Mortgage interest rates have fallen to their lowest levels since 2022, offering potential savings for both homebuyers and current homeowners looking to refinance, according to data released Friday.
The average mortgage interest rate for a 30-year fixed mortgage now stands at 5.87% as of February 13, 2026, Zillow reported. Fifteen-year mortgages are averaging 5.25%. These rates represent a significant decrease from earlier in 2026, when rates frequently exceeded 6% and even approached the high 7% range.
Refinance rates are too trending downward. The average 30-year refinance rate is 6.46%, while the median rate for a 15-year refinance is 5.59%. This provides opportunities for homeowners who previously secured rates above 7% to potentially lower their monthly payments or shorten their loan terms.
While the current rates are a positive development, experts caution that they are subject to change. Mortgage rates fluctuate daily, and the Federal Reserve is not scheduled to meet again until March, with expectations for a rate cut at that time currently low. This period of relative stability could be advantageous for borrowers to explore their options.
Financial analysts suggest that borrowers with strong credit scores will have access to the most favorable rates and terms. Even modest improvements in creditworthiness can translate into substantial savings over the life of a loan. Some buyers may also be able to secure rates closer to 5% by actively shopping around with different lenders and considering mortgage points to lower their interest rate.
The decline in mortgage rates comes alongside a recent report indicating a drop in unemployment, and the inflation report released Friday, signaling a potential easing of economic pressures. Images depicting economic conditions, including inflation and unemployment, are readily available from stock photo sources like Getty Images, iStockphoto, Shutterstock, and Pexels.
Although conventional wisdom suggests waiting for a full percentage point decrease before refinancing, homeowners may find savings even with a reduction of just half a percentage point. Careful calculation of potential savings is recommended to determine the best course of action.
