Good news for homeowners looking to potentially lower their monthly payments: the average 30-year fixed refinance rate has dipped by 8 basis points as of January 29, 2026, settling at a promising 6.56%. This small but significant move offers a breath of fresh air in the mortgage market, providing a renewed opportunity for those considering a refinance. The star of the show today is the 30-year fixed refinance rate inching down to 6.56%. Last week, it was sitting at 6.64%. While an 8 basis point difference might seem tiny on paper, I’ve seen firsthand how these small shifts can add up for borrowers over the long haul. Think of it like this: on a $300,000 loan, that 0.08% drop could put roughly $15 to $20 back in your pocket each month. Over the entire life of the loan, that’s a noticeable amount of money!

 

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Mortgage Rates Today, Jan 29, 2026: 30-Year Refinance Rate Drops by 8 Basis Points