Core Viewpoint - National average mortgage rates have decreased, influenced by President Trump's proposed initiatives to enhance affordable housing, with the average 30-year fixed mortgage rate at 5.91% and the 15-year fixed rate at 5.36% [1] Current Mortgage Rates - The current national average mortgage rates are as follows: - 30-year fixed: 5.91% - 20-year fixed: 5.83% - 15-year fixed: 5.36% - 5/1 ARM: 6.17% - 7/1 ARM: 6.36% - 30-year VA: 5.57% - 15-year VA: 5.21% - 5/1 VA: 5.36% [4] Mortgage Refinance Rates - Today's national average mortgage refinance rates are typically higher than purchase rates, although this is not always the case [3] Comparison of Fixed and Adjustable-Rate Mortgages - Fixed-rate mortgages lock in the interest rate for the entire loan term, while adjustable-rate mortgages (ARMs) have a fixed rate for a predetermined period before adjusting based on market conditions [9][10] - ARMs generally start with lower rates than fixed rates, but rates may increase after the initial period [11] Factors Influencing Mortgage Rates - Lenders offer lower mortgage rates to borrowers with higher down payments, excellent credit scores, and low debt-to-income ratios [12] - It is suggested that focusing on personal finances is a more effective strategy for obtaining lower rates than waiting for rates to drop [13] Choosing a Mortgage Lender - To find the best mortgage lender, it is recommended to apply for preapproval with multiple companies within a short time frame to minimize the impact on credit scores [14] - When comparing lenders, the annual percentage rate (APR) should be considered as it reflects the true annual cost of borrowing, including interest rates and fees [15] Future Mortgage Rate Expectations - The Mortgage Bankers Association (MBA) forecasts that the 30-year mortgage rate will remain near 6.4% through 2026, while Fannie Mae predicts rates above 6% for the next year, potentially dipping to 5.9% in Q4 2026 [18]
Mortgage and refinance interest rates today, January 11, 2026: Dipping below 6%