There are multiple, viable ways in which homebuyers can qualify for a mortgage rate close to 5% right now.
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In recent years, no matter your qualifications or what actions you took, it was essentially impossible to secure a mortgage interest rate under 6%. Thanks to an elevated inflationary climate and interest rates that sat at their highest levels in decades, affordable mortgage rates were simply not available. And that was especially hard to accept, considering that rates here were near record lows just at the start of the decade. But the mortgage interest rate climate is constantly evolving, even if it doesn't feel that way, and this February, options appear brighter again.
Mortgage interest rates fell to 3-year lows in the final months of 2025, thanks in large part to the Federal Reserve's interest rate cuts, and they've started 2026 at or below that level. That means, right now, there actually are viable ways in which qualified borrowers can secure an affordable mortgage rate again, perhaps as close to 5% this February. Below, we'll break down three ways to consider right now.
See how low your current mortgage rate offers are here.
How to get a mortgage interest rate close to 5% this February
Want to find a mortgage interest rate around 5% this month? With no Federal Reserve meeting on the calendar this month to impact the rate climate, it can make sense to thoroughly consider these three options right now:
Research your ARM offers
An adjustable-rate mortgage is exactly what its name implies – a mortgage in which the rate will adjust over time. While this may not be ideal or even preferable for many buyers, it's a viable option worth exploring this February, as some rates here are already in the low 5% range.
While this inevitably means dealing with a mortgage interest rate change in five, seven or 10 years (versus not at all when dealing with 15-year or 30-year options), it can be a worthy trade-off if it means paying less interest right now. You could always refinance into a better, fixed-rate mortgage if and when those rates change, but in the interim, you'll get locked in with a rate closer to 5% this February.
Learn more about your current mortgage options now.
Purchase mortgage points
Mortgage points function as a fee that the buyer pays the lender to secure a below-average rate. This can be the difference between one of today's average 5.85% interest rates and a 5.35% rate. And that difference can be enough to support purchasing activity right now.
Just understand the costs and benefits here carefully. For those who contemplate refinancing in the not-too-distant future, for example, a mortgage point purchase may not be valuable. At the same time, it can be helpful for those who just need a bit more assistance with their mortgage rate before being able to make a final purchase.
Consider your 15-year options
The average 15-year mortgage purchase rate sits at just 5.37% now. And that's the average, meaning that shopping around for lenders and making a large down payment could help you lock in a 15-year rate that's even lower. At the same time, these terms don't work for everyone as they often mean bigger monthly payments in exchange for the better rate and a more rapid payoff timeline.
In other words, don't get fooled by a lower rate. Crunch the numbers here to make sure that your monthly payment will still be affordable, as it very well may not be with half of the time to pay off your loan erased from the equation.
The bottom line
This February, mortgage interest rates are again back in the 5% range for buyers. But they won't be easy to obtain, especially if borrowers want rates closer to 5% than 6%. By exploring their ARM options, however, reviewing their mortgage point alternatives and closely exploring the pros and cons of 15-year terms, they may be able to secure a rate on the lower end of that spectrum now. Consider speaking with a mortgage lender who can help answer your questions and help you determine your next steps in this process.
Edited by Angelica Leicht
