Today's mortgage interest rates may be more competitive than many buyers realize.
designer491/Getty Images
Homebuyers and owners hoping to refinance may be well acquainted with the familiar drivers behind mortgage interest rates, including the Federal Reserve and the 10-year Treasury yield. What they may not know, however, is that there are other factors that can also impact the mortgage rate climate, if indirectly. One such item is the unemployment rate, which ticked down last month, according to a report released on Wednesday. Another one is the inflation rate, which can encourage additional interest rate actions, and the latest reading there is also set to be released on Friday. In other words, mortgage interest rates may move slightly this week, even without a February Fed meeting.
At the same time, mortgage interest rates may already be low enough to support a purchase or refinance application now. Rates here declined considerably in 2025 and they remain at or below their lowest level since 2022, depending on the lender in question. So you may already qualify for a rate that fits your budget now, regardless of whether you're a buyer or owner. To better understand your options, it helps to know where mortgage interest rates stand as of February 12, 2026. And that's what we'll outline below.
See how low your current mortgage rate offers are here.
What are today's mortgage interest rates?
The average mortgage interest rate on a 30-year mortgage is 5.99% as of February 12, 2026, according to Zillow data. The median mortgage rate on a 15-year term, meanwhile, is now 5.37%. These are just averages provided by one servicer, however, meaning that qualified borrowers may be able to find better rates by doing their own research. Shopping for mortgage interest rates has been shown to save borrowers up to a full percentage point, so it's worth taking the time to shop for rates and lenders, should these averages be within range of your budget.
Shop for mortgage rates and lenders online today.
What are today's mortgage refinance rates?
The average mortgage refinance rate on a 30-year mortgage is 6.67% as of February 12, 2026, according to Zillow. The median refi rate on a 15-year term is now 5.83%. While both are far from the sub-3% rates that were offered at the start of the decade, those were also an anomaly, and today's rates are actually in line with historic averages.
So, if you have a current rate considerably higher than either of these, you may be able to realize substantial savings by refinancing right now. Just be sure of your long-term plans before acting, as refinancing ahead of a home sale in the near future could easily negate any short-term savings gains secured by refinancing now.
The bottom line
The average mortgage interest rate on a 30-year mortgage is 5.99% as of February 12, 2026, and just 5.37% for a 15-year option. The median refinance rate on a 30-year option for current owners is now 6.67% and just 5.83% for 15-year terms. So there may be plenty of viable rates worth exploring right now. Just be sure to time your application as best as possible, as mortgage rates change daily and, as noted, there are plenty of factors that can result in additional impacts both this week and in the days and weeks still to come.
Edited by Angelica Leicht
