Mortgage and refinance interest rates today, January 2, 2026: Last year, rates fell from 7% to near 6%

Core Insights - Mortgage rates have decreased recently, with the national average for a 30-year fixed mortgage at 6.15%, marking a new low for 2025, down from over 7% in January 2025 [1][14] - The average 15-year fixed mortgage rate is currently at 5.44%, also reflecting a downward trend [1][14] Current Mortgage Rates - The latest Zillow data indicates various mortgage rates, including a 30-year fixed at 6.18%, a 20-year fixed at 5.83%, and a 15-year fixed at 5.53% [5] - Adjustable-rate mortgages (ARMs) are also available, with a 5/1 ARM at 6.24% and a 7/1 ARM at 6.50% [5] Refinance Rates - Current mortgage refinance rates are generally higher than purchase rates, with a 30-year fixed refinance rate at 6.16% and a 15-year fixed refinance rate at 5.42% [4] Trends in Mortgage Rates - Mortgage rates have been on a downward trend since late May, remaining lower than the same period last year, but economists do not anticipate significant declines through the end of 2026 [13] - The Mortgage Bankers Association (MBA) forecasts the 30-year mortgage rate to be around 6.4% through 2026, with slight dips expected in Q4 2026 [15] Future Projections - For 2027, the MBA predicts 30-year fixed rates to average 6.3% for most of the year, with a potential increase to 6.4% in Q4 [16]