Today’s Mortgage Rates, Jan 31: 30-Year Fixed Rate Stays Comfortably Below 6%

Here's the good news for anyone thinking about buying a home or refinancing their current mortgage: As of January 31, 2026, the average rate for a 30-year fixed mortgage is comfortably sitting below 6%, specifically at 5.91%. This is a significant milestone and offers a much-needed breath of fresh air for many navigating the housing market.

Seeing this number dip below 6% is a sign that things are shifting, and it opens up possibilities that might have seemed out of reach just a year or two ago.

Today's Mortgage Rates, Jan 31: 30-Year Fixed Rate Stays Comfortably Below 6%

A Quick Look at Today's Rates

To give you a clearer picture, here's a breakdown of some common mortgage types based on data from the Zillow lender marketplace:

Source: Zillow, January 31, 2026

The Power of the 30-Year Fixed: Why 5.91% Matters

That 5.91% figure for the 30-year fixed mortgage is more than just a statistic; it's a genuine sigh of relief. We've had a pretty wild ride with mortgage rates, especially in the past few years. Climbing above 7% was the norm for a while, so hitting this sub-6% mark is a big deal.

Let me put this into perspective for you. Imagine you're taking out a $300,000 mortgage. If you were looking at a rate of, say, 6.75% compared to today's 5.91%, you'd be saving roughly $150 every single month. Over the course of a year, that's over $1,800 in your pocket that you can use for other things – maybe home improvements, saving, or even just enjoying life a little more. It's these kinds of savings that make homeownership more accessible and less of a financial strain.

The 15-Year Fixed: A Smart Move for Savvy Borrowers

While the 30-year is the most popular choice for its lower monthly payments, the 15-year fixed mortgage rate at 5.44% is incredibly attractive for those who can handle a slightly higher payment. The trade-off is well worth it for many. You'll pay off your home a decade sooner and, more importantly, save a massive amount of money on interest over the life of the loan. We're talking tens of thousands of dollars saved. It’s a powerful tool for building wealth and achieving financial freedom faster.

Adjustable-Rate Mortgages (ARMs): A Look at Today's Picture

When it comes to Adjustable-Rate Mortgages (ARMs), the story today is a little less compelling than it used to be. The 5/1 ARM is at 5.93%, which is practically the same as the 30-year fixed rate. The 7/1 ARM is even a bit higher at 6.04%.

Historically, ARMs could offer a noticeable initial savings. However, with today's rates, the benefit isn't as pronounced. While they can still be a good option for some, especially if you plan to sell or refinance before the initial fixed period ends, the limited advantage compared to fixed rates means you need to weigh the decision very carefully.

VA Loans: Still Offering Great Value for Our Veterans

It's always important to highlight the fantastic options available to our veterans and active-duty service members through VA loans. These rates are consistently lower than conventional mortgages, and that remains true today:

• 30-year VA: 5.50%
• 15-year VA: 5.13%
• 5/1 VA ARM: 5.16%

These competitive rates demonstrate the ongoing commitment to supporting those who have served our country. If you're a veteran, exploring a VA loan is almost always a smart first step.

Understanding Rate Variations: Zillow vs. Freddie Mac

You might notice that rates reported by Zillow can sometimes be a little different from what you see in the news from sources like Freddie Mac. This isn't a mistake; it's just how the data is collected. Zillow works by pulling real-time information directly from its marketplace of lenders, showing you what offers are actually out there right now. Freddie Mac, on the other hand, surveys lenders weekly, so their numbers can sometimes lag a bit behind the very latest shifts in the market. This is why Zillow’s figures can often feel more immediate and responsive to daily changes in the broader economic picture.

What's Driving These Rates? The Big Picture

So, why are rates finally dipping below that 6% mark? A big reason is the Federal Reserve's recent decision to hold its benchmark interest rate steady at 3.5%–3.75%. This followed a series of cuts, and the Fed seems to be taking a more measured approach, watching inflation (which is still a bit above their target but cooling) and the job market, which is showing signs of stability. When the Fed signals a pause or a more stable outlook on interest rates, it tends to ease pressure on longer-term borrowing costs, like those for mortgages.

Key Market Movements to Watch:

• Federal Reserve's Pause: The Fed's decision in January 2026 to keep rates unchanged was a big signal. It suggests they’re cautiously optimistic but not quite ready to cut further right now, especially with inflation hovering around 2.7%.
• Government Bond Purchases: Recently, there was positive movement when the government directed Fannie Mae and Freddie Mac to buy a significant amount of mortgage-backed securities ($200 billion, to be exact). This injection of demand can help push mortgage rates down.
• Inventory and Demand: We're seeing more people applying for mortgages, which is a direct result of these lower rates. However, there's a whisper of a warning from some economists: if rates consistently stay below 6%, it could lead to more competition among buyers, potentially pushing home prices up. It's a delicate balance!

Looking Ahead: What Experts Predict for 2026

What does the rest of 2026 hold for mortgage rates? Most experts believe we'll see them stay within a relatively narrow range.

• Fannie Mae is forecasting that the 30-year fixed rate will average around 6% for a good chunk of the year.
• Strategists at Morgan Stanley think there's a chance rates could dip even further, potentially reaching 5.50%–5.75% by the middle of 2026, especially if the 10-year Treasury yield continues its downward trend.
• Bankrate is estimating an average of 6.1% for the year, with a possible low point of 5.7%.

This suggests that while we might see some fluctuations, the general trend is towards relative stability, with opportunities for rates to move lower.

My Take on Today's Rates

From my perspective, today’s mortgage rates on January 31, 2026, are genuinely good news. The 30-year fixed at 5.91% and the 15-year fixed at 5.44% offer tangible benefits for both first-time homebuyers and those looking to refinance. If you’ve been on the fence, now might be the time to seriously explore your options.

The housing market is always evolving, and while it's wise to keep an eye on daily rate movements, the current downward trend provides a window of optimism. It’s a great opportunity to lock in more affordable financing and make your homeownership dreams a reality or improve your current financial situation.