Today’s mortgage interest rates are slightly higher, with the 30-year rate hovering around 6% for weeks now.
The average interest rate on a 30-year fixed-rate mortgage has increased to 5.99% APR, based on data provided to BW by Zillow. This represents a three basis point rise from yesterday and an eight basis point increase from last week. (Refer to our chart below for more detailed information.) A basis point equals one one-hundredth of a percentage point.
Interest rates have remained relatively stable over the past two weeks. If you are considering purchasing a new home in 2026 and can afford the current rates, now might be a good time to start your search.
Average mortgage rates over the last 30 days
📉 When can we expect mortgage rates to decrease?
Mortgage rates are in a constant state of flux, as they are influenced by various factors such as new inflation reports, job numbers, Federal Reserve meetings, global news, and more. Even small changes in the bond market can impact mortgage rates.
This week, analysts are keeping a close eye on the December jobs report, which is set to be released on Friday.
The end of 2025 saw a lack of timely federal economic data, leading to reliance on alternative sources and outdated figures to gauge the country’s financial status. With the new year underway, economists are finally receiving real-time employment data.
Depending on the December jobs report findings, mortgage rates may either decrease or increase. The Federal Reserve’s actions are often tied to unemployment rates, with a rise in unemployment potentially prompting a rate cut, while a decrease in unemployment could lead to a focus on lowering inflation, possibly resulting in rate hikes or maintaining current rates.
In January of the previous year, there were announcements of increased tariffs on key trade partners, impacting the economy throughout 2025.
As we enter 2026, plans for a U.S.-driven regime change in Venezuela are unfolding. While the outcome remains uncertain, it emphasizes the role of international relations in financial markets.
🔁 Is refinancing a good option?
Considering a refinance could be beneficial if today’s rates are at least 0.5 to 0.75 percentage points lower than your current rate, and if you intend to stay in your home long enough to recoup closing costs.
Given the current rate environment, it might be wise to explore refinancing if your existing rate is around 6.49% or higher.
It’s important to align your refinancing goals with your financial objectives, whether it involves reducing monthly payments, shortening the loan term, or leveraging home equity. For instance, you might be willing to accept a slightly higher rate for a cash-out refinance as long as the overall costs are lower than obtaining a HELOC or home equity loan on top of your original mortgage.
If you are aiming for a lower rate, BW’s refinance calculator can help estimate potential savings and the time required to break even on refinancing costs.
The ideal time to start shopping for a refinance isn’t universal; what matters most is whether you can comfortably manage a mortgage at current rates.
If the answer is affirmative, don’t dwell too much on the possibility of missing out on lower rates in the future; refinancing is always an option down the road. Focus on getting preapproved, comparing lender offers, and determining a monthly payment that fits your budget.
BW’s affordability calculator can assist in estimating your potential monthly payment. If purchasing a new home isn’t feasible now, there are steps you can take to bolster your buyer profile, such as reducing existing debts and building up your down payment savings. This not only improves your cash flow for future mortgage payments but can also secure a better interest rate when you’re prepared to buy.
🔒 Is locking my rate advisable?
If you have received a rate quote that you are satisfied with, it may be prudent to consider locking in your mortgage rate, especially if your lender offers a float-down option. A float-down feature allows you to secure a better rate if market conditions improve during your lock period.
Rate locks shield you from rate hikes while your loan is being processed, providing peace of mind amid the market’s fluctuations.
🤓 Nerdy Reminder: Mortgage rates can fluctuate daily, even hourly. If you are content with your current offer, feel confident in committing to it.
🧐 Why does the rate I viewed online differ from the quote I received?
The advertised rate is typically a sample rate for borrowers with excellent credit, making substantial down payments, and opting for mortgage points. This may not align with every buyer’s specific circumstances.
In addition to external market factors, your personalized rate quote is influenced by factors like your location, property type, and overall financial profile.
👀 If I apply now, can I secure the rate I saw earlier?
Possibly — however, even personalized rate quotes can fluctuate until you finalize your rate lock. Lenders adjust pricing multiple times a day in response to market movements.