Mortgage Rates Overview - Current average mortgage rates are just under 6%, with the 30-year fixed rate at 5.91% and the 15-year fixed rate at 5.44% [1][13] - Refinance rates are generally higher than purchase rates, with the 30-year refinance rate at 6.02% [6][13] Mortgage Types and Comparisons - The 30-year fixed mortgage rates are typically higher than 15-year rates, but the latter results in lower total interest payments over time [7] - For a $400,000 mortgage, the monthly payment for a 30-year term at 5.91% is approximately $2,375, leading to total interest of $455,038, while a 15-year mortgage at 5.44% results in a monthly payment of about $3,256 and total interest of $186,010 [8] Adjustable-Rate Mortgages (ARMs) - 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 compared to fixed rates, but there is a risk of rate increases after the initial period [12] Future Rate Predictions - The Mortgage Bankers Association (MBA) forecasts that the 30-year mortgage rate will remain around 6.1% through 2026, while Fannie Mae predicts rates near 6% for the same period [14] - For 2027, the MBA anticipates rates between 6.2% and 6.3%, with Fannie Mae also predicting rates near 6.0% [15]
Mortgage and refinance interest rates today, February 10, 2026: Rates remain under 6%, for now