Mortgage rates in early February 2026 remain near their lowest levels in months, giving homebuyers and homeowners a meaningful break from the higher borrowing costs seen last year. Compared with late summer, rates are now more than half a percentage point lower, which can translate into real monthly savings.

According to Zillow data, the average 30-year fixed mortgage rate is about 5.95%, down roughly 53 basis points since early August. Refinance rates have followed a similar path, with the average 30-year refinance rate near 6.07%. While rates still move slightly from day to day, the overall trend has improved affordability compared with 2025, especially for borrowers who were sidelined when rates were above 6.5%.

At these levels, monthly payments look very different than they did a few months ago. For example, a $300,000 loan at today’s average 30-year rate results in a payment just under $1,800 per month for principal and interest. Choosing a 15-year loan increases the monthly cost, but dramatically reduces the total interest paid over time. For many borrowers, the decision comes down to balancing cash flow today with long-term savings.

Fixed-rate mortgages continue to attract the most attention because they offer stability and predictable payments. Adjustable-rate mortgages are still available, but the gap between fixed and adjustable rates has narrowed, making ARMs less compelling unless a borrower plans to sell or refinance within a few years.

For those hoping rates will fall much further, most forecasts suggest that may not happen. Industry outlooks expect mortgage rates to hover near 6% through much of 2026, with modest ups and downs tied to inflation data and bond market movements rather than dramatic drops.

That makes personal readiness more important than perfect timing. Improving credit scores, reducing debt, saving for a larger down payment, and comparing multiple lenders can often make more difference than waiting for a slightly lower rate.

The bottom line is that mortgage rates today offer a more favorable window than last year. While they may not fall sharply from here, they are providing buyers and refinancers with renewed opportunity in a housing market that is slowly regaining balance.

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