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Winter is often not the best time to buy a home. For-sale inventory tends to be less robust, open houses are fewer and the effort to travel from home to home in less-than-ideal weather conditions leaves many buyers pushing off a sale until the spring. But that could be a mistake worth circumventing this January.
Mortgage interest rates declined by more than a full percentage point in 2025, and there are reasons to be optimistic about additional rate drops still ahead. At the same time, waiting for further cooling in the interest climate is inherently risky. Not only is there no guarantee that rates will fall further, but you could end up entering a different market than what’s available now. And, if your dream home is already listed, it may be advisable to purchase it while you still can.
To better decide on the value of acting now versus waiting, it helps to know what today’s mortgage interest rates actually are. Below, we’ll break down where they stand as of January 22, 2026 – and provide some insight for homeowners hoping to refinance, too.
See how low your current mortgage rate options are here now.
What are today’s mortgage interest rates?
The average mortgage interest rate on a 30-year term is 5.99%, as of January 22, 2026, according to Zillow. The average rate on a 15-year purchase term, meanwhile, is 5.37%. While not ideal and still far from the historic lows offered at the start of the decade, these rates are still considerably better than they were in January 2025 – and at many times during the past four years, specifically.
Additionally, the chances of a Fed rate cut at the central bank’s meeting next week appear low, so the potential for immediate, further relief is unclear. And with no Fed meeting on the calendar for February, these rates could be the best many buyers can secure for the next few months (at least).
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What are today’s mortgage refinance rates?
The average mortgage refinance rate on a 30-year term is 6.64%, as of January 22, 2026, according to Zillow. The average refinance rate for a 15-year term is now 5.72%. It’s important to note that these are just averages provided via one source. With time spent shopping around, eligible homeowners may be able to find even lower rates.
And while that may mean staying with their current mortgage lender, it could also mean moving their mortgage loan over to a competitor. Consider a wide array of options, then, and make lenders compete for your business to better improve your odds of securing the lowest rate and best term.
The bottom line
The average mortgage interest rate on a 30-year mortgage is now 5.99% and it’s just 5.37% for a 15-year one. The median refinance rate on a 30-year mortgage, as of January 22, 2026, is currently 6.64% and 5.72% for the 15-year alternative. With multiple ways to secure rates under 6%, then, and strategic ways to get rates even closer to 5%, this winter could be the smart time to reconsider your options. The numbers here may work in your favor more than they seem to on paper.