Mortgage Rates Today, February 14: 30-Year Refinance Drops Steeply by 30 Basis Points

It's Valentine's Day, February 14, 2026, and it looks like love is in the air for homeowners looking to lower their mortgage payments! Today, the average rate for a 30-year fixed refinance dropped a significant 30 basis points compared to last week, settling in at 6.25%. This is great news, especially because it continues a trend of lower rates we've been seeing, making it a prime time to consider refinancing.

Mortgage Rates Today, February 14: 30-Year Refinance Drops by 30 Basis Points

Today's Refinance Rates: A Quick Look

It's always smart to know the numbers, so here's a breakdown of what Zillow is reporting for refinance rates today, February 14, 2026.

(Data from Zillow)

As you can see, the 30-year fixed-rate refinance saw the biggest jump down, moving from an average of 6.55% last week to today's 6.25%. That's a noticeable improvement for anyone looking to reduce their monthly payments over a long period. The 15-year fixed-rate also nudged down a bit, to 5.38%, which is excellent if you're someone who likes to pay off your home faster and save on total interest. And even the 5-year Adjustable-Rate Mortgage (ARM) got a bit cheaper, moving to 6.89%.

Why Are Rates Heading Down?

It's not just random luck that mortgage rates are moving lower. Several things are happening behind the scenes that are influencing these numbers.

• The Bond Market is Taking a Breather: Think of mortgage rates as being tied to what's happening with government bonds, like U.S. Treasuries. When the yields on these bonds go down, it generally means mortgage rates can follow suit. Investors are showing more interest in these bonds, which pushes their prices up and their yields down.
• Inflation is Cooling Off: The economy is showing signs of slowing down its price increases, which is good news. When inflation is high, the Federal Reserve often raises interest rates to try and calm things down. But with inflation looking more under control, there's less pressure on the Fed to keep rates high, or even to raise them further.
• A Bit More Lender Competition: We're also seeing a positive sign in the housing market: more people are actually applying to refinance! When there's more business to be had, lenders tend to compete for it by offering slightly better rates. This can lead to those modest but meaningful reductions we're seeing now.

What This Means for You at Home

This drop in rates isn't just a number; it can translate into real savings for you and your family.

• A Real Refinance Opportunity: That 30 basis point drop in the 30-year fixed rate compared to last week is pretty significant. Over the 30 years you'll be paying off your mortgage, even a small drop like this can save you thousands of dollars. Imagine what you could do with that extra money – put it towards savings, a vacation, or even paying down other debts.
• The 15-Year Advantage: If you're comfortable with a slightly higher monthly payment, the 15-year fixed rate is looking even more attractive. You'll pay off your home much faster, and the total interest you pay over the life of the loan will be substantially less than with a 30-year mortgage.
• ARMs: A Strategic Choice: The 5-year ARM is cheaper right now, which might be tempting. However, remember that after the initial five years, the rate can go up. These are usually best for people who know they plan to move or sell the house before the rate adjusts, or who are very confident they can refinance again before then.

Thinking Smarter About Your Mortgage

This is a fantastic time to really think about your financial goals and how your mortgage fits into them.

• Don't Miss Out on Savings: If you bought your home or refinanced in the last year or two when rates were higher, now could be the perfect moment to refinance and lock in a lower rate. Especially with rates trending down, acting sooner rather than later might be wise.
• Pick the Right Loan for You: The choice between a 30-year and a 15-year mortgage really comes down to what works best for your budget each month and your long-term financial plan. Do you need a lower monthly payment to feel comfortable, or are you prioritizing paying off the loan as quickly as possible?
• Keep an Eye on Things: Mortgage rates can be a bit like the weather – they can change quickly! They're influenced by all sorts of economic news. Continued good news about inflation could mean rates keep falling, but it's also possible we'll see some ups and downs. Staying informed is key.

Key Market Insights You Need to Know

There's a lot of activity in the mortgage market right now, and some interesting factors are at play:

• Refinance Applications Are Surging: My friends over at the Mortgage Bankers Association (MBA) are reporting a “renaissance” in refinancing. Their refinance index has jumped up significantly, and it's way higher than it was a year ago. This tells me a lot of people are taking advantage of these better rates.
• Bigger Loans Mean Bigger Savings: It seems that borrowers with larger loan amounts are really paying attention to these rate drops. This is leading to a higher average loan size for new refinance applications, probably because the savings on larger loans are so substantial.
• Shifting Preferences: While the trusty 30-year fixed loan is still a favorite, I'm noticing more interest in FHA loans and those Adjustable-Rate Mortgages. This generally means people are looking for the absolute lowest initial monthly payment they can get.

What You Absolutely Must Know Today

Here are a couple of unique points that are influencing today's mortgage rates:

• The “Trump Effect” on Rates: Some of the downward pressure on rates today can actually be linked to a directive for Fannie Mae and Freddie Mac to buy a significant amount of mortgage-backed securities. This action by the government is helping to lower yields, which in turn helps lower mortgage rates for borrowers.
• The Fed is on Pause (For Now): The Federal Reserve recently decided to keep its key interest rate steady. They're watching the job market closely – and right now, it looks strong, with unemployment at 4.3%. This might mean they'll wait a bit longer, possibly until mid-2026, before they consider cutting rates.
• What Experts Are Saying About the Future: Big housing groups like Fannie Mae and the MBA are predicting that 30-year mortgage rates will likely stay around the 6% mark for much of 2026. This suggests that the current rates are a pretty good reflection of what we can expect for a while.
• How to Get the Best Rates: If you want to snag those super-low rates – some lenders are even offering below 6.00% for folks with excellent credit – focus on improving your credit score and lowering your debt-to-income ratio (DTI). These are the two biggest factors lenders look at when deciding your rate.

So, Here Are My Key Takeaways for Today's Rates

To sum it all up, February 14, 2026, is a really positive day for anyone thinking about refinancing. We're seeing noticeable improvements, especially with the 30-year fixed rate dropping to 6.25%, which is 30 basis points lower than last week. The 15-year fixed and 5-year ARM also saw declines, creating more opportunities to get better terms on your home loan.

For homeowners considering a refinance, today's rates represent one of the most attractive windows we've seen in quite some time. If you've been on the fence, now is definitely the time to explore your options and see if you can lock in some significant savings before the market potentially shifts again. It’s a great way to show your home, and your wallet, a little love this Valentine's season!