Today’s Mortgage Rates, January 19: Rates Go Down, Easing Pressure on Buyers

The good news for anyone looking to buy a home or refinance their existing mortgage is that today's mortgage rates, as of January 19, 2026, are showing a promising downward trend. According to Zillow, the national average for a 30-year fixed mortgage now sits at a very attractive 5.90%, dipping below that crucial 6% mark. This movement is more than just a number; it represents a significant opportunity for savings and a potential boost to the housing market.

Let's dive into what these numbers mean and why they matter.

Today’s Mortgage Rates, January 19: Rates Go Down, Easing Pressure on Buyers

Breaking Down Today's Mortgage Rates

Here's a clear look at the average rates for different loan types today, January 19, 2026, as reported by Zillow:

Loan Type	Interest Rate	APR
30-Year Fixed	5.90%	6.14%
15-Year Fixed	5.36%	5.64%
20-Year Fixed	5.84%	6.25%
30-Year FHA	5.63%	6.33%
30-Year VA	5.48%	5.92%
5/1 ARM	6.11%	6.52%
7/1 ARM	6.28%	—

It's important to understand the difference between the interest rate and the APR (Annual Percentage Rate). The interest rate is what you pay on the principal loan amount. The APR includes the interest rate plus other fees and costs associated with the loan, giving you a more accurate picture of the total cost of borrowing.

A Look Back: Weekly Rate Trends

The positive movement we're seeing today isn't a fluke. Both the popular 30-year and 15-year fixed mortgage rates have been on a downward path over the past week and even over the last month. Zillow reports that the 30-Year Fixed Rate has decreased by about 19 basis points (0.19%) in the last month, and the 15-Year Fixed Rate has dropped by around 16 basis points (0.16%) from recent levels. This steady decline is exactly what many in the market have been hoping for.

Digging Deeper: Key Mortgage Types

Let's explore some of the most common loan types and what their current rates suggest:

1. The Ever-Popular 30-Year Fixed-Rate Mortgage

• Today's Rate: 5.90%
• Current APR: 6.14%
• Weekly Change: This rate has been trending lower, falling by 8 basis points just yesterday.
• My Take: This is the workhorse of mortgage loans for a reason. The 30-year fixed rate offers the lowest monthly payments, spreading the cost over three decades. Zillow's economists are right; rates falling below 6% have a significant psychological impact. When buyers see this threshold breached, it injects a fresh wave of confidence, leading to more purchase applications. For many, this means the dream of homeownership is suddenly within closer reach.

2. The 15-Year Fixed-Rate Mortgage: Faster Payoff, Bigger Savings

• Today's Rate: 5.36%
• Current APR: 5.64%
• Weekly Change: This rate has seen a decrease of 16 basis points in the last month and continues its downward trajectory.
• My Take: While the 15-year fixed rate comes with higher monthly payments compared to its 30-year cousin, it's a fantastic option for those who can manage it. You'll pay off your mortgage twice as fast and, crucially, save a substantial amount on total interest over the life of the loan. I often advise clients to look at their budget realistically. If they can comfortably afford the higher payments, the long-term financial benefits are immense.

3. Adjustable-Rate Mortgages (ARMs): A Strategic Choice

• Today's Rate (5/1 ARM): 6.11%
• Current APR (5/1 ARM): 6.52%
• Weekly Change (5/1 ARM): This rate saw a 5 basis point decrease from yesterday.
• My Take: ARMs, like the 5/1 ARM, are designed for homeowners who don't plan to stay in their homes for the long haul. If you anticipate selling or refinancing within the initial fixed-rate period (five years in this case), an ARM can offer a lower initial rate. However, it's worth noting that in the current climate, some ARM rates are actually higher than 30-year fixed rates. This is a shift from past trends and highlights how sensitive these rates are to Federal Reserve policy and broader economic uncertainty. It's a calculated risk, and one that requires careful consideration of future rate movements.

The Bigger Picture: Market Summary and Forecast

The economic outlook for 2026 is looking brighter for mortgage rates. One significant factor is the potential for a government plan to purchase mortgage-backed securities (MBS). If this plan goes through, it could lend a much-needed stability to average rates, potentially keeping them around 5.8% for much of the year.

This is incredibly good news for homeowners who might have bought at the peak rates back in 2024. As rates move towards the mid-5% range, these individuals now have a very real and advantageous opportunity to refinance and lower their monthly payments.

Key Insights: What's Driving These Trends?

There are several threads weaving together to create this favorable mortgage rate environment:

• Recent Rate Drops: The average 30-year fixed-rate mortgage hitting its lowest point in over three years – averaging 6.06% as of January 15, 2026, according to Freddie Mac – is a major development. This isn't just a blip; it's a statistically significant drop.
• Market Reaction: The impact of these lower rates is palpable. Potential buyers are seeing hundreds of dollars saved on monthly payments, which is clearly translating into increased activity. We saw a healthy 5.1% jump in existing-home sales in December, the strongest performance in nearly three years. This indicates a more active and optimistic housing market.
• 2026 Forecast: While predicting the future is always tricky, the general consensus among experts is a gradual decline in mortgage rates. Most forecasts suggest the 30-year fixed rate will hover between 6.0% and 6.5% throughout 2026. Some, like Morgan Stanley strategists, are even more optimistic, predicting rates could reach as low as 5.75% by mid-2026.
• Factors to Watch: The primary drivers for mortgage rates are the yield on 10-year Treasury notes and broader economic indicators, especially inflation. While the Federal Reserve's rate cuts in late 2025 certainly influenced the market, the Fed is expected to be more measured with cuts in 2026. This means we might see rates stay relatively steady or experience only minor, incremental decreases rather than sharp drops.
• Borrower Power: Now is an excellent time for borrowers to take proactive steps to get the best possible rate. Improving your credit score, increasing your down payment, and most importantly, shopping around and comparing offers from multiple lenders can make a significant difference in your final interest rate and loan terms. Don't just accept the first offer you get!

My Opinion

From my perspective, these current mortgage rates present a golden opportunity. The sustained dip, especially below the 6% mark for the 30-year fixed, signals a shift towards a more accessible housing market. This isn't just about numbers; it's about empowering individuals and families to achieve their homeownership goals or to improve their financial standing by refinancing.

I strongly encourage anyone contemplating homeownership or refinancing to act now. While the forecast is positive, borrowing conditions can change. Taking advantage of these favorable rates today could lock in significant savings for years to come. Remember to do your homework, understand the loan options that best fit your financial situation, and work with trusted professionals.