders to raise rates for long-term protection.
In the end, today’s rates are not the worst case scenario. Stability is key, and who doesn’t love options? Whether you’re buying or refinancing, it’s worth a look.
