Mortgage Rates Today Jan 15: 30-Year Fixed Refinance Rate Rises by 2 Basis Points

So, you're curious about what's happening with mortgage rates today, January 15th, 2026? Well, the 30-year fixed refinance rate has seen a tiny tick up, climbing by 2 basis points to 6.53%. This might sound like a small blip, but for many homeowners looking to save money on their mortgage, even the slightest shift deserves attention. The good news? For the most part, rates are holding steady, offering a bit of breathing room in the refinance market.

Mortgage Rates Today Jan 15: 30-Year Fixed Refinance Rate Rises by 2 Basis Points

What the Latest Numbers Tell Us

According to Zillow's latest data, it's a mixed bag out there, but mostly leaning towards stability.

• 30-Year Fixed Refinance Rate: This is the big one for many people. It's now at 6.53%, a smidge higher than last week's 6.51%. While it's up, it's still a far cry from the sky-high rates we saw not too long ago.
• 15-Year Fixed Refinance Rate: This is my go-to for homeowners who want to pay off their home faster and save a ton on interest over the life of the loan. It's staying put at a very attractive 5.50%.
• 5-Year Adjustable-Rate Mortgage (ARM) Refinance Rate: These rates are holding at 7.23%. ARMs can be tempting, but that higher rate and the potential for future increases make them a bit riskier for many compared to fixed options right now.

Digging Deeper: Why This Matters to You

I've been following this market for a while, and what I often see is that people focus on the headline number. But it's the trend and what's behind the numbers that really give you the best picture.

That 2 basis point bump in the 30-year fixed rate? Honestly, it’s pretty minor. Think of it this way: if you have a $300,000 mortgage, that 0.02% increase adds about $5 a month to your payment. Not groundbreaking, but it does mean that if you've been on the fence about refinancing, the “perfect” moment might be slipping away, or at least changing slightly.

What’s really interesting to me is the stability elsewhere. The fact that the 15-year fixed refinance rate is holding steady at 5.50% is fantastic. This shorter-term loan is often overlooked, but if you can swing the slightly higher monthly payment, you'll save tens of thousands of dollars in interest over 15 years compared to a 30-year loan. It’s a commitment, for sure, but the payoff in savings is huge.

The 5-year ARM sitting at 7.23% is a good reminder that those options, while potentially offering lower initial payments, come with a significant amount of uncertainty. With current economic conditions and the Federal Reserve's past actions, locking in a fixed rate for peace of mind often makes more sense for the majority of borrowers.

The “Refinance Window” is Open, But When to Jump?

I’ve been talking to a lot of homeowners, and a recurring theme is a sense of relief. Many took out loans when rates were above 7% back in late 2024 and 2025, and now they're wondering if they can lower their payments. The good news is, yes, a “refinance window” has definitely opened up for them.

We saw a 40% jump in refinance applications just in the second week of January 2026. That's massive! And compared to this time last year, demand is up a staggering 128%. It tells me that a lot of people are actively seeking ways to cut down on their monthly housing costs. In fact, refinancing is now making up about 60% of all mortgage applications, which is a clear sign of the market's direction.

What's Influencing These Rates?

It’s not just random fluctuations. A big event that really shook up the market recently was President Trump's announcement to buy $200 billion in mortgage-backed securities (MBS). This is a way for the government to inject liquidity into the market, essentially making it cheaper for lenders to offer mortgages. This move is a direct effort to lower borrowing costs for homeowners and is a major reason why we saw rates dip significantly before this slight uptick.

Looking ahead, what are the experts predicting? Well, groups like the Mortgage Bankers Association and Fannie Mae are forecasting that the 30-year fixed rate will largely hover between 5.9% and 6.4% for the rest of 2026. This suggests that while there might be small week-to-week changes, we're entering a period of relative calm, far from the extreme highs of recent years.

Thinking About Your Home Equity?

Even with all this talk of refinancing, it's important to remember that many homeowners are still sitting on incredibly low mortgage rates, often below 5%. For them, refinancing their primary mortgage might not make as much sense. Instead, they're looking at ways to tap into their home's equity without giving up their fantastic rate. This is where options like Home Equity Lines of Credit (HELOCs) or home equity loans become really attractive. You can access the cash you need for home improvements, debt consolidation, or other major expenses while keeping your primary mortgage rate nice and low.

The Bottom Line for Homeowners

As of January 15, 2026, the mortgage refinance market is characterized by a strong sense of stability, punctuated by a tiny increase in the 30-year fixed rate. This slight adjustment is unlikely to dramatically impact affordability for most people, but it absolutely underscores the importance of staying informed and acting decisively if you have a specific refinancing goal.

For those who borrowed at higher rates in recent years, the current environment presents a real opportunity to lower your monthly payments. The surge in refinance applications and the forecast for continued stability suggest that now is a good time to explore your options. Don't forget to consider the long-term benefits of a 15-year mortgage if it fits your budget, and remember that even small rate changes can add up over time. Keep an eye on the market, do your homework, and make the move that’s right for your financial future.