Mortgage and refinance interest rates today, January 14, 2026: Bouncing up from recent lows

Mortgage Rates Overview - Mortgage rates have increased from recent lows but remain below 6%, with the average 30-year fixed rate at 5.93% and the 15-year fixed rate at 5.40% according to Zillow [1][5][16] - Current national average mortgage rates include 30-year fixed at 5.93%, 20-year fixed at 5.86%, and 15-year fixed at 5.40% [5][6] Refinance Rates - Today's mortgage refinance rates are generally higher than purchase rates, although this is not always the case [3] - The national average refinance rates are similar to purchase rates, with the 30-year fixed at 6.00% and the 15-year fixed at 5.50% [6] Adjustable-Rate Mortgages (ARMs) - ARMs offer lower initial rates compared to fixed-rate mortgages, but they can increase after the introductory period, leading to unpredictable monthly payments [13][14] - Current average rates for ARMs include 5/1 ARM at 6.26% and 7/1 ARM at 6.43% [5][6] Advantages and Disadvantages of Mortgage Types - A 30-year fixed mortgage provides lower and predictable monthly payments but comes with higher overall interest costs [8][10] - A 15-year fixed mortgage has higher monthly payments but lower interest rates, allowing borrowers to pay off their mortgage sooner and save on interest [11][12] - ARMs can be beneficial for those planning to move before the rate adjustment, but they carry the risk of future rate increases [14][15] Market Trends - Recent fluctuations in mortgage rates were influenced by proposals aimed at enhancing home affordability, with current rates remaining below levels from a year ago [17]