MoneyWatch: Managing Your Money
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February 23, 2026 / 9:29 AM EST
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Today’s mortgage interest rates may be low enough to justify a purchase or even a refinance for current owners.
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The homebuying and home refinancing process can be long, arduous and filled with multiple steps before you finally sit down to sign paperwork at closing. But perhaps the most important step starts right at the beginning when buyers and owners looking to refinance make a concentrated effort to explore their mortgage interest rate options. And, if they take the time to look around this February, they may be pleasantly surprised at the affordable options they once again have to consider.
Mortgage interest rates in 2025, after all, declined by more than a full percentage point on average, encouraged in large part by the Federal Reserve’s interest rate cut campaign. And they continued to drop slightly in 2026 as new reports showed unemployment and inflation declining again, too. While still elevated compared to the pandemic-era record lows that were available, today’s rates represent significant savings when measured against what was available just a year or two ago.
So, what are today’s mortgage interest rates, specifically, as of February 23, 2026? That’s what we’ll examine below.
See how low your current mortgage rate offers are here now.
What are today’s mortgage interest rates?
The average mortgage purchase interest rate on a 30-year mortgage sits at 5.87% as of February 23, 2026, according to Zillow. The average mortgage purchase rate for a 15-year alternative is now 5.37%. Both rates remained identical to what they were in recent days and are unlikely to change dramatically, absent major economic news, for the remainder of February.
That stability, however, can be used strategically by buyers as it gives them time to shop around for mortgages without having to worry about the economic data releases that normally would change their rate offers. Use this time carefully, then, and consider getting rate quotes from at least three different lenders to establish a baseline against which to compare.
Shop for mortgage rates and lenders online here.
What are today’s mortgage refinance rates?
The average mortgage refinance rate on a 30-year mortgage is 6.35% as of February 23, 2026, according to Zillow. The median refi rate on a 15-year mortgage is 5.49%. So there may be some significant savings opportunities for current homeowners now, especially those who purchased a home with a rate between 7% and 8% in 2023. Crunch the savings before formally applying, however, and be sure to account for any fees or closing costs that can reduce the impact that you were hoping to feel with a much lower rate.
The bottom line
The average mortgage interest rate for a 30-year mortgage purchase is now 5.87%, and it’s 5.35% for a 15-year alternative. The median refinance rate on a 30-year mortgage, meanwhile, is now 6.35%, and it’s 5.49% for those looking to go into a 15-year term, instead. With multiple options under 6%, then, and with the ability to find a rate closer to 5% by simply shopping around, both buyers and owners may find now to be a smart and effective time to revisit their mortgage interest rate options. Consider using an online marketplace to do so, which lists rates, lenders, terms and fees all in one easy-to-understand location.
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