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

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.