Today, February 7, 2026, the national average 30-year fixed refinance rate has nudged down, offering a slightly better deal than what we saw last week. Specifically, this popular loan type is now sitting at 6.49%, marking a 9 basis point (or 0.09%) drop from last week's average of 6.58%, according to data provided by Zillow. This isn't a seismic shift, but it's a welcome movement in the right direction for many.

For those of us who track the housing market closely, these seemingly minor shifts are often the early signs of bigger trends. Let's dive into what's happening with mortgage rates today and what it could mean for the rest of 2026.

Mortgage Rates Today, Feb 7, 2026: 30-Year Refinance Rate Drops by 9 Basis Points

A Closer Look at Today’s Refinance Rates

Here’s a breakdown of the national averages as of February 7, 2026, based on Zillow’s data:

As you can see, the star of the show today is the 30-year fixed refinance rate, which has seen that nice little decrease. The 15-year fixed refinance rate and the 5-year adjustable-rate mortgage (ARM), on the other hand, have held steady.

Why the Slight Dip? Understanding the Market Context

For a homeowner, a rate that drops by even a fraction of a percent can make a real difference in monthly payments and the total interest paid over the life of the loan. So, what’s driving this modest improvement today?

Well, the Federal Reserve has been making some interesting moves. After cutting rates three times back in late 2025, they decided to hold steady in January 2026. This pause signals a careful approach from the central bank, as they're keeping a keen eye on inflation, which has been a bit stubborn, and the job market, which is showing signs of cooling off. The general expectation right now is for maybe one more small rate cut later in the spring, around June 2026. This cautious stance from the Fed often translates into mortgage rates settling into a more predictable range, and today’s slight drop is a reflection of that.

Let’s break down what these rates mean:

• The 30-Year Fixed: The Workhorse of Homeownership
  The 30-year fixed refinance rate at 6.49% remains the go-to for most folks. It offers predictable monthly payments, making budgeting much simpler. While it's not a record low, any decrease from higher rates makes it more appealing for homeowners who have mortgages from a few years ago that might be carrying a higher interest burden. My personal take? If your current rate is significantly higher than 6.49%, it’s definitely worth exploring a refinance. The slight drop means you might be able to save a noticeable amount of money each month, which can add up.
• The 15-Year Fixed: Speed and Savings
  The 15-year fixed refinance rate holding at 5.58% is great news for those who prioritize paying off their homes faster and saving on interest. While the monthly payments are typically higher than a 30-year loan, the overall interest paid is considerably less. This option is fantastic for borrowers who have a stable income and want to build equity more aggressively. It’s a powerful tool for financial freedom.
• The 5-Year ARM: A Risky Gamble?
  The 5-year ARM staying at 6.85% is interesting. Historically, ARMs have offered a lower introductory rate compared to fixed loans, which is appealing for those planning to move or refinance before the adjustable period begins. However, with fixed rates hovering in the mid-6% range, the advantage of an ARM is quite slim right now. The risk of rates climbing significantly after the initial five years, especially with the current economic climate, makes this a less attractive option for many unless they have a very specific short-term plan.

What This Means for You: Buyers and Refinancers

This nuanced rate environment has implications for different groups of people:

• For Homeowners Considering a Refinance:
  The 9 basis point drop in the 30-year fixed refinance rate might seem small, but for someone who had a mortgage at, say, 7% or 8%, this is a golden opportunity. Even this modest decrease can translate into hundreds of dollars saved annually. It's a good reminder to check what your current rate is and compare it to today's offerings. You might be surprised at how much you can save!
• For New Home Buyers:
  For those looking to buy their first home or upgrade, the stability in rates provides a much-needed sense of predictability. Knowing that the 30-year fixed rate is in the mid-6% range helps immensely with budgeting and financial planning for the long haul. It's a steadier market than we've seen in some of the more volatile periods.
• For Real Estate Investors:
  Consistency in financing costs is crucial for investors, especially those relying on rental income to cover mortgage payments. Today's steady rates, particularly the 15-year fixed, make it easier to calculate cash flow and project returns on investment properties.

Beyond Today: Looking Ahead in 2026

It’s not just about today; it’s about where we’re headed. The housing market in 2026 is expected to be a mix of cautious optimism and continued volatility.

• Refinance Activity is Up, But…
  The Mortgage Bankers Association (MBA) has reported a massive surge in refinance applications, up 117% compared to a year ago. This sounds huge, but it’s important to remember that last year was incredibly slow. The real story is that most homeowners who locked in rates below 5% during the pandemic are still firmly “locked-in” and have little reason to refinance at today's higher rates. However, for those who bought in 2022 or 2023 at higher rates, today’s 6.49% could be a welcome sign.
• Tapping into Home Equity:
  With home values continuing to rise – appreciating around 16% since 2022, according to some reports – many homeowners are sitting on significant equity. We're seeing a trend towards homeowners using Home Equity Lines of Credit (HELOCs) or cash-out refinances to access this wealth. The average tappable equity being accessed can be quite substantial, often in the hundreds of thousands of dollars. This is a smart way to fund renovations, consolidate debt, or make other investments, provided it's done thoughtfully.
• Expert Forecasts for 2026:
  What do the experts predict for the rest of the year? Most analysts believe rates will likely stay in that familiar 6% to 6.5% corridor. For instance, Fannie Mae and the National Association of Realtors (NAR) are forecasting an average 30-year fixed rate around 6.0% for most of 2026. Morgan Stanley, on the other hand, sees a possibility of rates dipping to 5.50%–5.75% mid-year if Treasury yields fall. However, they also caution that rates might tick back up in the latter half of the year. Bankrate’s outlook is similar, predicting a low of 5.7% and a high of 6.5%, acknowledging that economic policies like tariffs and tax changes will keep things dynamic.

The Bottom Line on Today’s Rates

On February 7, 2026, the national average 30-year fixed refinance rate stands at 6.49%, a welcome 9 basis point decline from last week. The 15-year fixed rate remains stable at 5.58%, and the 5-year ARM is holding at 6.85%.

This isn’t a time of dramatic rate swings, but rather a period of subtle adjustment and stability. For anyone considering refinancing an older, higher-interest mortgage, or for those looking to purchase a new home, these rates present a solid opportunity to explore your options. It's always a good idea to get personalized quotes and speak with a mortgage professional to see exactly how these rates could benefit your specific financial situation.

As we head into the weekend of February 6, 2026, a little bit of good news emerges for homeowners looking to refinance their mortgages. The national average 30-year fixed refinance rate has settled at 6.55%, marking a slight dip of 3 basis points from last week's average. While this might not sound like a massive change, for those with larger loan balances, even a small decrease can translate into significant savings over the life of their loan. I’ve been watching the mortgage market closely, and this kind of stability, even with small movements, is something many are keeping a keen eye on.

Let’s dive into what these numbers mean for you right now.

Mortgage Rates Today, February 6, 2026: 30-Year Refinance Rate Drops by 3 Basis Points

What Are Today's Refinance Rates?

Here’s a snapshot of the national averages for refinance mortgages as of February 6, 2026, according to data from Zillow:

As you can see, the headline grabber is the 30-year fixed refinance rate inching down. The 15-year fixed refinance rate is holding strong at a very attractive 5.58%, which is fantastic for those who can swing the higher monthly payments and want to build equity faster. The 5-year Adjustable-Rate Mortgage (ARM) is hovering at 6.85%. It’s interesting to note that the ARM isn't offering as much of a discount compared to fixed rates as it typically does, likely signaling that lenders are not expecting a sharp drop in longer-term rates anytime soon.

Understanding the Refinance Market Right Now

It’s been a bit of a rollercoaster for refinance demand. After a pretty significant slump in December 2025, we’re seeing a modest rebound. The Mortgage Bankers Association (MBA) did report a slight dip in total mortgage applications for the week ending January 30th, mainly due to those intense winter storms (remember Winter Storm Fern? It really threw a wrench in things for a bit). However, and this is the big “however,” the refinance index is still a staggering 117% higher than it was a year ago. That tells me a lot of people are still looking to capitalize on borrowing costs that, while not historically low, are far better than what we saw in the not-too-distant past.

From my perspective, this indicates that there are still plenty of homeowners who took out loans when rates were higher – say, above 7% in late 2024 or early 2025 – who are actively shopping around. They’re recognizing this current window of opportunity.

Drilling Down into the Key Loan Types

Let’s break down what these rates mean for each popular mortgage product:

The Steadfast 30-Year Fixed Rate

The 30-year fixed refinance rate hitting 6.55% is a big deal for predictability. Yesterday it was unchanged, but this small drop from last week is a nice little bonus. While affordability is still a concern for many compared to the sub-6% rates we saw earlier in the year, this rate offers a sense of stability. If you have a mortgage in the 7% range or higher, it's absolutely worth exploring if refinancing makes sense for your financial situation.

The Value of the 15-Year Fixed Rate

The 15-year fixed refinance rate holding steady at 5.58% is, frankly, pretty appealing. This loan term is a fantastic way to become debt-free faster and save a considerable amount on interest over the loan’s lifetime. The trade-off, of course, is a higher monthly payment. But for homeowners who have a comfortable financial cushion and prioritize paying off their mortgage sooner, this is a golden opportunity.

ARMs: A Cautious Approach

The 5-year ARM at 6.85% is sitting pretty close to the 30-year fixed rate. For a long time, ARMs were the go-to for borrowers chasing the lowest possible initial payment. However, with the gap narrowing, it makes you think twice. If you’re planning to move or refinance again before the introductory rate expires, an ARM could still be a good play. But if you’re looking for long-term stability and predictable payments, the fixed rates are likely the more comforting option right now.

What This Means for You: Borrowers and Investors

So, who benefits from these current mortgage rate trends?

• Homeowners Looking to Refinance: If you’re sitting on a mortgage with a rate significantly higher than 6.55%, this slight dip could be the trigger you need to start the refinance process. Even a few basis points can add up, especially if you plan to stay in your home for several more years.
• First-Time Homebuyers and Move-Up Buyers: For those looking to purchase a new home, stable mortgage rates provide a crucial element of predictability. Knowing roughly what your monthly mortgage payment will be helps immensely with budgeting and financial planning. While affordability remains a challenge in many markets, these steady rates prevent a sudden shock to the system.
• Real Estate Investors: Consistency in financing costs is music to an investor’s ears. When you’re calculating potential returns on rental properties, the interest paid on a mortgage is a major factor. Stable rates allow for more accurate cash flow projections and informed investment decisions.

Looking Under the Hood: What’s Driving These Rates?

Several key factors are influencing today's mortgage rates, and understanding them gives us a clearer picture of where things might be headed:

• The Federal Reserve's Stance: The Federal Reserve held its key interest rates steady at its last meeting on January 28, 2026, keeping them in the 3.50%–3.75% range. The general consensus among experts is that we might only see one more rate cut in 2026. This cautious approach from the Fed tends to keep mortgage rates in a bit of a “holding pattern,” preventing wild swings.
• Economic Signals: We’ve seen some economic indicators that suggest a cooling labor market. A weaker-than-expected ADP employment report released this week is a prime example. Generally, a slowing job market tends to put downward pressure on Treasury yields, which, in turn, often leads to lower mortgage rates.
• The “Refinance Window”: As I mentioned, economists are widely recognizing a “refinance window” for those who got their mortgages when rates were higher, particularly in late 2024 and early 2025. This is a significant opportunity for many.
• Forecasts for the Rest of 2026: The MBA is predicting that rates will likely fluctuate within a narrow band, somewhere between 6.0% and 6.5% for the remainder of the year. Fannie Mae’s outlook is even more optimistic, suggesting rates could settle closer to 6.0% for much of 2026. Of course, these are forecasts, and unforeseen economic events can always shift the needle.

It’s clear that mortgage rates remain closely tied to the health of the broader economy, especially inflation trends and whatever moves the Federal Reserve decides to make. With rates holding relatively steady right now, it could be a smart time for borrowers to lock in terms before any potential shifts later in the year.

The Bottom Line on February 6, 2026

To sum it all up, on February 6, 2026, the 30-year fixed refinance rate is sitting at 6.55%. It’s unchanged from yesterday but has seen a slight, welcome drop from last week. The 15-year fixed rate continues its steady performance at 5.58%, and the 5-year ARM is holding at 6.85%. This isn't a market with dramatic seismic shifts, but rather one that offers a reassuring sense of stability. For both homeowners considering a refinance and those looking to buy, the current environment presents a valuable window to act while the lending market remains predictable.

Today, on February 5, 2026, the national average 30-year fixed refinance rate nudged upwards to 6.70%, indicating a slight but notable shift in the mortgage market that could impact homeowners looking to refinance or purchase a new property.

It feels like just yesterday we were talking about rates dipping below the coveted 6% mark. Now, as February 5th ushers in new numbers, we see a bit of a climb, especially for that most sought-after 30-year fixed rate. It's a small step up, just 12 basis points from last week, but still, any movement in mortgage rates gets my attention because I know how much it matters to families trying to make smart financial moves.

Mortgage Rates Today, February 5, 2026: 30-Year Refinance Rate Rises by 12 Basis Points

According to the latest data from Zillow, here's a snapshot of what mortgage rates look like today:

Current Refinance Rates on February 5, 2026

Understanding the Moves: What's Happening with the 30-Year Fixed Rate?

The 30-year fixed refinance rate is the one most people watch because it's the standard for long-term stability. At 6.70%, it's a bit higher than where we were just yesterday, and that 12 basis point increase from last week adds up when you're talking about such a big loan. For me, this upward tick signals that the lending market is still finding its footing. It's not a huge leap, but it does mean that locking in a refinance might be a tad more expensive than it was even a few days ago.

This is interesting because we've seen some wild swings lately. Just a little while ago, in late January, rates actually flirted with 5.99%! That brief dip caused a massive surge in refinance applications, up a solid 40%. But as Zillow notes, by February 4th, rates had already settled back into the low 6% range, and now today we're seeing that upward creep again.

The Steadfast 15-Year Fixed Rate

On the flip side, the 15-year fixed refinance rate is holding firm at 5.59%. This is great news for anyone who prefers to pay off their mortgage faster and build equity quicker. While the monthly payments are higher with a 15-year term compared to a 30-year, the overall savings in interest over the life of the loan can be substantial. It's a product that appeals to homeowners who are financially comfortable and want to be mortgage-free sooner rather than later.

A Sharp Jump for the 5-Year ARM

The biggest jolt today comes from the 5-year adjustable-rate mortgage (ARM), which has shot up by 39 basis points to 7.25%. ARMs are typically chosen for their lower introductory rates, but this significant increase makes them a lot less appealing right now. When you see a jump like this, it really makes you question the long-term benefit of an ARM, especially when the 30-year fixed rate, while rising, is still offering a more predictable path. I've always advised my clients to be very cautious with ARMs and to really understand the potential for future payment increases.

What This Means for You: Refinancers, Buyers, and Investors

These rate shifts aren't just numbers; they have real-world consequences for your wallet.

• For Homeowners Thinking About Refinancing: If you have an older mortgage with a rate well above 7%, you're likely still in a good position to save money by refinancing. However, the window for the absolute best savings is definitely closing. It’s crucial to act now rather than waiting for rates to go down significantly, especially since forecasts suggest they'll stay above 6% for a good chunk of the year. Calculating your break-even point – how long it takes to recoup your closing costs – is really important when deciding if refinancing is worthwhile right now.
• For New homebuyers: The increase in the 30-year fixed rate adds another layer of challenge to affordability, particularly in markets where home prices are already high and competition is fierce. Every little bit of increase in your mortgage payment can make a big difference in what you can afford.
• For Investors: The steep rise in ARM rates might make those short-term financing strategies a bit riskier. On the other hand, the stability of the 15-year fixed rate could be an attractive option for investors looking for predictable returns and a clear path to owning their investment properties outright.

Looking at the Bigger Picture: Demand and Government Influence

Despite the slight dip in refinance activity this week, which Zillow attributes to that big winter storm (remember “Winter Storm Fern”?), the overall refinance volume is still incredibly high. We're talking 117% to 156% higher than this time last year. This surge is largely driven by homeowners who took out loans in 2023 and 2024 at rates above 7% and are now looking to “rate-and-term” refinance to get a better deal. It’s a prime example of the power of lower rates to stimulate activity.

It's also worth remembering the impact of government intervention. A directive for Fannie Mae and Freddie Mac to purchase $200 billion in mortgage-backed bonds played a role in temporarily pushing rates below that psychological 6% barrier. These kinds of moves can offer a temporary reprieve, but as we're seeing, underlying market forces will eventually reassert themselves.

What's Next for Mortgage Rates in 2026?

Thinking ahead, several factors will shape mortgage rates. One interesting trend is the idea of “equity tapping.” Homeowners have built up an astonishing amount of home equity – around $36 trillion. Many experts believe we'll see more homeowners using cash-out refinances for renovations rather than selling and moving, especially if they have a low rate on their current mortgage.

The Federal Reserve's actions, or inactions, are always a huge influence. They held rates steady at their first meeting of 2026, but economists are generally expecting gradual rate cuts later in the year. The goal is likely to bring mortgage rates into a more “neutral” low-6% range.

And of course, there's seasonal volatility. The market is incredibly sensitive to small daily changes. We saw how winter weather can temporarily stall application numbers, even when the underlying demand for lower rates is clearly strong.

My Takeaway

As of February 5, 2026, the 30-year fixed refinance rate at 6.70% is showing a slight upward trend. While the 15-year fixed rate remains stable at 5.59%, the significant jump in the 5-year ARM to 7.25% is a clear signal for caution. In my years of experience, I've learned that the mortgage market is a dynamic beast. For anyone considering a home loan, whether it's a new purchase or a refinance, it's essential to stay informed, compare offers from multiple lenders, and make decisions that align with your personal financial goals and risk tolerance.