Mortgage and refinance interest rates today, January 22, 2026: A small move higher

Core Insights - Mortgage and refinance rates have slightly decreased, with the 30-year fixed mortgage rate at 6.03% and the 15-year rate at 5.48%, indicating a potential opportunity for locking in rates [1] Mortgage Rates Overview - Current national average mortgage rates include: - 30-year fixed: 6.03% - 20-year fixed: 6.03% - 15-year fixed: 5.48% - 5/1 ARM: 6.35% - 7/1 ARM: 6.51% - 30-year VA: 5.57% - 15-year VA: 5.22% - 5/1 VA: 5.26% [5] Refinance Rates Overview - Today's national average refinance rates are as follows: - 30-year fixed: 6.19% - 20-year fixed: 6.10% - 15-year fixed: 5.69% - 5/1 ARM: 6.50% - 7/1 ARM: 6.36% - 30-year VA: 5.63% - 15-year VA: 5.28% - 5/1 VA: 5.48% [6] Mortgage Rate Mechanics - Mortgage interest rates are determined by factors that can be controlled, such as comparing lenders and improving credit scores, and factors that cannot be controlled, such as economic conditions [10][11] - A fixed-rate mortgage locks in the interest rate for the entire loan term, while an adjustable-rate mortgage changes periodically after an initial fixed period [8] Economic Impact on Mortgage Rates - Economic conditions, such as employment rates, influence mortgage rates; struggling economies typically see lower rates to encourage borrowing, while strong economies may lead to higher rates [12] Mortgage Term Comparisons - A 30-year fixed mortgage offers lower monthly payments but incurs more interest over time, while a 15-year fixed mortgage has higher monthly payments but lower overall interest costs [13][14] Refinancing Considerations - Experts suggest refinancing when a new rate is at least 1% to 2% lower than the current rate, depending on individual financial goals and break-even points [18]