Image courtesy: PM Images/Getty Images;Illustration: Hunter Newton/Bankrate
current mortgage interest rate
| Loan type | the current | 4 weeks ago | 1 year ago | 52 week average | 52 week low |
|---|---|---|---|---|---|
| 30 years | 6.09% | 6.25% | 7.00% | 6.55% | 6.09% |
| 15 years | 5.47% | 5.53% | 6.24% | 5.77% | 5.47% |
| 30 year jumbo | 6.27% | 6.41% | 7.04% | 6.62% | 6.27% |
The average total of discount points and origination points for 30-year fixed mortgages in this week’s study was 0.36 points. Discount points are a way to lower your mortgage interest rate, and starting points are fees charged by lenders to originate, qualify, and process your loan.
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Monthly mortgage payment at current interest rate
According to the U.S. Department of Housing and Urban Development, the national median household income in 2025 was $104,200, and the median price of existing homes sold in January 2026 was $396,800, according to the National Association of Realtors. Based on a 20% down payment and a 6.09% mortgage rate, the monthly principal and interest payment of $1,922 is approximately 22% of a typical family’s monthly income.
Meanwhile, home prices are starting to decline in many once-strong markets. Zillow reported in early February that half of the nation’s 50 largest metropolitan areas experienced price declines in the past year. “With more home inventory available online and home prices starting to level off, it remains a promising environment for those looking to buy or refinance,” said Sameer Dedia, CEO of One Real Mortgage.
What will mortgage interest rates be in 2026?
The Fed announced last month that it would keep its benchmark interest rate unchanged, as industry experts expected. “The federal funds rate will likely remain where it is until further economic data is released that supports further rate cuts,” said Melissa Cohn of William Rabeis Mortgage. Meanwhile, the better-than-expected labor data released on February 11 has sparked speculation that the Fed may not cut interest rates anytime soon.
“At least one rate cut in the first half of 2026 is likely, but if job growth picks up, it’s hard to see a path towards multiple rate cuts this year,” said Lisa Sturtevant, chief economist at Bright MLS, a leading listing service in the Mid-Atlantic region.
The central bank does not directly set mortgage rates, which are at levels not seen since 2022. “Even without a rate cut, mortgage rates are almost a percentage point lower than a year ago, when rates were hovering around 6.9%,” said Bill Banfield of Rocket Mortgage.
One reason for the drop in interest rates was President Donald Trump’s announcement that he was directing mortgage giants Fannie Mae and Freddie Mac to purchase $200 billion in mortgage-backed securities. Mortgage rates were already at a 15-month low of 6.24% before Trump’s “Truth on Social” post in early January, but they had fallen to 6.18% in Bankrate’s survey three weeks ago. However, this measure has not led to a sustained decline in mortgage interest rates.
Sean Salter, a finance professor at Middle Tennessee State University, said Trump’s policy actions would result in a “temporary and limited reduction in mortgage rates,” adding, “Unless coordinated with and supported by monetary policy action through the Federal Reserve and fiscal policy action by Congress, the effects of President Trump’s announcements will not be significant or long-lasting.”
Fannie & Freddie is a government-backed company that backs about two-thirds of U.S. home loans. These mortgages are packaged as securities and sold to the Federal Reserve, pension funds, and other institutional investors. So even if a mortgage is originated by a lender like Rocket, loanDepot, Wells Fargo, or an independent mortgage broker, it immediately turns into a mortgage bond owned by the investor. If the government intervenes and purchases additional mortgage-based bonds, the increased demand for mortgages could lead to lower interest rates.
The consensus now is that mortgage rates will decline slightly. Fannie Mae’s January 2026 housing forecast projects interest rates to remain at 6% for most of 2026 and 2027.