Mortgage and refinance interest rates today, January 15, 2026: Lowest rates in 3 years

Mortgage Rates Overview - Current average mortgage rates are around 5.94% for 30-year fixed mortgages and 5.39% for 15-year fixed mortgages, with variations depending on the source and location [1][5][6] - Refinance rates can be higher than purchase mortgage rates, but this is not always the case [3][12] Types of Mortgage Rates - Fixed-rate mortgages lock in the interest rate for the entire loan term, while adjustable-rate mortgages (ARMs) have an initial fixed period followed by periodic adjustments [8] - The 30-year fixed mortgage is popular for its lower monthly payments, while the 15-year fixed mortgage offers a lower interest rate and faster payoff but higher monthly payments [13][14] Factors Influencing Mortgage Rates - Mortgage rates are influenced by both controllable factors, such as credit scores and debt-to-income ratios, and uncontrollable factors, primarily economic conditions [10][11] - Economic indicators, such as employment rates, can lead to fluctuations in mortgage rates; lower rates are typically seen in a struggling economy to encourage borrowing [12] Current Market Insights - Some banks, like Chase and Citibank, are noted for offering competitive mortgage rates, but it is advisable to shop around for the best options [15] - The lowest-ever 30-year fixed mortgage rate recorded was 2.65% in January 2021, and rates are unlikely to drop below 3% in the near future [17]