Mortgage and refinance interest rates today, January 13, 2026: Rates tumble following Trump news

Core Insights - Mortgage rates have significantly decreased following President Trump's announcement aimed at improving home affordability and reducing mortgage rates [1] - The average 30-year mortgage rate is currently 5.86%, down 19 basis points since the previous Friday, while the 15-year average rate is now 5.28% [1] Mortgage Rates Overview - Current national average mortgage rates include: - 30-year fixed: 5.86% - 20-year fixed: 5.73% - 15-year fixed: 5.28% - 5/1 ARM: 6.15% - 7/1 ARM: 6.12% - 30-year VA: 5.52% - 15-year VA: 5.01% - 5/1 VA: 5.28% [6] Refinance Rates - Current national average refinance rates are: - 30-year fixed: 5.99% - 20-year fixed: 5.76% - 15-year fixed: 5.43% - 5/1 ARM: 6.40% - 7/1 ARM: 6.64% - 30-year VA: 5.46% - 15-year VA: 5.11% - 5/1 VA: 5.36% [7] Comparison of Mortgage Types - A comparison of 30-year and 15-year fixed mortgage rates shows that 15-year rates are generally lower, but monthly payments are higher due to the shorter term [10] - For a $400,000 mortgage: - 30-year mortgage at 5.86% results in a monthly payment of approximately $2,391 and total interest of $361,481 over the term - 15-year mortgage at 5.28% results in a monthly payment of approximately $3,551 and total interest of $179,928 [11] Future Rate Predictions - The Mortgage Bankers Association (MBA) forecasts that the 30-year mortgage rate will remain around 6.4% through 2026, with a slight dip to 5.9% in Q4 2026 [17] - Predictions for 2027 suggest rates will remain relatively stable, with averages around 6.3% for most of the year, increasing to 6.4% in Q4 [18]