Today’s Mortgage Rates, February 23: Rates Remain Stable With No Major Volatility

If you're looking to buy a home or refinance an existing mortgage, you're probably wondering about the numbers. Well, as of Monday, February 23, 2026, I'm seeing a slight nudge upward in mortgage rates, but overall, things are holding pretty steady compared to last week. Zillow reports that the national average for a 30-year fixed purchase mortgage is sitting at 5.875%, and the 15-year fixed is at 5.375%.

Both have crept up just a hair since last Monday. While these are small shifts, they signal a cautious approach to borrowing costs, and importantly, they're still a far cry from the peak rates we saw in 2025. This means potential buyers and those thinking about refinancing can get a clearer picture of what to expect when looking for a loan right now.

Today’s Mortgage Rates, February 23: Rates Remain Stable With No Major Volatility

Current Purchase Loan Rates

Here’s a snapshot of what lenders are generally offering for purchase mortgages today, based on Zillow's national averages for February 23, 2026. Keep in mind that your actual rate can differ based on your credit score, down payment, and other factors.

Also, over the past few days, mortgage rates have been like a calm lake with just a few ripples – we’ve seen very little movement, just a minor upward creep. It’s not enough to cause any alarm bells, but it’s worth noting.

Note: APR (Annual Percentage Rate) reflects the total cost of borrowing, including fees and other charges, giving you a more complete picture than just the interest rate alone.

Weekly Trend Comparison

Looking back at last Monday, February 16, 2026, rates have edged up just a tiny bit:

• 30-Year Fixed: Increased by 0.025% (from 5.85% to 5.875%)
• 15-Year Fixed: Increased by 0.015% (from 5.36% to 5.375%)

These are very small bumps. In my experience, when rates are this stable, it’s often a sign that either the Federal Reserve has signaled a holding pattern, or the market is digesting various economic data without any major surprises.

Market Context: Where Do We Stand?

Even with these modest increases, the current rates are still looking pretty good when you compare them to last year. Remember in 2025 when the average 30-year fixed rate was floating around 6.85%? We're significantly below that now.

Fannie Mae is predicting that the 30-year fixed rate will pretty much hover around the 6% mark for the rest of 2026. This suggests we're in a relatively calm period for borrowing costs, which is welcome news for anyone entering the housing market. It means more predictability, which is always a plus when making such a huge financial decision.

What Borrowers Should Know

Based on the numbers I'm seeing today, here’s what I think different types of borrowers should be aware of:

• Homebuyers: If you're looking to buy, rates still under 6% are a big win compared to the higher rates of last year. This helps make that dream home more affordable each month.
• Refinancers: Even with these tiny rate increases, if you have an older mortgage with a rate significantly above 6.5%, refinancing today could still save you a good chunk of money over the life of your loan. It's always worth checking if you can snag a better deal.
• VA and FHA Borrowers: For those using government-backed loans, good news! VA and FHA loans are staying competitive. The 30-year VA loan at 5.625% and the 30-year FHA loan at 5.625% offer excellent value.
• ARM Borrowers: Adjustable-rate mortgages (ARMs) are priced very closely to fixed-rate loans right now. This means the typical appeal of ARMs—lower initial payments for potential long-term savings—isn't as strong. If you value payment stability, a fixed-rate mortgage might be a better bet.

Why Aren't Rates Dropping More Dramatically?

Even though we aren't seeing wild swings, there are a few economic forces at play that are keeping rates from dipping much lower. From my perspective, these are the key factors:

• Mixed Economic Signals: The job market is still pretty robust, and people are generally seeing steady wage growth. When the economy is doing well like this, it tends to put a little upward pressure on interest rates. The thinking is, if the economy isn't cooling down fast enough, the Federal Reserve might not feel the urgency to slash rates aggressively.
• Treasury Yield Fluctuations: Mortgage rates tend to move in lockstep with the 10-year Treasury yield. Right now, that yield has been hanging around 4.08%. A small uptick in these yields over the weekend is directly contributing to that tiny increase we're seeing in Zillow's mortgage rates. It's a very direct connection.
• Geopolitical Uncertainty: Believe it or not, global events can impact your mortgage rate. Tensions in the Middle East, for instance, or even major international trade talks (like those rumored about Greenland, for example) can make some investors nervous. They tend to move their money into safer investments, which can help stabilize rates. However, it also adds a layer of unpredictability to day-to-day market movements.
• Policy Impact Fading: Remember that $200 billion mortgage-backed securities purchase program announced back in early January? Its initial downward push on rates seems to be wearing off. Now, the market is sort of trading within its existing bands, without a strong new catalyst to drive rates significantly lower or higher.

Overall, many experts are describing this period as a “balanced interest-rate environment.” We’re seeing progress on inflation, but that's being balanced out by a strong job market. This combination is keeping rates near three-year lows without a clear sign of a major shift in either direction for this week. For borrowers, this means it's a good time to lock in a rate if you find one you're happy with, rather than waiting for a dramatic drop that may not materialize.