Mortgage Rates Today, February 11: 30-Year Refinance Rate Drops by 7 Basis Points

Looking to refinance your home loan? As of today, the national average for a 30-year fixed refinance rate has seen a slight but welcome dip, now sitting steady at 6.48%. This is a decrease of 7 basis points from where we were just last week, according to Zillow. This kind of movement, while seemingly small, can add up to significant savings over time, and for many homeowners, it might just be the nudge they need to explore their options.

Mortgage Rates Today, February 11: 30-Year Refinance Rate Drops by 7 Basis Points

It's been a bit of a rollercoaster in the mortgage world, and seeing rates tick downwards, even by a little, is a breath of fresh air. I've seen firsthand how a quarter or a half a percent can make a huge difference in someone's monthly budget, and this drop is a positive sign. It suggests that the market is finding its footing, and borrowers who took on mortgages when rates were soaring could find themselves with a valuable opportunity to cut down their payments.

What the Numbers Mean for Your Refinance

Let's break down what these numbers really mean for you.

• 30-Year Fixed Refinance Rate: Currently at 6.48%. This is the most popular choice for homeowners because it offers a predictable monthly payment for the life of the loan. The fact that it's down 7 basis points from last week means your potential monthly savings are a bit larger now than they were a few days ago.
• 15-Year Fixed Refinance Rate: Holding steady at 5.55%. If you’re looking to pay off your home faster and save a considerable amount on interest over the long run, this is a fantastic option. The rate is already quite attractive when you compare it to the 30-year term.
• 5-Year Adjustable-Rate Mortgage (ARM) Refinance Rate: Sticking at 6.97%. While ARMs can sometimes offer a lower introductory rate, in the current climate, fixed-rate mortgages are generally a safer bet for most people. You can see that the 5-year ARM is higher than both the 30-year and 15-year fixed rates right now, making it less appealing for refinancing purposes.

Here’s a quick look at the current refinance rates:

The Bigger Picture: Why Are Rates Moving (or Not Moving)?

Understanding the forces behind these numbers can help you better time your refinance.

The “Refinance Window” is Open for Many

Even though rates are hovering above 6.5%, this is still a significant improvement for those who locked in loans when rates were at their peak, hitting nearly 8% in late 2023 or above 7% in early 2025. The Mortgage Bankers Association has reported a massive surge in refinance activity, with their Refinance Index jumping a remarkable 117% compared to the same time last year. This tells me that many homeowners are indeed finding value in refinancing right now, even if the rates aren't at historic lows. It's about relative improvement and saving money compared to your current situation.

The Federal Reserve's Steady Hand

The Federal Reserve plays a huge role in shaping interest rates. They decided to keep their benchmark interest rates steady at their meeting on January 28, 2026. There’s no Fed meeting scheduled for February, which is creating a sense of calm and stability in the mortgage market. This “lull” is actually a good thing for borrowers who are looking to shop around for rates. It means you’re less likely to be blindsided by a sudden rate hike, allowing for more strategic planning and negotiation.

Housing Affordability Takes a Modest Boost

These small declines in mortgage rates are nudging housing affordability to a four-year high. That's great news! However, it's important to be realistic. For the majority of American homeowners who have mortgages with rates locked in below 5%, refinancing into a 6% or higher rate simply doesn't make financial sense. They are likely to remain on the sidelines. The real opportunity lies with those who have higher rate loans from more recent times.

Looking Ahead: What Experts Predict

The crystal ball for mortgage rates is never perfectly clear, but experts are offering some insights. Both Fannie Mae and the Mortgage Bankers Association are forecasting that the 30-year fixed rate will likely hover around 6% for the rest of 2026. Some analysts, however, are a bit more cautious. They point to potential inflation risks, possibly driven by new trade policies and tariffs, which could put upward pressure on rates and prevent them from falling much further. This cautious outlook underscores the importance of acting when you see a favorable rate.

What Factors Really Influence Your Specific Rate?

It’s crucial to remember that these national averages are just that – averages. The rate you’ll actually be offered can vary quite a bit based on your personal financial profile.

• Your Credit Score: This is arguably the biggest factor. To get the best advertised rates, you’ll generally need a credit score of 740 or higher. The better your credit history, the less risk you represent to a lender, and the lower your rate will be.
• Your Home Equity: Lenders like to see that you have a significant stake in your home. If you have more than 20% equity (meaning you owe less than 80% of your home's value), you'll typically qualify for better terms. Interestingly, a growing number of homeowners with over 50% equity are exploring cash-out refinances, not just to lower their rate but to fund home improvements or other significant expenses.
• The Loan Term You Choose: As we've seen, shorter loan terms usually come with lower interest rates. Currently, the 15-year fixed loan offers a significant discount, averaging around 5.96%, compared to its 30-year counterpart. While the monthly payments are higher, the total interest paid over the life of the loan is drastically reduced.

What Does This Mean for You Today?

So, what’s the takeaway from the Mortgage Rates Today, February 11 update?

• Smart Refinancers: That 7-basis point drop in the 30-year fixed refinance rate compared to last week is a tangible benefit. It creates a more attractive entry point for locking in a lower monthly payment and reducing your overall interest cost.
• Homeowners with Higher-Rate Loans: If your current mortgage rate is significantly higher than the current national average, this period of stability below recent peaks is an excellent time to seriously consider refinancing. You might be able to shave a good chunk off your monthly housing expense.
• A Balanced Market: The current stability in rates is a healthy sign. It suggests the market isn't in a state of panic or rapid flux, which can encourage both homeowners looking to refinance and those considering new home purchases to move forward with confidence.

In essence, while the headline might be about a small drop, it signals a period of relative calm and opportunity in the mortgage market. It's a smart time to review your finances and see if refinancing makes sense for you right now.