Today’s Mortgage Rates, Feb 2: Rates Stay Firmly Below 6%, Bringing Borrowing Costs Down

As of today, February 2nd, 2026, mortgage rates are holding comfortably under the 6% mark, with Zillow reporting the 30-year fixed rate at 5.91% and the 15-year fixed at 5.44%. This welcome trend means borrowing costs are at their lowest levels since back in 2022, offering a much-needed breath of fresh air for potential homeowners.

Seeing them dip below the mental barrier of 6% is genuinely encouraging. For so long, it felt like rates were just climbing higher and higher, making the dream of homeownership seem almost out of reach for many. Now, with this positive shift, there's a renewed sense of possibility.

Today's Mortgage Rates, Feb 2: Rates Stay Firmly Below 6%, Bringing Borrowing Costs Down

What the Numbers Mean for You Right Now

The current rate environment is a fascinating mix of affordability and careful consideration. With averages sitting just below that 6% threshold, borrowers are in a much stronger position than they were even a short while ago. This isn't just a minor fluctuation; it can translate into significant savings over the life of your loan.

Here’s a breakdown of what Zillow is reporting for today's mortgage rates:

(Data by Zillow)

Understanding Your Best Mortgage Options

Let’s dive a bit deeper into what these different rates mean for your unique situation.

The Stalwart 30-Year Fixed at 5.91%

The 30-year fixed-rate mortgage is, and likely always will be, the go-to for most people looking to buy a home. At 5.91%, it’s a rock-solid choice that provides a predictable monthly payment for decades. This is especially crucial for households that value financial stability and want to know exactly what their mortgage payment will be, year in and year out. It offers peace of mind, allowing you to budget more effectively without the worry of unpredictable payment hikes (unlike some other loan types). This rate makes long-term borrowing costs far more manageable.

The Quick-Equity Builder: 15-Year Fixed at 5.44%

If your goal is to pay off your mortgage faster and save significantly on interest over the long run, the 15-year fixed rate at 5.44% is your best bet. While the monthly payments will be higher than a 30-year loan, the trade-off is substantial. You'll build equity in your home much quicker, and the total interest paid over the life of the loan will be considerably lower. I’ve seen firsthand how much this can impact a borrower’s net worth and financial freedom years down the line. It’s a strategy that requires a bit more upfront financial commitment, but the long-term rewards are undeniable.

Adjustable-Rate Mortgages (ARMs): A Finer Point to Consider

ARMs are still hovering near that 6% mark, with the 5/1 ARM at 5.93% and the 7/1 ARM at 6.04%. These loans typically offer lower initial payments, which can be appealing. However, it's vital to remember the built-in risk. After the initial fixed period (5 or 7 years in these cases), the interest rate can adjust, potentially increasing your monthly payments.

From my perspective, in the current environment where fixed rates are so attractive, ARMs are best suited for borrowers who have a very clear plan to sell their home or refinance before the adjustable period kicks in. If long-term stability is your priority, sticking with a fixed-rate mortgage is generally the safer and more predictable choice.

Dedicated Support: VA Loan Rates

For our veterans and eligible service members, the VA loan continues to offer exceptional value. Today, the 30-year VA fixed rate is at 5.50% and the 15-year VA fixed rate is at 5.13%. These rates are fantastic and reflect the gratitude our country has for those who have served. The 5/1 VA ARM is also a competitive option at 5.16%, providing flexibility for those with specific circumstances.

What's Driving These Mortgage Rate Movements?

It's not just random chance that mortgage rates are behaving the way they are. Several key factors are playing a significant role:

• The Federal Reserve's Steady Hand: The Federal Reserve recently decided to hold the federal funds rate steady at 3.50% to 3.75%. This pause comes after a series of rate cuts late last year and indicates a cautious approach from the central bank. They are carefully watching inflation, which remains “somewhat elevated” at 2.7%, before making any further significant moves. This stability from the Fed generally leads to more predictable mortgage rates.
• Government Support for the Housing Market: A significant move by the federal government to direct Fannie Mae and Freddie Mac to purchase $200 billion in mortgage-backed securities has also provided downward pressure on rates. This action helps lower the cost of mortgage borrowing, making it more accessible for consumers. It’s a clear signal of support for the housing sector.
• A Surge in Refinancing: As rates have dropped significantly – nearly a full percentage point compared to about a year ago when the 30-year average was closer to 6.95% – we're seeing a healthy increase in refinance applications. Many homeowners are realizing this is a prime opportunity to lower their monthly payments or shorten their loan terms. It’s a smart financial move for those who see value in tapping into these lower rates.

Looking Ahead: What Experts Predict for 2026

So, what does the future hold for mortgage rates? While no one has a crystal ball, major housing experts seem to agree on one thing: rates are likely to remain in a relatively narrow trading range for the foreseeable future.

• Fannie Mae is forecasting that 30-year fixed rates will stick close to 6% for the remainder of 2026. This suggests a period of stability rather than dramatic swings.
• The Mortgage Bankers Association (MBA) has a similar outlook, expecting rates for conforming loans to stay between 6% and 6.5% throughout the year.
• A more optimistic projection comes from Morgan Stanley, which suggests a potential dip to between 5.50% and 5.75% by mid-2026. This scenario hinges on a decline in the 10-year Treasury yield, which is a key indicator for mortgage rates.

From my experience, these forecasts are reasonable. The economic forces at play are complex, but the general consensus points towards a fairly stable rate environment for now. This is good news for both buyers and those looking to refinance, as it allows for more confident long-term financial planning. Take advantage of these more favorable borrowing costs – it could make a significant difference in your financial future.