Mortgage and refinance interest rates today, February 19, 2026: Refinancing applications on the rise

Mortgage Rates Overview - The 30-year fixed mortgage rate has increased by 11 basis points to 5.89%, while the 15-year rate rose by four basis points to 5.38% [1] - Despite the increase, the 30-year loan rate remains close to a three-year low [1] - The Mortgage Bankers Association reported an increase in refinance applications as rates remain favorable [1] Current Mortgage Rates - Current national average mortgage rates include: - 30-year fixed: 5.89% - 20-year fixed: 5.79% - 15-year fixed: 5.38% - 5/1 ARM: 5.99% - 7/1 ARM: 5.79% - 30-year VA: 5.38% - 15-year VA: 5.08% - 5/1 VA: 4.98% [4] Refinance Rates - Today's refinance rates show slight variations, with refinance rates generally being higher than purchase mortgage rates [3][11] - Current refinance rates include: - 30-year fixed: 5.97% - 20-year fixed: 5.86% - 15-year fixed: 5.47% - 5/1 ARM: 6.28% - 7/1 ARM: 6.19% - 30-year VA: 5.46% - 15-year VA: 5.07% - 5/1 VA: 4.81% [5] Mortgage Rate Determinants - Mortgage rates are influenced by controllable factors such as lender comparison, credit scores, debt-to-income ratios, and down payments [9][10] - Uncontrollable factors include economic conditions, where struggling economies typically lead to lower mortgage rates to encourage borrowing [11] Mortgage Types - Fixed-rate mortgages lock in the interest rate for the entire loan term, while adjustable-rate mortgages (ARMs) have an initial fixed period followed by periodic adjustments [7] - A 30-year fixed mortgage offers lower monthly payments but incurs more interest over time, whereas a 15-year fixed mortgage has higher monthly payments but lower overall interest costs [12][13] Market Insights - The lowest-ever 30-year fixed mortgage rate recorded was 2.65% in January 2021, and it is unlikely to drop below 3% in the near future [16] - Experts suggest refinancing when a new rate is at least 1% to 2% lower than the current rate, depending on individual financial goals [17]