Today’s Mortgage Rates, Feb 8: Rate Rise Slightly But Remain Near Long-Term Lows

As of today, February 8, 2026, the popular 30-year fixed mortgage rate has seen a slight uptick, now sitting at 5.99%. While this might sound like a small change, understanding these shifts is key to making smart financial decisions in today's housing market.

While the headlines often focus on whether rates are going up or down by a fraction, what truly matters is the context. Are these rates good for you personally? What factors are really driving these changes, and what does it mean for your long-term goals? That’s what I want to dive into with you today, going beyond just the digits to give you a clearer picture.

Today's Mortgage Rates, Feb 8: Rate Rise Slightly But Remain Near Long-Term Lows

A Snapshot of Today's Rates (February 8, 2026)

Let's break down what Zillow is reporting for primary home purchase loans. It's important to remember these are national averages, and your individual rate could be different based on your credit score, down payment, and other factors.

Decoding the Weekly Shifts: What's Moving and Why?

Looking at the past week, we see a bit of a tug-of-war between the two most common fixed-rate mortgage types:

• 30-Year Fixed-Rate Mortgage: A Tiny Climb
  The 5.99% rate we're seeing today is about 0.03% (or 3 basis points) higher than last week. Now, I know what you might be thinking – “Is this the start of a big spike?” From my perspective, this is more like a gentle nudge than a dramatic surge. This term remains the undisputed champion for most homebuyers, and frankly, for good reason. The predictable monthly payments are a huge comfort, especially when you're planning your budget for years to come. Experts are highlighting that despite this slight increase, these rates are still wonderfully close to three-year lows. Plus, with February being a quieter month for Federal Reserve meetings, we might not see huge swings, giving buyers a bit of breathing room.
• 15-Year Fixed-Rate Mortgage: A Small Step Down
  On the flip side, the 15-year fixed-rate mortgage has dipped slightly, now hovering around 5.42%. This is great news for those who can handle a higher monthly payment. Why? Because while your monthly outlay will be more, you'll pay off your loan significantly faster and, most importantly, save a ton of money on interest over the life of the loan. I’ve seen countless clients who opted for the 15-year and ended up debt-free years ahead of schedule, feeling a massive sense of financial freedom. The fact that it's held steady below 5.5% for a couple of weeks is a real opportunity.
• 5/1 Adjustable-Rate Mortgage (ARM): A Curious Case
  This week, the 5/1 Adjustable-Rate Mortgage is a bit of an anomaly. Rates are either flat or have seen a minuscule increase, landing between 5.93% and 6.03%. What's really interesting is how narrow the gap is between ARMs and the 30-year fixed. Usually, ARMs offer a much juicier introductory rate to entice borrowers. Right now, the incentive isn't as strong. Unless you're absolutely certain you'll sell your home or refinance before the initial five-year period is up, a fixed-rate mortgage might actually offer better value and predictability. It’s a good reminder to look at your own life plans when choosing a loan.

Behind the Scenes: What's Influencing Today's Rates?

It’s easy to just look at the numbers, but as someone who studies this market closely, I know there’s a lot more going on under the surface.

• The Fed's Steady Hand: The Federal Reserve took a pause on cutting interest rates in January 2026, following three cuts late last year. They're carefully watching how these moves affect inflation, which is slowly but surely inching towards their 2% target. This cautious approach means they're not likely to make drastic changes overnight, which can contribute to the relative stability we're seeing.
• Economic Signals – The Jobs Report: Keep an eye on the upcoming January jobs report, which is due mid-February. If it comes in weaker than expected, it could signal to the Fed that the economy needs a bit more help. This might mean they could resume rate cuts sooner, potentially pulling mortgage rates down further. It's a classic “watch and wait” scenario.
• Government Support: There are whispers of a potential government initiative involving a mortgage bond purchase worth a significant amount. Actions like these can help narrow the gap between the interest rates on government bonds and mortgage rates, which can, in turn, put downward pressure on what borrowers like you have to pay. It's a way for policymakers to try and keep housing affordable.

Looking Ahead: What Do the Experts Predict?

When I think about the future of mortgage rates, I always consider the opinions of major housing authorities like Fannie Mae and the Mortgage Bankers Association. Their forecasts give us a good sense of where things might be headed.

For the immediate future, through the first quarter of 2026, the general consensus is that the 30-year fixed rate will remain “sticky,” averaging around 6.10%. This suggests that the slight increase we saw this week isn't the beginning of a dramatic trend upwards.

However, some analysts are looking further out. If the economy continues to cool down, we could see a gradual movement towards 5.75% by mid-2026. This is where having a good understanding of your own financial timeline and goals becomes absolutely crucial. Are you planning to buy now, or can you wait a few months? Every situation is unique.

My Take: What Matters Most to You?

As a longtime observer of the mortgage market, I can tell you this: while the national averages are important, they’re not the whole story. What truly matters is understanding how these rates impact your ability to afford the home you want.

• Your Credit Score: This is still king. A higher credit score means lenders see you as less of a risk, often leading to a better interest rate.
• Your Down Payment: A larger down payment reduces the loan amount and can also qualify you for better rates.
• Your Loan Type Choice: As we've discussed, the 15-year versus the 30-year has a massive impact on your total interest paid. ARMs can be a good option for some, but require careful consideration of your future plans.
• Your Local Market: Rates can sometimes vary slightly by region, and home prices are definitely a local affair.

Today, February 8, 2026, presents a market where rates are relatively stable, hovering near long-term lows. The slight increase in the 30-year fixed rate isn't a cause for panic, but it’s a good reminder to act if you've found your dream home. For those looking to save on interest over time, the dip in the 15-year fixed rate is an attractive opportunity.