Today’s Mortgage Rates, Jan 30: Rates Drop, Driving More Homeowners to Refinance

As of January 30th, 2026, I'm seeing mortgage rates that are a very welcome sight for many potential homebuyers and homeowners. The 30-year fixed mortgage rate is sitting at an average of 6.10%, and the 15-year fixed rate is at 5.49%, according to Freddie Mac's weekly survey. These numbers are important because they are hovering near their lowest points in the last three years, which is definitely sparking more interest from people looking to get into new homes or get better deals on their existing ones.

Seeing them dip down this low again is a breath of fresh air. Let's break down what these numbers really mean for you.

Today's Mortgage Rates, Jan 30: Rates Drop, Driving More Homeowners to Refinance

To get a clearer picture, it helps to look at where we are now compared to a year ago. Freddie Mac, a key player in the housing market, provides valuable data through its Primary Mortgage Market Survey®.

Here’s a look at the average rates as of the week ending January 29, 2026, compared to the same time last year:

This table clearly shows a significant drop in rates compared to last year. The 30-year fixed rate is nearly a full percentage point lower, and the 15-year fixed rate has also seen a substantial decrease. This difference can mean saving tens of thousands of dollars over the life of a loan.

Digging Deeper with Daily Data

While Freddie Mac gives us a solid weekly average, other sources provide even more up-to-the-minute data. Zillow, a popular real estate platform, offers a daily snapshot that can be super helpful for those actively house hunting or considering a refi right now.

Here’s what the latest Zillow data shows for today's mortgage rates:

Looking at these numbers, we see that some rates, particularly the 30-year fixed at 5.87%, are even a bit lower than Freddie Mac's weekly average. This confirms that the market is very competitive right now, offering good deals for borrowers. The inclusion of VA loan rates is also a welcome detail, as these are crucial for our nation's veterans and can offer substantial savings.

Why Are Rates Here Right Now? The Fed's Role and Market Buzz

It's not magic that determines mortgage rates; it's a mix of economic factors. A big one we've been watching is the Federal Reserve's actions. On January 28, 2026, the Fed decided to keep its main interest rate, the federal funds rate, exactly where it was. This is a bit of a break after they had cut rates three times towards the end of last year.

Now, it's important to remember that mortgage rates don't directly follow the federal funds rate. They are more closely tied to something called the 10-year Treasury yield. But, the Fed's decisions and its cautious approach, especially with inflation still a bit stubborn, definitely influence the broader economic mood, which in turn affects those Treasury yields. So, while the Fed paused, the market is still digesting that information, and it's contributing to rates staying in a relatively stable, lower range this week.

What Experts Are Saying: A Look Ahead

So, what does the crystal ball say for mortgage rates? Forecasters from big names like the Mortgage Bankers Association and Fannie Mae are generally pointing towards rates staying pretty much in the same zone for a while. They predict that for the foreseeable future in 2026, we’ll likely see rates hanging out between 6% and 6.5%.

This is good news for buyers because it suggests we probably won't see a sudden, sharp jump back up to the higher rates we experienced before. If rates were to drop below 6%, that would be a significant event, almost certainly triggering a surge in demand from both new buyers and people looking to refinance their existing homes.

My take on this is that while we all hope for lower rates, the current range offers a very solid opportunity. Trying to time the market perfectly is a risky game. If you qualify for a loan at these current rates and it makes financial sense for your situation, it might be a better move to act now rather than waiting for a potentially elusive dip.

The Refinance Opportunity: Saving Money on Your Home

For those of us who bought a home when mortgage rates were significantly higher – say, over 7% like we saw in late 2023 and much of 2025 – the current lower rates are a goldmine for refinancing. It's like getting a second chance to get a better deal.

Refinancing means you are essentially applying for a new mortgage to replace your existing one. If you can secure a lower interest rate, your monthly payments could decrease, and you could save a considerable amount of money over the remaining term of your loan.

It’s worth exploring your options. Shopping around and comparing offers from different lenders is key. You might be surprised at how much you can save. The difference between a 6.95% rate from a year ago and a 5.87% rate today on a sizable mortgage can translate into thousands of dollars saved annually.

• Surge in Applications: Refinance demand saw significant spikes during weeks when rates fell, with one notable surge reaching 156% higher than the same period a year ago.
• Borrower Sensitivity: The market remains highly sensitive; even a small subsequent rise in rates (e.g., to 6.24%) caused refinance applications to pull back by roughly 16% in late January 2026.
• Refinance Share: At its peak in early 2026, refinancing accounted for more than 60% of all mortgage applications, driven primarily by conventional and VA borrowers. 

Key Takeaways for Today's Mortgage Rates

Here’s a quick summary of what you should keep in mind regarding today's mortgage rates:

• Rates are historically good: 30-year fixed rates are around 6.10% (Freddie Mac) and even lower at 5.87% (Zillow), near three-year lows.
• Fed's cautious approach: The Federal Reserve paused its rate cuts, showing a watchful stance on inflation and the economy.
• Stable outlook: Experts expect rates to remain in a 6% to 6.5% range for the near future.
• Refinancing window is open: If you have a higher-rate mortgage, now is an excellent time to explore refinancing opportunities.
• Don't wait too long: While predicting the future is impossible, current rates present a strong opportunity that shouldn't be ignored if it fits your financial goals.