Mortgage and refinance interest rates today, February 9, 2026: Low rates rely on economic factors

Core Insights - Current mortgage rates are relatively low, with the average 30-year fixed mortgage rate at 5.95% and the 15-year fixed rate at 5.43%, marking significant milestones under 6% and 5.5% respectively [1][17] - Economic factors, including a disappointing job openings report, are contributing to the low rates, with potential increases expected if upcoming inflation data shows a slower rise [1] Current Mortgage Rates - The national average rates for various mortgage types are as follows: 30-year fixed at 5.95%, 20-year fixed at 5.99%, 15-year fixed at 5.43%, 5/1 ARM at 5.93%, and 7/1 ARM at 5.95% [5][17] - The average 30-year mortgage payment for a $300,000 loan at 5.95% would be approximately $1,789 monthly, resulting in $344,047 in interest over the loan's life [7] - For a 15-year mortgage at 5.43%, the monthly payment would increase to $2,440, with total interest paid being $139,222 [9] Adjustable Mortgage Rates - Adjustable-rate mortgages (ARMs) typically start with lower rates than fixed rates but can increase after the initial period, such as the 5/1 ARM which remains fixed for the first five years [10][11] - Recent trends show that ARM rates can sometimes be similar to or higher than fixed rates, emphasizing the importance of comparing lenders and rates [12] Factors Influencing Mortgage Rates - Lenders offer the lowest rates to borrowers with higher down payments, excellent credit scores, and low debt-to-income ratios, suggesting that improving these factors can lead to better mortgage rates [13] - Options for reducing interest rates include paying for discount points at closing or utilizing temporary buydowns, which can lower initial payments [14][15] Future Rate Predictions - Forecasts indicate that the 30-year mortgage rate is expected to remain around 6.1% through 2026, with Fannie Mae predicting a similar rate near 6% by the end of the year [19]