Mortgage and refinance interest rates today, January 6, 2026: Bubbling just above and below 6%

Core Insights - Mortgage rates are currently stable, with the average 30-year fixed rate at 6.04% and the 15-year fixed rate at 5.41% [1][14] - Refinance rates are generally higher than purchase rates, with the average 30-year refinance rate at 6.09% [14] - Economists do not anticipate significant drops in mortgage rates before the end of 2026, with expectations of rates hovering around 6% [13][15] Current Mortgage Rates - The average rates for various mortgage types are as follows: - 30-year fixed: 6.04% - 20-year fixed: 5.91% - 15-year fixed: 5.41% - 5/1 ARM: 6.12% - 7/1 ARM: 6.10% - 30-year VA: 5.54% - 15-year VA: 5.11% - 5/1 VA: 5.24% [5] Refinance Rates - Current refinance rates are typically higher than purchase rates, with the average 30-year refinance rate at 6.09% [14] Long-term Rate Predictions - The Mortgage Bankers Association (MBA) forecasts the 30-year mortgage rate to remain near 6.4% through 2026, with a slight dip to 5.9% in Q4 2026 [15] - For 2027, the MBA predicts rates around 6.3% for most of the year, increasing to 6.4% in Q4, while Fannie Mae expects rates near 5.9% for the entire year [16] Mortgage Payment Insights - A $400,000 mortgage at a 30-year term with a 6.04% rate results in a monthly payment of approximately $2,409, accumulating $467,059 in interest over the term [8] - Conversely, a 15-year mortgage at a 5.41% rate would require a monthly payment of about $3,249, resulting in $184,867 in interest [8] Fixed vs. Adjustable Rates - Fixed-rate mortgages lock in the interest rate from the start, while adjustable-rate mortgages (ARMs) have a fixed rate for an initial period before adjusting based on market conditions [10][11] - ARMs may start with lower rates than fixed rates, but there is a risk of rate increases after the initial period [12]