Today’s Mortgage Rates, Feb 14: Rates Drop Near Three-Year Lows, Boosting Borrower Hopes

If you're even remotely thinking about buying a home or maybe refinancing the one you've got, February 14th, 2026, brings some fairly sweet news. As of today, you can snag a 30-year fixed mortgage rate at 5.85%,according to Zillow. That’s not just a good rate; it's a really good rate, dipping below that psychological 6% mark and sitting pretty near a three-year low.

Today’s Mortgage Rates, Feb 14: Rates Drop Near Three-Year Lows, Boosting Borrower Hopes

What’s Driving These Lovely Numbers?

So, why are rates feeling so good right now? It's a bit of a mixed bag, but here's what I'm seeing from my vantage point. The economy seems to be chugging along nicely. That stronger-than-expected jobs report we got in January, showing around 130,000 new jobs and an unemployment rate of 4.3%, has everyone feeling a bit more secure. This good news, combined with inflation looking a little more under control than it has in a while, is making investors feel like things are stable.

You know, the Federal Reserve actually held its key interest rate steady in January, keeping it between 3.50% and 3.75%. But here’s the interesting part: even with the Fed holding pat, mortgage rates have continued to creep down. A big reason for that is that government directive for Fannie Mae and Freddie Mac to buy a hefty chunk of mortgage-backed securities – about $200 billion worth. Think of it like this: when those big agencies buy up lots of mortgages, it creates more demand for them, which tends to push interest rates down. It's a smart move to keep things flowing in the housing market.

Breaking Down Current Mortgage Rates

Let’s get down to the nitty-gritty. Here's a snapshot of what Zillow is reporting for today, February 14, 2026:

Isn't it interesting how the 5/1 VA* rate dipped below 5%? That’s a special shout-out to our veterans and active service members.

The Ripple Effect: What This Means for You

So, what does this all boil down to for folks like us looking to buy or sell or even just manage our current mortgages?

• Refinancing Goldmine: If you bought your home in the last couple of years and locked in a rate that feels a bit high now (say, above 6.5% or 7%), today is absolutely a prime time to explore refinancing. Saving even a percentage point or two on a 30-year mortgage can shave off tens of thousands of dollars over the loan's life. I've seen it happen time and again – a simple refinance can dramatically improve your monthly cash flow.
• The Affordability Puzzle: Now, here's where things get a bit sticky. While the mortgage rates are looking fantastic, the prices of homes are still pretty darn high. Zillow reported that the national median price for existing homes hit a record $396,800 in January. So, while borrowing money is cheaper, the upfront cost of buying is still a major hurdle for many. It's like getting a great deal on a fancy car, but the sticker price is still a stretch.
• Fixed vs. ARM – A Closer Look: You'll notice the adjustable-rate mortgages (ARMs) are pretty close to the fixed rates right now. Usually, ARMs offer a lower starting rate to lure you in, but then they can jump up later. With the difference being so small today, the appeal of an ARM is lessened unless you have a very specific plan to move or refinance before the initial rate period ends. For most people, the peace of mind of a fixed-rate mortgage at 5.85% is probably the way to go.
• Veterans: You’re Still Getting a Great Deal: As I pointed out, the VA loan rates are consistently competitive. If you’re a veteran or an active-duty service member, you’re in a strong position to leverage these lower interest rates and potentially lower fees. That 5/1 VA rate is particularly enticing for those who might be considering a shorter-term homeownership plan.

A Peek into the Crystal Ball: 2026 Forecast

What about the rest of the year? Will these favorable rates stick around?
The big players in the mortgage world, like Fannie Mae and the Mortgage Bankers Association, are forecasting that the 30-year fixed mortgage rate will likely hover in the 6.0% to 6.4% range for the rest of 2026. So, while today’s 5.85% is a bit of a sweet spot, it’s not wildly out of line with what experts expect. This suggests that if you’re thinking about buying soon, you might not be missing out on a massive window, but locking in now still makes a lot of sense.

My Two Cents on Today’s Market

From my experience, seeing rates dip below 6% for a 30-year fixed loan is always a signal to pay attention. It feels like a moment where the market is trying to strike a balance – keeping the economy humming with relatively affordable borrowing, while also acknowledging the underlying strength in the job market and managing inflation.

The challenge for buyers, as I see it, is that the housing market has been so hot for so long. Even with lower rates, the sheer cost of homes means that many people are still finding it difficult to get their foot in the door. If you're a first-time buyer, getting pre-approved and understanding exactly what you can afford is absolutely crucial. Don't get swayed by the low rate alone; make sure the total monthly payment, including taxes and insurance, fits comfortably within your budget.

For homeowners, it’s a great time to re-evaluate your current mortgage. If your rate is significantly higher than 5.85%, the savings from refinancing could be substantial. It's not just about saving money; it's about having more financial flexibility.

The Bottom Line for February 14, 2026

So, as we celebrate Valentine’s Day, the mortgage market is offering a tangible gift: access to some of the best mortgage rates we’ve seen in a few years. The 30-year fixed at 5.85% is a significant marker. While economic indicators are positive, and a government initiative is supporting lower borrowing costs, the persistent issue of high home prices means it's not a perfect storm for affordability.

My advice? If you're in the market to buy or looking to refinance, do your homework. Get quotes from various lenders, understand all the costs, and make an informed decision. Today’s rates are definitely worth exploring, and they might just be the “sweet deal” you've been waiting for.