Mortgage Rates Fall Below 6%: What Buyers Need to Know

Feb 8, 2026, 2:29 AM

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As of February 7, 2026, the average mortgage interest rates have fallen below 6%, providing a more affordable landscape for homebuyers and those considering refinancing. The current average rate for a 30-year fixed mortgage stands at 5.95% while the 15-year fixed mortgage rate has decreased to 5.43%.

Earlier in the week, rates had briefly surpassed the 6% mark but have since stabilized, reflecting a significant decrease from previous highs. For instance, the average 30-year fixed mortgage rate was recorded at 6.89% in late May 2025, indicating a notable downward trend over the past months.

Government-backed loans also present lower rates for qualified borrowers. The average rate for a 30-year VA loan is currently at 5.48%, and a 15-year VA loan is at 5.18%. Buyers willing to make substantial down payments may find even more attractive rates available, emphasizing the importance of shopping around for the best offers.

Today's Mortgage Rates

The latest data reveals the following average mortgage rates:.

30-Year Fixed: 5.95%.

20-Year Fixed: 5.99%.

15-Year Fixed: 5.43%.

30-Year VA: 5.48%.

15-Year VA: 5.18%.

Refinance options are available as well, with the current refinance rates as follows:.

30-Year Fixed: 6.07%.

20-Year Fixed: 5.90%.

15-Year Fixed: 5.59%.

30-Year VA: 5.44%.

15-Year VA: 5.11%.

These figures represent national averages, and actual rates can vary based on factors such as creditworthiness, location, and lender offerings.

Market Insights

The decrease in mortgage rates is a welcome change for many prospective homebuyers who faced high costs in previous years. The interest rate hikes throughout 2023 and 2024, aimed at controlling inflation, had pushed rates to levels that made home buying less accessible for many Americans. However, the current environment presents a more balanced scenario where buyers can explore their options without the pressures seen in the past few years.

Experts suggest that the economic conditions are more favorable for home purchases now than they were during the height of the COVID-19 pandemic, when home prices surged due to increased demand and low supply. As home price growth stabilizes, potential buyers are encouraged to take advantage of the current rates before any upward trends return.

The Importance of Shopping Around

It remains critical for buyers and homeowners looking to refinance to shop around for the best mortgage rates and terms. Rates can differ significantly between lenders, and borrowers should consider their unique financial situations when evaluating options. Engaging with a mortgage lender can provide insights into tailored rates that may be more competitive than those listed publicly.

Conclusion

With mortgage rates now back under 6%, February 2026 marks a turning point for homebuyers and those considering refinancing. While the rates are a positive development, individual circumstances will dictate how beneficial these new rates will be for each borrower. Engaging with lenders and understanding the market will be essential steps for those looking to navigate this evolving landscape effectively.

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