Current mortgage rates averaging 6.09% for 30-year fixed. Compare today’s best rates from top lenders and see if you qualify. Updated weekly.
Key Takeaways
- 30-year fixed mortgage rates: 6.09% (Freddie Mac average as of February 12, 2026)
- 15-year fixed mortgage rates: 5.44% (down from 6.09% a year ago)
- Rates hit their lowest level in more than three years, boosting purchase and refinance activity
- Purchase mortgage rates are lower than refinance rates (5.87% vs. 6.46% for 30-year, per Zillow)
- Next Fed meeting: March 18 – markets pricing in 94%+ chance the Fed holds rates steady
- Best opportunities: Buyers with 740+ credit scores shopping multiple lenders can beat these averages by 0.25-0.5%
Table of Contents
- Current Mortgage Rates Today
- What Happened This Week
- Compare Today’s Best Rates
- Rates by Loan Type
- What’s Driving Rates Right Now
- What to Expect Next Week
- Should You Lock Your Rate Now?
- How to Qualify for the Best Rates
- Frequently Asked Questions
Current Mortgage Rates Today: February 13, 2026
Mortgage rates dipped slightly this week, dropping to their lowest level in over three years. According to Freddie Mac’s chief economist Sam Khater, housing affordability continues to measurably improve thanks to strong economic growth, a solid labor market, and rates near multi-year lows. Here’s where rates stand right now.
According to Freddie Mac (Week Ending February 12, 2026)
30-year fixed-rate mortgage: 6.09% (down from 6.11% last week)
15-year fixed-rate mortgage: 5.44% (down from 5.50% last week)
Year-over-year comparison: Down from 6.87% a year ago
According to Zillow (Daily Averages as of February 13, 2026)
30-year fixed purchase rate: 5.87%
15-year fixed purchase rate: 5.25%
30-year fixed refinance rate: 6.46%
15-year fixed refinance rate: 5.59%
7/1 ARM: 5.625%
The spread between purchase and refinance rates remains notable — refinancing typically comes with rates 0.5-0.75% higher than purchase mortgages. This gap reflects higher processing costs and risk assessments lenders apply to refinance applications.
What These Numbers Mean for You
These are national averages, which means actual rates vary based on your credit score, down payment, loan amount, and location. Borrowers with excellent credit (760+) and substantial down payments (20%+) routinely secure rates 0.25-0.5% below these averages.
For example, on a $400,000 loan, the difference between 6.09% and 5.85% saves you $56 per month ($672 annually) and over $20,000 over 30 years. This is why shopping multiple lenders matters — NerdWallet reported today’s average at 5.94% APR, showing how much daily variation exists.
What Happened This Week
Mortgage rates ticked lower this week, with the 30-year fixed dropping 2 basis points and the 15-year fixed falling 6 basis points. The moves were modest, but rates are now at their lowest weekly average in more than three years — good news for buyers heading into the spring homebuying season.
Key Developments
Jobs report stronger than expected: The January employment report showed 130,000 jobs added, beating expectations of around 70,000. While this signals economic strength, it also suggests the Fed may not be in a rush to cut rates further. Fed Governor Stephen Miran has continued to push for additional rate cuts despite the strong data.
Fed holding steady: The Federal Reserve held rates unchanged at its January 28-29 meeting, keeping the federal funds rate at 4.25-4.50%. Markets are now pricing in a 94%+ chance the Fed holds again at its March 18 meeting, with only about a 23% probability of a cut. The bond market currently expects roughly two quarter-point cuts total in 2026.
Powell’s tenure winding down: Fed Chair Jerome Powell’s term ends in May, with nominee Kevin Warsh expected to take over. Markets are watching whether deteriorating consumer data — including flat December retail sales — could prompt one more cut before Powell departs.
Purchase activity rising: According to the Mortgage Bankers Association, purchase applications and refinance activity are both up year-over-year, with Freddie Mac noting that the market is “poised for a solid spring sales season.”
Bottom Line
Rates continue to hover in the low 6% range — the best environment for borrowers since 2023. While the moves week to week have been small, the overall picture is significantly better than a year ago when rates were nearly 7%.
Compare Today’s Best Rates from Top Lenders
The best way to secure a low mortgage rate is to compare offers from multiple lenders. Rates can vary by 0.5% or more for the same borrower depending on the lender, which translates to thousands of dollars over the life of your loan.
Below, you can compare current rates from top lenders based on your specific loan scenario:
Use our mortgage calculator to see your exact monthly payment at different interest rates, then compare live rates below.
Why Rates Vary Between Lenders
Several factors cause rate variations:
Lender overhead costs: Online lenders typically have lower operating costs than traditional banks, allowing them to offer rates 0.125-0.25% lower.
Portfolio vs. selling loans: Some lenders keep loans in their portfolio while others sell them to Fannie Mae or Freddie Mac. Portfolio lenders have more flexibility on rates and terms.
Volume incentives: Lenders running promotional campaigns to increase market share may offer temporarily lower rates to attract borrowers.
Loan type specialization: Some lenders specialize in VA loans, others in jumbo loans. Specialists often offer better rates in their niche.
Rate lock periods: A 30-day rate lock typically comes with a better rate than a 60-day lock because there’s less rate risk for the lender.
Discount points: Some lenders quote lower rates that include discount points (upfront fees), while others quote higher rates with no points. Always compare the APR and total cost, not just the rate. For a deeper dive into fees, see our complete guide to closing costs.
According to Freddie Mac research, borrowers who shop rates with at least five lenders save an average of $3,000 over the life of their loan compared to those who only get one quote.
Mortgage Rates by Loan Type
Different loan types come with different rate structures. Here’s what you need to know about each option:
Conventional 30-year fixed: 5.87-6.09% (best rates for borrowers with 20%+ down and 740+ credit)
Conventional 15-year fixed: 5.25-5.44% (save significantly on interest if you can handle the higher payment)
FHA 30-year fixed: Typically 0.25-0.50% lower than conventional rates, but require mortgage insurance for the life of the loan if your down payment is under 10%
VA 30-year fixed: Generally the lowest rates available, often 0.25-0.50% below conventional. No mortgage insurance required. Available to eligible veterans and service members
USDA 30-year fixed: Competitive with FHA rates, with a lower annual guarantee fee (0.35% vs. FHA’s 0.55%). Zero down payment required in eligible rural and suburban areas
7/1 ARM: 5.625% (Zillow). Lower initial rate, but it adjusts after seven years. Can be a smart choice if you plan to sell or refinance within that window
What’s Driving Mortgage Rates Right Now
Mortgage rates don’t move in a vacuum. Here are the key forces shaping what you’ll pay:
The 10-year Treasury yield: Mortgage rates track closely with the 10-year Treasury bond yield, which has been trading in a narrow band. When investors are optimistic about the economy, Treasury yields tend to rise (pushing mortgage rates up). When uncertainty increases, yields fall (pulling rates down).
Inflation outlook: The Fed has described inflation as “somewhat elevated,” and upcoming inflation data will be critical in determining whether rates can ease further in 2026. If inflation falls convincingly toward the Fed’s 2% target, mortgage rates could drop below 6%. If it stays sticky, rates may stay in the current range. For a deeper look at where rates are heading, see our 2026 mortgage rate forecast.
Housing demand: Despite rates at three-year lows, existing home sales fell 8.4% from the prior month, suggesting many buyers remain cautious. Lower demand could eventually push lenders to offer more competitive rates to attract business.
Fed policy expectations: The Mortgage Bankers Association forecasts 30-year rates near 6.1% through 2026, while Fannie Mae predicts rates near 6%. The consensus is that rates will stay relatively stable, with gradual improvement possible in the second half of the year if inflation cooperates.
What to Expect Next Week
Markets are closed Monday for Presidents’ Day, so the rates you see today are unlikely to change much until Tuesday. The next major catalyst for rate movement will come from upcoming inflation data and any signals from Fed officials ahead of the March 18 meeting.
Forecasts suggest rates will stay near 6% through the first half of 2026, with any significant movement more likely to come later in the year as the new Fed chair settles in and the inflation picture becomes clearer. For now, expect stability rather than dramatic swings.
Should You Lock Your Rate Now or Wait?
If you’re under contract on a home and your lender is offering a rate you’re comfortable with, locking makes sense in the current environment. Here’s why:
Rates are near multi-year lows. At 6.09%, rates are nearly a full percentage point below where they were a year ago. Waiting for rates to drop further is a gamble — they could just as easily tick up on a strong economic report.
The Fed isn’t likely to cut soon. With a 94%+ probability of no change at the March meeting, there’s no imminent catalyst for a meaningful rate drop.
Spring typically brings competition. As more buyers enter the market for the spring homebuying season, increased mortgage demand can push rates slightly higher. Locking now beats locking in April.
If you’re still house hunting and not under contract, focus on getting pre-approved so you can move quickly when you find the right property. And if you already own a home with a rate above 7%, refinancing at today’s rates could save you hundreds per month.
How to Qualify for the Best Mortgage Rates
The national averages tell only part of the story. Your personal rate depends on factors within your control:
Credit score: Borrowers with 760+ scores typically get rates 0.25-0.5% below average. Even moving from 680 to 720 can save you meaningfully. Check your score before applying and take time to improve it if needed.
Down payment: Putting 20% or more down eliminates private mortgage insurance and often qualifies you for a lower rate. If 20% isn’t realistic, explore no-money-down options like VA and USDA loans.
Loan-to-value ratio: The less you borrow relative to the home’s value, the lower your rate. This is directly tied to your down payment.
Debt-to-income ratio: Lenders want to see that your total monthly debts (including the new mortgage) don’t exceed 43-45% of your gross income. Paying down credit cards or car loans before applying can help.
Shop multiple lenders: This is the single most impactful thing you can do. Get at least three Loan Estimates and compare them side by side. Use our affordability calculator to understand how different rates affect what you can afford.
Frequently Asked Questions
As of January 8, 2026, the average 30-year fixed mortgage rate is 6.16% according to Freddie Mac. Purchase mortgage rates from Zillow show an average of 5.99%, while refinance rates average 6.75%. The 15-year fixed rate averages 5.46%. These are national averages – your actual rate will depend on your credit score, down payment, location, and the lender you choose. Borrowers with excellent credit and 20% down typically qualify for rates 0.25-0.5% below these averages.
Most experts predict mortgage rates will remain in the 6.0-6.5% range throughout early 2026, with potential to dip to 5.7-5.9% by late 2026 if the Federal Reserve continues cutting its benchmark rate and inflation continues cooling. Fannie Mae forecasts rates could reach 5.9% by year-end, while the Mortgage Bankers Association expects rates to stay in the 6.0-6.5% band. However, rates are unlikely to return to the 3% levels seen during the pandemic. The new normal is expected to be in the 5.5-6.5% range.
If you’re closing within 45 days and current rates fit your budget, lock your rate now to protect against any increases. If you’re 60+ days from closing, consider waiting to see how rates trend after the Fed’s January 28 meeting and upcoming inflation reports. The risk of waiting is that rates could increase if economic data shows stronger-than-expected inflation or growth. The potential reward is that rates could drop another 0.25-0.5% if inflation continues cooling. Most experts say that trying to time the absolute bottom is difficult, so if current rates work for you financially, lock them in.
Credit score dramatically affects your rate. On a $400,000 loan at current rates, a borrower with a 760+ credit score might qualify for 6.0%, while a borrower with a 660 score might pay 7.0% or higher. This 1% difference costs $263 per month and $94,680 over 30 years. Generally, you need a score of 740+ to qualify for advertised rates, 700-739 adds about 0.25-0.5%, 660-699 adds 0.5-0.75%, and scores below 660 add 1%+ or may not qualify for conventional loans at all.
Refinance rates are typically 0.5-0.75% higher than purchase rates because refinances involve more risk for lenders and higher processing costs. Currently, the average 30-year purchase rate is about 5.99% while the refinance rate is 6.75%. This spread varies by lender and market conditions. The reason for the gap includes lenders spending more time verifying property values on refinances, borrowers being more likely to default on refinanced debt versus purchase debt, and higher processing costs for loan modifications.
Yes, 6% is a historically reasonable mortgage rate. While it’s higher than the emergency pandemic-era rates of 2-3%, it’s well below the 30-year historical average of around 7.75%. It’s also significantly better than the 7-8% rates seen in 2023-2024. From a historical perspective, mortgage rates were 9-10% in the late 1990s and exceeded 18% in the early 1980s. Most economists view 5.5-6.5% as the “new normal” range for mortgage rates given current economic conditions.
Mortgage rates can change daily or even multiple times per day based on financial market movements. Lenders typically update their rate sheets each morning based on overnight trading in the bond markets, particularly the 10-year Treasury yield. Rates can shift during the day in response to economic data releases, Fed announcements, or major news events. This is why lenders offer rate locks – to protect borrowers from daily fluctuations during the application and closing process. On average, rates tend to move in a range of 0.05-0.25% per week unless there’s a major economic announcement.
You need a credit score of 760 or higher to qualify for the best mortgage rates in 2026. Lenders typically offer their lowest rates to borrowers in the 760-850 range. If your score is 740-759, you’ll still get competitive rates, usually just 0.125-0.25% higher. Scores of 700-739 might add 0.25-0.5% to your rate, and scores below 700 will face significantly higher rates or may not qualify for conventional loans. The minimum score for a conventional loan is typically 620, but you’ll pay much higher rates below 700. FHA loans accept scores as low as 580, though you’ll pay mortgage insurance.
Choose a 15-year mortgage if you can afford payments about 40-50% higher than a 30-year and want to build equity faster while saving massively on interest. On a $400,000 loan, a 15-year at 5.46% costs $3,245/month but saves $260,000 in interest versus a 30-year at 6.16% costing $2,433/month. Choose a 30-year if you need lower monthly payments for flexibility, plan to invest the payment difference elsewhere, or want to maximize your buying power. Many homeowners choose the 30-year for flexibility and make extra principal payments when possible, giving them the best of both worlds.
Compare quotes from at least five lenders to ensure you’re getting competitive rates and fees. Research from Freddie Mac shows that borrowers who get five quotes save an average of $3,000 over the life of their loan compared to those who only get one quote. Include a mix of lender types including your current bank or credit union, two online lenders, two traditional mortgage companies, and consider using a mortgage broker who can shop multiple lenders for you. Make sure all quotes are for the same loan amount, term, and down payment so you can compare apples to apples. Focus on the APR rather than just the interest rate since APR includes fees.
Yes, mortgage rates are negotiable, especially if you have competing offers from other lenders. Lenders have some flexibility in the rates and fees they charge. Show your current lender a better offer you received elsewhere and ask them to match or beat it. You can also negotiate lender fees like origination charges, processing fees, and underwriting fees even if you can’t negotiate the base interest rate. Lenders are often willing to reduce fees or buy down your rate slightly to win your business, particularly if you have excellent credit and a large down payment. Having multiple quotes is your best negotiating leverage.
It’s possible but not guaranteed. Ted Rossman of Bankrate predicts rates could go as low as 5.5% in 2026 if the Fed continues cutting rates and the economy slows. Fannie Mae forecasts rates around 5.9% by late 2026. However, this requires continued progress on inflation, a softening labor market, and Fed cooperation with additional rate cuts. Current market pricing suggests only a 18% chance of a Fed rate cut at the January meeting, indicating cautious optimism rather than certainty. Most forecasters expect rates to bounce around 6% throughout much of 2026 rather than dropping dramatically below it.
Rates update weekly. This article was last updated February 13, 2026. Check back every Monday for the latest mortgage rate data and market analysis.
Ready to lock in today’s rates? Use our mortgage calculator to calculate your monthly payment, then compare live rates from top lenders above.
Reader Interactions