Today’s Mortgage Rates, Feb 5: 30-Year Fixed Rate Rises Above 6% for Borrowers

Today, February 5, 2026, the average 30-year fixed mortgage rate has inched up to 6.03%, the highest it’s been in about two weeks, according to Zillow. While this might sound like a small move, it’s worth paying attention to because even small shifts can impact how much house you can afford or how much you save by refinancing. The good news? The 15-year fixed rate is holding steady at a solid 5.50%, offering a dependable choice for those looking to pay off their home sooner.

Today's Mortgage Rates, Feb 5, 2026: A Gentle Push Upward

We’ve come down quite a bit from the nearly 8% highs we saw back in 2023, and that relief has already got more people looking to buy homes and others thinking about refinancing their existing mortgages. Today’s slight bump up in the 30-year rate is a reminder that while we’re not back at those peak levels, the market is always moving.

What Are the Rates Like Today?

Here’s a quick breakdown of the average rates we’re seeing today, February 5, 2026, based on information from Zillow:

Understanding the Numbers

Let’s dive a little deeper into what these numbers mean for you.

The 30-Year Fixed Rate: A Slight Climb

Hitting 6.03% for the 30-year fixed mortgage means borrowers looking for that long-term stability will see a tiny increase in their monthly payments compared to just a few days ago. For anyone on a tight budget, this difference, though small, is something to consider when figuring out what you can comfortably afford. It’s a reminder that while rates have cooled from their highest points, they are still sensitive to all sorts of economic news. This means it’s crucial to lock in a rate when you feel it’s right for your situation.

The 15-Year Fixed Rate: Steady As She Goes

It’s really reassuring to see the 15-year fixed rate holding firm at 5.50%. This is fantastic news for buyers who want to own their home outright faster and, of course, pay less interest over the life of the loan. If you’re looking to make bigger payments now to avoid missing out on lower interest costs down the road, this rate is very attractive. It offers a predictable and lower overall cost of borrowing.

Adjustable-Rate Mortgages (ARMs): A Growing Question Mark

The 5/1 ARM has nudged up to 6.23%, and the 7/1 ARM is now at 6.25%. ARMs often get people interested because their initial rates are usually lower than fixed rates, which means a smaller payment at the start. However, the big catch is that after those first five or seven years, your rate can go up or down depending on the market. With fixed rates remaining relatively stable and not incredibly high, the appeal of ARMs might be a bit less strong right now. It’s a trade-off between an initial lower payment and the risk of paying more later. For me, unless you’re absolutely sure you’ll move or refinance before the adjustment period, the stability of a fixed rate often makes more sense these days.

VA Loans: Still a Great Deal for Our Heroes

I’m always happy to see the continued strong performance of VA loans. These are such a valuable benefit for our veterans and active-duty military. Today, the 30-year VA rate is 5.57%, the 15-year VA at 5.22%, and the 5/1 VA at 5.00%. These rates are impressively competitive, often beating out conventional loan options. If you’re a veteran or know one, definitely explore these if you’re looking to buy a home. They represent significant savings and are a well-deserved perk.

What Does This Mean for You?

• For New Homebuyers: That small rise in the 30-year fixed rate might make you feel the pinch a little when calculating your monthly payments. However, remember we're still in a much better place than we were just a year or two ago. It’s still a good time to be in the market, but it emphasizes the need to be smart about your budget and shop around for the best lender.
• For Refinancers: If your current mortgage rate is sitting above, say, 6.5% or even 7%, you might still find a significant benefit in refinancing. While today’s rates aren’t necessarily a “jump in and refinance now” scenario for everyone, they are still much lower than what many people locked in during the hotter rate periods. It’s always worth getting a quote to see if you can lower your payments or shorten your loan term.
• For Investors: The steady 15-year fixed rate and the excellent VA loan options could be very interesting for real estate investors. If you’re looking at buying rental properties or other investment real estate, these predictable financing options can help you manage your costs and make your numbers work.

Looking Ahead

So, what’s next? We’re heading into what’s typically the busy spring housing market. Mortgage rates are expected to keep reacting to what’s happening in the economy, especially inflation figures and any hints from the Federal Reserve about interest rates. While today’s small upward movement is noteworthy, it doesn’t signal a massive shift. It just highlights how important it is to keep an eye on these trends.

Now, let’s talk about what’s influencing all of this.

• The Federal Reserve’s Position: Remember, on January 28, 2026, the Fed decided to keep the federal funds rate where it was, between 3.5% and 3.75%. This “pause” came after they had cut rates three times in the latter half of 2025, which is what helped bring mortgage rates down in the first place. Their current stance suggests they’re looking for more signs that inflation is truly under control before making any more moves.
• Policy Moves: There’s been talk about potential government actions to help the mortgage market. President Trump has suggested measures to “unfreeze” it, which could involve government-backed entities like Fannie Mae and Freddie Mac buying more mortgage bonds. The idea behind this would be to further encourage lower mortgage rates.
• Market Calm Before the Storm? With no Federal Reserve meeting scheduled for February 2026, many people in the industry are expecting a bit of a lull. This could mean a period of relative stability, which is often a good time for homebuyers to really focus on finding the best lender and getting their best possible rate without feeling pressured by huge daily swings.

The Essential Takeaway

Here’s the bottom line for February 5, 2026: The 30-year fixed mortgage rate has ticked up to 6.03%, its highest in two weeks. The 15-year fixed rate remains a stable 5.50%. Meanwhile, ARMs and VA loans have also seen very slight increases. These are all signs of a market that’s solid but still paying attention to economic signals. For buyers and investors, there are still opportunities, but it really comes down to having a smart financing plan.