Mortgage and refinance interest rates today, January 18, 2026: Weekly rates drop by 19 basis points

Core Insights - Current mortgage rates are under 6%, with the average 30-year fixed mortgage rate at 5.90% and the 15-year fixed rate at 5.36% [1][19] Current Mortgage Rates - The average 30-year fixed mortgage rate has decreased by 19 basis points over the last month [1] - The 15-year fixed mortgage rate has dropped by 16 basis points [1] - National averages for various mortgage types include: - 30-year fixed: 5.90% - 20-year fixed: 5.84% - 15-year fixed: 5.36% - 5/1 ARM: 6.11% - 7/1 ARM: 6.28% - 30-year VA: 5.48% - 15-year VA: 5.07% - 5/1 VA: 5.17% [5] Mortgage Refinance Rates - Current mortgage refinance rates are generally higher than purchase rates, but this is not always the case [3] Comparison of Mortgage Types - The average 30-year mortgage rate is 5.90%, while the average 15-year mortgage rate is 5.36% [8] - A 15-year mortgage has a lower interest rate but results in higher monthly payments compared to a 30-year mortgage [9] Financial Implications - For a $300,000 mortgage at a 5.90% rate over 30 years, the monthly payment would be approximately $1,779, with total interest paid over the loan's life being $340,587 [10] - Conversely, a 15-year mortgage at a 5.36% rate would have a monthly payment of $2,429, with total interest paid being $137,224 [10] Mortgage Rate Trends - The MBA forecasts the 30-year mortgage rate to be near 6.4% through 2026, while Fannie Mae predicts rates above 6% next year, potentially dipping to 5.9% in Q4 2026 [21]