Mortgage and refinance interest rates today, February 20, 2026: Lowest since September 2022

Core Insights - Mortgage rates have reached their lowest levels since September 2022, with the average 30-year fixed rate at 6.01% and the 15-year fixed rate at 5.35% [1][12][13] - The decline in mortgage rates is expected to increase both purchase and refinance demand, prompting potential borrowers to start comparing lenders for the best offers [1] Current Mortgage Rates - The current national average for a 30-year fixed mortgage is 6.01%, while the 15-year fixed mortgage stands at 5.35% [1][13] - Refinance rates are generally higher than purchase rates, but specific current refinance rates were not detailed in the provided content [3] Mortgage Rate Trends - Mortgage rates have been on a downward trend since the end of May, with expectations of gradual decreases rather than drastic changes through 2026 [12] - The Mortgage Bankers Association forecasts that the 30-year mortgage rate will remain around 6.1% through 2026, while Fannie Mae predicts similar rates near 6% for the same period [14] Types of Mortgages - Fixed-rate mortgages provide stability with a locked-in rate for the entire loan term, while adjustable-rate mortgages (ARMs) offer lower initial rates that can change after a set period [6][7] - A 30-year fixed-rate mortgage is suitable for those seeking lower monthly payments, while a 15-year fixed-rate mortgage is ideal for borrowers looking to pay off their loans faster and save on interest [9][10]