Mortgage and refinance interest rates today, January 12, 2026: Look for lenders offering sub-6% rates

Core Insights - Current mortgage rates are averaging just below 6%, with the 30-year fixed mortgage rate at 5.91% and the 15-year fixed rate at 5.36% [1][18] Current Mortgage Rates - The national average for the 30-year fixed mortgage rate is 5.91% [18] - The 15-year fixed mortgage rate averages 5.36% [18] - Adjustable-rate mortgages (ARMs) such as the 5/1 ARM are currently at 6.17% [18] Refinance Rates - Mortgage refinance rates are generally higher than purchase rates, but this is not always the case [3] - Current refinance rates include a 30-year fixed at 5.99% and a 15-year fixed at 5.43% [6] Monthly Payments - For a $300,000 mortgage at a 30-year term with a 5.91% rate, the monthly payment would be approximately $1,781, totaling $341,279 in interest over the loan's life [8] - A $300,000 mortgage at a 15-year term with a 5.36% rate results in a monthly payment of $2,429, with total interest paid being $137,224 [10] Adjustable-Rate Mortgages - ARMs typically start with lower rates than fixed-rate mortgages but can increase after the initial period [11] - The 5/1 ARM locks in the rate for the first five years before adjusting annually [11] Factors for Lower Rates - Lenders offer lower rates to borrowers with higher down payments, excellent credit scores, and low debt-to-income ratios [14] - Options to buy down interest rates include paying for discount points at closing or temporary buydowns [15][16] Future Rate Predictions - The Mortgage Bankers Association (MBA) forecasts the 30-year mortgage rate to be around 6.4% through 2026 [20] - Fannie Mae predicts rates will remain above 6% next year, with a slight dip to 5.9% in Q4 2026 [20]