Mortgage and refinance interest rates today, January 29, 2026: Small moves higher as the Fed takes a rate pause

Core Insights - Mortgage and refinance rates have increased following the Federal Reserve's decision to pause rate cuts, with the 30-year fixed mortgage rate rising to 6.00% and the 15-year rate decreasing to 5.45% [1] Current Mortgage Rates - The current national average mortgage rates are as follows: - 30-year fixed: 6.00% - 20-year fixed: 5.84% - 15-year fixed: 5.45% - 5/1 ARM: 6.20% - 7/1 ARM: 6.05% - 30-year VA: 5.41% - 15-year VA: 5.07% - 5/1 VA: 5.13% [4] Refinance Rates - Today's national average mortgage refinance rates are also provided, indicating that refinance rates can sometimes be higher than purchase mortgage rates [3] 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 [9][10] - 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 [7] Economic Impact on Rates - Economic conditions, such as employment rates, significantly influence mortgage rates; rates typically decrease in a struggling economy to encourage borrowing and increase in a strong economy to temper spending [11] 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 [12][13] Refinancing Considerations - Experts suggest refinancing is beneficial when a new rate is at least 1% to 2% lower than the current rate, depending on individual financial goals and the duration of homeownership [17]