The Federal Reserve isn’t slated to meet again until the end of January, but homebuyers and owners looking to refinance may not have to wait until then to justify making a move.

Mortgage interest rates gradually declined for much of 2025, ending the year more than a full percentage point lower than where they started (for 30-year terms). Now, in the opening days of 2026, there are multiple ways in which to secure a mortgage rate or refinance one under 6%. While those rates are still considerably higher than they were at the beginning of the decade, they’re materially lower than they were in 2025 and 2024 and, historically, are about in line with the average rates lenders typically offered borrowers.

 

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