Today’s Mortgage Rates, Feb 11: Rates Stay Below 6%, Will the Jobs Report Push Them Higher?

If you've been keeping an eye on mortgage rates, you'll be happy to hear that as of February 11, 2026, they're holding comfortably below the 6% mark. The average 30-year fixed mortgage rate is currently sitting at 5.87%, with the popular 15-year fixed rate even lower at 5.34%. This is welcome news for anyone looking to buy a home or refinance an existing mortgage, as these rates provide a more affordable entry point into the housing market.

Today's Mortgage Rates, Feb 11: Rates Stay Below 6%, Will the Jobs Report Push Them Higher?

Why Are Rates Staying Low Right Now?

You might be wondering what's keeping these rates so attractive. A big piece of the puzzle is the bond market. Specifically, the 10-year Treasury yield has been on a downward path over the past week. Think of the 10-year Treasury yield as a kind of bellwether for mortgage rates; when it goes down, mortgage rates often follow suit. This trend is what's helping to keep us under that important 6% threshold for now.

It’s truly encouraging to see these rates staying in this more accessible range. From my experience in this field, when rates dip below 6%, we often see a significant uptick in interest from buyers. It not only makes monthly payments more manageable but also can help individuals who might have been hesitant to sell their homes due to being “locked in” at higher rates feel more comfortable listing their properties.

Today's Mortgage Rates: The Numbers

For those who like to see the specifics, here’s a breakdown of today's average rates, according to data from Zillow:

Current Mortgage Rates (Zillow Data – February 11, 2026)

Note: ARM stands for Adjustable-Rate Mortgage.

As you can see, both fixed and adjustable-rate mortgages are offering competitive rates. While the 30-year fixed is at 5.87%, the 15-year fixed is even more appealing at 5.34%. This can make a difference of hundreds of dollars in your monthly payment and tens of thousands over the life of the loan.

The Elephant in the Room: The January 2026 Employment Report

Now, here's where things get really interesting and potentially impactful for the rest of the week. This morning, February 11, 2026, at 8:30 a.m. ET, the Employment Situation report for January 2026 is set to be released. This is not just any jobs report; its release on a Wednesday is a bit unusual and is due to a brief government shutdown that happened earlier this month. Economists are watching this report very closely because it's expected to be a major driver, or catalyst, for where mortgage rates go next.

How the Jobs Report Could Shake Things Up

Let's break down the potential effects this report could have on our mortgage rates:

• Downward Pressure (Lower Rates): If the job growth numbers come in weaker than economists are predicting, it could signal that the economy is cooling down more than expected. This usually leads to investors feeling more confident that the Federal Reserve might cut interest rates. When the Fed signals potential rate cuts, bond yields tend to fall, and consequently, mortgage rates often move lower, potentially pushing us even further from that 6% mark.
• Upward Pressure (Higher Rates): On the flip side, if we see a much stronger-than-expected increase in jobs, it might suggest the economy is still quite robust. This could lead investors to temper their expectations for Federal Reserve rate cuts, as the Fed might feel less pressure to stimulate the economy. Stronger economic signals often lead to higher bond yields and, you guessed it, higher mortgage rates.
• The Wildcard of Revisions: What makes this report even more complex is that it includes annual revisions for the job numbers from 2024 and 2025. If these revisions show that fewer jobs were actually added in those years than we initially thought, it could really reinforce a longer-term trend of falling mortgage rates. This is because it would paint a picture of a more consistently cooling economy over a longer period.

Putting It All in Perspective: Why This Matters

Reaching and staying below the 6% threshold for the 30-year fixed mortgage is more than just a number; it's a significant win for housing affordability. When rates are lower:

• Purchasing Power Increases: Buyers can afford to borrow more money for the same monthly payment, meaning they can potentially buy larger homes or homes in more desirable areas.
• Refinancing Becomes Attractive: Homeowners who locked in higher rates over the past couple of years have a compelling reason to refinance and secure a lower monthly payment.
• The “Lock-in Effect” Eases: Many homeowners have been hesitant to sell because they don't want to give up their low existing mortgage rates. When rates fall further, some of these homeowners might feel more comfortable listing their homes, which can help increase the supply of available properties.

Market Intel and What Experts Are Saying

Looking at the broader market, we're seeing some encouraging signs. Rates have been remarkably stable, hovering near three-year lows. Compared to this time last year, when the average 30-year rate was closer to 6.89%, we're now looking at rates about 0.75% lower.

The 10-year Treasury yield falling below 4.14% just before the jobs report is a strong indicator of current market sentiment. If this downward trend in Treasury yields continues, many experts believe we could see mortgage rates pushing towards 5.99%. Some analysts even predict that if economic cooling persists, rates could potentially dip into the 5.50%–5.75% range by mid-2026, according to strategists at Morgan Stanley.

We're already seeing the impact on refinancing. With rates near 6%, refinance applications have reportedly surged by 117% compared to early 2025. This “refi window” is a fantastic opportunity for homeowners looking to trim their monthly expenses.

Key Takeaways for Today's Rates

So, to sum it up for February 11, 2026: Mortgage rates are in a favorable position, with the 30-year fixed at 5.87% and the 15-year fixed at 5.34%. The big event to watch today is the January jobs report, which will likely be the deciding factor in whether rates continue their recent downward trend or start to tick higher by the end of the week. It's a dynamic market, and staying informed is key!