Mortgage and refinance interest rates today, February 15, 2026: This is the sub-6% 30-year fixed rate to beat

Core Insights - Today's mortgage rates are at their lowest in years, with the 30-year fixed home loan rate reported at 6.09% by Freddie Mac and an average of 5.85% by Zillow, indicating a favorable environment for home buying or refinancing [1][16] Current Mortgage Rates - The national average for the 30-year fixed mortgage rate is 5.85% and for the 15-year fixed mortgage rate is 5.36% [16][17] - Other mortgage rates include: - 20-year fixed: 5.64% - 5/1 ARM: 5.81% - 7/1 ARM: 5.71% - 30-year VA: 5.36% - 15-year VA: 5.15% - 5/1 VA: 4.99% [4] Mortgage Refinance Rates - Current mortgage refinance rates are generally higher than purchase rates, but this is not always the case [3] Monthly Payment Calculations - For a $300,000 mortgage: - 30-year term at 5.85% results in a monthly payment of approximately $1,770 and total interest of $337,136 over the loan's life - 15-year term at 5.36% results in a monthly payment of approximately $2,429 and total interest of $137,224 [8] Fixed vs. Adjustable-Rate Mortgages - Fixed-rate mortgages lock in the interest rate for the entire loan term, while adjustable-rate mortgages (ARMs) have rates that can change after an initial fixed period [9][10] - ARMs typically start with lower rates but can increase after the initial period, making fixed rates sometimes more attractive [11] Factors for Low Mortgage Rates - Lenders offer the lowest rates to borrowers with higher down payments, excellent credit scores, and low debt-to-income ratios [12] - Improving personal finances is suggested as a better strategy than waiting for rates to drop [13] Choosing a Mortgage Lender - It is advisable to apply for mortgage preapproval with multiple lenders within a short time frame for accurate comparisons [14] - When comparing lenders, the annual percentage rate (APR) should be considered as it reflects the true annual cost of borrowing [15]