Thirty-year mortgage rates rose this week to 6.342%, up from 6.326% the week before, according to U.S. News data. Modest changes in borrowing rates may be par for the course during the first quarter of 2026.

In December, the Federal Reserve cut its benchmark interest rate for the third time last year. A lowering of the federal funds rate, however, is not expected to drive mortgage rates downward significantly.

If inflation continues to cool in 2026 and the economy begins to slow, that could support a gradual decline in mortgage rates. But even within the context of a gradual decline, weekly upticks in borrowing rates can’t be ruled out.