Mortgage and refinance interest rates today, January 8, 2026: A nudge higher for the week

Mortgage Rates Overview - Current average 30-year fixed mortgage rate is 6.16%, with a slight increase of one basis point [1] - The 15-year fixed mortgage rate averages 5.46%, up two basis points [1] - Mortgage rates have shown only fractional movements recently, but they can vary significantly by location [1] Current Mortgage Rates - National average rates for various mortgage types include: - 30-year fixed: 5.98% [5] - 20-year fixed: 5.84% [5] - 15-year fixed: 5.41% [5] - 5/1 ARM: 6.11% [5] - 7/1 ARM: 6.34% [5] - 30-year VA: 5.48% [5] - 15-year VA: 5.06% [5] - 5/1 VA: 5.37% [5] - Another set of rates shows: - 30-year fixed: 6.09% [6] - 20-year fixed: 5.81% [6] - 15-year fixed: 5.51% [6] - 5/1 ARM: 6.17% [6] - 7/1 ARM: 6.12% [6] - 30-year VA: 5.60% [6] - 15-year VA: 5.26% [6] - 5/1 VA: 5.51% [6] Mortgage Rate Determinants - Mortgage rates are influenced by controllable factors such as credit scores, debt-to-income ratios, and down payments [10][11] - Uncontrollable factors include economic conditions, where struggling economies typically lead to lower rates to encourage borrowing [12] Mortgage Types and Their Characteristics - Fixed-rate mortgages lock in the interest rate for the entire loan term, while adjustable-rate mortgages (ARMs) have rates that can change after an initial fixed period [8] - 30-year fixed mortgages are popular for lower monthly payments but result in higher total interest paid over time [13] - 15-year fixed mortgages offer lower rates and less interest paid overall, but come with higher monthly payments [14] Refinancing Insights - Refinance rates are generally higher than purchase rates, which may surprise borrowers [12] - Experts suggest refinancing when a new rate is at least 1% to 2% lower than the current rate, depending on individual financial goals [18]