Mortgage interest rates may now be low enough to support a purchase or refinance application.
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At around 7% last February, buying a home was simply out of the question for millions of American borrowers. High rates not only left interested buyers on the sidelines but also prevented existing homeowners from selling, knowing that they'd likely have to pick up a much higher rate if they purchased a different home instead. However, as the year progressed, affordability here improved, even if rates remained far from the record lows they had hovered around at the start of the decade.
By the end of 2025, the average mortgage rate on a 30-year term had declined by around a full percentage point. And, now, in the opening weeks of 2026, there are multiple ways in which borrowers and owners hoping to refinance can lock in a fixed rate under 6%. Some may even be able to get one closer to 5% if they take select steps right now. Before getting started, it helps to know where exactly mortgage interest rates stand as of today, February 18, 2026.
See how low your current mortgage rate offers are here now.
What are today's mortgage interest rates?
The average mortgage interest rate for a 30-year mortgage purchase is 5.87% as of February 18, 2026, according to Zillow. The average mortgage interest rate on a 15-year term is 5.25%. Both are a bit lower than they had been in recent weeks, giving buyers more affordable options than they would have otherwise been offered at the end of 2025 or even earlier that year.
So take a closer look at what rates lenders have listed right now. With online marketplaces listing rates, terms, fees, lenders and more all in one place, it's arguably easier than ever to compare your mortgage interest rate options.
Shop for mortgage interest rates online today.
What are today's mortgage refinance rates?
The average mortgage refinance rate for a 30-year mortgage is 6.41% as of February 18, 2026, according to Zillow. The median refi rate for a 15-year mortgage is now 5.48%. While the shorter term is more attractive on paper, it will likely mean larger monthly payments thanks to the condensed payoff timeline. And that could be the opposite of what current homeowners are looking for right now.
At the same time, the interest savings here could be substantial, and if it means paying off your mortgage in half the time, it may be a financial sacrifice worth making now to get you debt-free years earlier.
The bottom line
The average mortgage interest rate on a 30-year purchase term is now 5.87%, and it's just 5.25% for a 15-year term. The median refinance rate for a 30-year mortgage is currently 6.41% and 5.48% for 15-year alternatives. With multiple rates here in the 5% range, this February looks markedly improved compared to what buyers and owners were being offered last year at this time. So take the time to shop around and see how today's cooling interest rate climate has impacted your offers. You may be surprised at how much more affordable today's purchase and refinance rates actually are.
Edited by Angelica Leicht
