Mortgage Rates Hold Steady at 6.24% Amid Fed Cut Expectations
Washington, DC, January 12, 2026 – Mortgage interest rates remained stable this week, with the national average for a 30-year fixed-rate mortgage at 6.24%, according to Bankrate’s latest survey. As the Federal Reserve considers further rate cuts in 2026, experts predict modest relief for homebuyers, though rates are unlikely to return to pandemic lows.
Current Mortgage Rate Trends
Mortgage rates dipped to a 15-month low this week, driven by expectations of Federal Reserve actions. The average 30-year fixed-rate APR stood at 6.24%, while the 15-year fixed-rate APR was 5.61%. Economists point to lower inflation and slowing labor market pressures as factors that could push rates below 6% in the coming months. However, conflicting signals from economic data may keep rates elevated above historical averages.
Key Mortgage Rate Data
| Loan Type | Interest Rate | APR |
|---|---|---|
| 30-Year Fixed Rate | 6.18% | 6.24% |
| 20-Year Fixed Rate | 5.98% | 6.07% |
| 15-Year Fixed Rate | 5.52% | 5.61% |
| 10-Year Fixed Rate | 5.41% | 5.48% |
| 30-Year Fixed Rate FHA | 6.11% | 6.17% |
| 30-Year Fixed Rate VA | 6.41% | 6.46% |
| 30-Year Fixed Rate Jumbo | 6.42% | 6.45% |
Frequently Asked Questions
What are the current average mortgage rates?
As of January 12, 2026, the national average for a 30-year fixed-rate mortgage is 6.24% APR, according to Bankrate. The 15-year fixed-rate average is 5.61% APR. Rates vary by lender, credit score, and loan type.
Will mortgage rates go down in 2026?
Experts forecast mortgage rates to remain stable or decline slightly in 2026, potentially averaging around 6.1% for 30-year fixed loans. Federal Reserve cuts could provide relief, but inflation and economic factors may limit drops.
How do I get the best mortgage rate?
Improve your credit score, save for a larger down payment, and shop multiple lenders. Compare rates from at least three sources, and consider factors like loan term and APR for the full cost.
What impacts mortgage rates?
Mortgage rates are influenced by Federal Reserve policies, inflation, Treasury yields, and economic indicators. Lower inflation and Fed cuts typically reduce rates, while high inflation or strong job growth can increase them.
Should I lock my mortgage rate now?
If rates are favorable and you’re ready to close, locking in can protect against increases. However, if you expect rates to fall, floating might save money—consult your lender for options.