What are today's mortgage interest rates: February 4, 2026?

With the official start to spring just weeks away and the homebuying season expected to change amid today’s lower interest rate environment, homebuyers looking for a low mortgage interest rate may want to consider shopping around now. By locking in one of today’s rates, buyers can protect themselves against any potential rate hikes before closing. And if rates decline before they complete their paperwork, many lenders will allow them to float down their locked-in rate to the new, lower one at that point.

But today’s mortgage interest rates aren’t just worth researching for buyers. Current owners looking to refinance may also have more attractive options to consider than they did in recent months, let alone a year or so ago. And while today’s refinance rates may not be nearly as low as they were at the beginning of the decade, they could be low enough to make a sizable dent in your current interest rate – and put more money back into your pocket each month.

So, what are today’s mortgage interest rates, specifically, as of February 4, 2026? That’s what we’ll examine below.

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What are today’s mortgage interest rates?

The average mortgage interest rate on a 30-year term is 5.99% as of February 4, 2026, according to Zillow. The average mortgage interest rate on a 15-year term moved up to 5.50% from the 5.37% it had been consistently sitting at for multiple weeks. With rates here remaining relatively stable so far in 2026 – and without a Federal Reserve meeting on the calendar in February to impact the rate climate further – this could be a smart time to start shopping for rates and lenders online now. There’s been a lot of volatility in this space in recent years, so buyers should take advantage of this lull by seeing what offers are available without any major data points likely to shake up rates.

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What are today’s mortgage refinance rates?

The average mortgage refinance rate on a 30-year term is 6.56% as of February 4, 2026, according to Zillow. The average refi rate on a 15-year term, meanwhile, stayed the same at 5.63%. While both options could be attractive for owners saddled with rates over 7% now, it’s also important to account for the total closing costs that will accompany any refinance. 

And it’s equally important to remember that refinancing only benefits homeowners who plan to remain in the home long enough to recoup those costs. So, if you’re planning on selling your home in the near future, a refinance, even to a considerably lower rate, may not make sense now.

The bottom line

The average mortgage interest rate on a 30-year mortgage is 5.99% as of February 4, 2026, and 5.50% for a 15-year alternative. The median refinance rate for a 30-year term is now 6.56%, and 5.64% for a 15-year term. Just be sure to take a total look at your costs with either option, including fees and closing costs, to better determine the value of acting with one of today’s lower rates. Savings seemingly secured with lower rates can easily be negated by other expenses that can be easily overlooked if singularly focused on rates.