Mortgage and refinance interest rates today, February 4, 2026: Annual rates are down 61 basis points

Core Insights - Mortgage rates remain relatively low, with the average 30-year fixed rate at 5.98%, a year-over-year decrease of 61 basis points [1][16][17] - The 15-year fixed rate is currently at 5.50%, down 73 basis points from the previous year [1][16] - Mortgage rates can vary based on credit score, location, and lender, allowing some borrowers to secure rates below the national average [1] Current Mortgage Rates - The current national average mortgage rates are as follows: - 30-year fixed: 5.98% - 20-year fixed: 6.06% - 15-year fixed: 5.50% - 5/1 ARM: 5.92% - 7/1 ARM: 6.12% - 30-year VA: 5.53% - 15-year VA: 5.23% - 5/1 VA: 5.07% [5] Mortgage Refinance Rates - Today's mortgage refinance rates are generally higher than purchase rates, although this is not always the case [3] Mortgage Types and Their Characteristics - A 30-year fixed mortgage offers lower and predictable monthly payments, but comes with higher interest costs over the loan's life [8][9][10] - A 15-year fixed mortgage has higher monthly payments but lower interest rates, allowing borrowers to pay off their mortgage sooner and save on interest [11][12] - Adjustable-rate mortgages (ARMs) offer lower initial rates but can lead to unpredictable payments after the introductory period [13][14][15] Factors Influencing Mortgage Rates - Mortgage rates can fluctuate based on economic events and government policies, as seen with recent changes following political announcements [17] - To secure the lowest refinance rates, borrowers should focus on improving credit scores and reducing debt-to-income ratios [18]