Recent data from Zillow shows the national average 30-year fixed mortgage rate is around 5.90%, and the 15-year fixed rate averages 5.36%, both at notable lows for the current economic cycle.These figures illustrate the improved borrowing landscape in early 2026 compared to recent years.
For homebuyers, opting between a 30-year and 15-year fixed mortgage requires weighing monthly affordability against overall interest paid. A $300,000 loan example shows the 30-year option having monthly payments near $1,779, whereas the 15-year loan would increase monthly payments to about $2,429 but save over $200,000 in interest over the life of the loan.
Refinance rates generally run slightly higher than purchase rates, but the recent downward trend offers opportunities for significant savings. Prospective borrowers should consider credit score factors, debt-to-income ratios, and whether fixed-rate or adjustable-rate mortgages better suit their plans.
Being well-informed on lender offerings and mortgage terms can optimize financing choices amid favorable rate conditions.
