economy

January 31, 2026

Here's what happened to mortgage rates in January (and what could happen next)

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Here's what happened to mortgage rates in January (and what could happen next)

TL;DR

  • Mortgage interest rates were notably stable in January 2026.
  • The average 30-year mortgage rate was 5.99% on January 2 and remained 5.99% on January 30.
  • The average 15-year mortgage rate saw a slight decrease from 5.38% to 5.37% in January.
  • Refinance rates also remained stable, with a slight decrease for both 30-year and 15-year terms.
  • This stability is attributed to the Federal Reserve pausing rate cuts and steady inflation at 2.7%.
  • Mortgage rates are expected to remain stable through February, with no Fed meetings scheduled until March.
  • Market watchers anticipate a wait-and-see approach from lenders due to a potential new Federal Reserve chairman.

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