Mortgage and refinance interest rates today, January 27, 2026: Dipping below 6% again

Core Insights - Mortgage rates have surpassed the 6% threshold, with the average 30-year fixed mortgage rate at 5.97% and the 15-year fixed rate at 5.47% [1][13] - A survey indicates that four of the top five lenders have maintained mortgage rates below 6% since mid-November [1] Current Mortgage Rates - The current national average mortgage rates include: - 30-year fixed: 5.97% - 20-year fixed: 5.96% - 15-year fixed: 5.47% - 5/1 ARM: 6.00% - 7/1 ARM: 6.03% - 30-year VA: 5.50% - 15-year VA: 5.22% - 5/1 VA: 5.23% [5] Refinance Rates - The average refinance rates are generally higher than purchase rates, with the current 30-year refinance rate at 6.08% [13] Mortgage Payment Calculations - For a $400,000 mortgage at a 30-year term with a 5.97% rate, the monthly payment is approximately $2,390, resulting in $460,577 in interest over the loan term - Conversely, a $400,000 15-year mortgage at a 5.47% rate results in a monthly payment of about $3,262, with total interest paid being $187,155 [8] Fixed vs. Adjustable-Rate Mortgages - Fixed-rate mortgages lock in the interest rate from the start, while adjustable-rate mortgages (ARMs) have a fixed rate for an initial period before adjusting based on market conditions [10][11] - ARMs may start with lower rates but carry the risk of increasing rates after the initial period [12] Future Rate Predictions - The Mortgage Bankers Association (MBA) forecasts the 30-year mortgage rate to remain around 6.4% through the end of 2026, with a slight dip to 5.9% in Q4 2026 [14] - For 2027, the MBA anticipates rates to average 6.3% before increasing to 6.4% in Q4, while Fannie Mae predicts rates near 5.9% for the entire year [15]