Mortgage and refinance interest rates today, February 3, 2026: Will rates stay under 6%?

Core Insights - Most mortgage rates have increased slightly, but the average 30-year fixed rate remains at 5.97%, staying below 6% for about a week and a half [1] - The 15-year fixed rate is currently at 5.47%, remaining below 5.5% for a similar duration, indicating a potential opportunity for locking in rates [1] Current Mortgage Rates - The current national average mortgage rates include: - 30-year fixed: 5.97% - 20-year fixed: 5.90% - 15-year fixed: 5.47% - 5/1 ARM: 5.95% - 7/1 ARM: 5.82% - 30-year VA: 5.54% - 15-year VA: 5.21% - 5/1 VA: 5.09% [5] Refinance Rates - The refinance rates are generally higher than purchase rates, with the current national average for a 30-year refinance at 6.08% [13] Mortgage Payment Calculations - A $400,000 mortgage at a 30-year term with a 5.97% rate results in a monthly payment of approximately $2,390, leading to a total interest payment of $460,577 over the term [8] - 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 be around 6.4% through the end of 2023, with expectations of rates above 6% in 2026 [14] - For 2027, the MBA predicts rates will remain relatively stable, averaging 6.3% before increasing to 6.4% in Q4 [15]