NEW YORK, Jan 23, 2026, 06:44 EST — Premarket
- The average 30-year fixed mortgage rate remains close to 6%, holding borrowing costs near their lowest point in over three years.
- New inflation figures and Treasury yields are shaping rate sheets as the Federal Reserve’s decision approaches next week.
- In premarket trading, mortgage lenders edged higher while homebuilders lagged, leaving rate-sensitive stocks mixed.
U.S. mortgage rates are steady near a three-year low despite a slight rise last week. Freddie Mac reports the 30-year fixed rate at 6.09%, while the 15-year stands at 5.44%. A year ago, the 30-year rate was higher, at 6.96%, according to Freddie Mac’s latest survey. (Freddie Mac)
This is crucial since the housing market has been barely breathing: sky-high home prices, scarce inventory, and financing costs that kept many buyers waiting. Rates close to 6% don’t fix affordability issues, but they do shift monthly payment calculations fast—especially hitting first-time buyers and those looking to refinance.
Bankrate’s latest survey shows the average 30-year fixed mortgage rate at 6.20%, with the annual percentage rate (APR), which factors in fees, ticking slightly higher to 6.26%. Nicole Rueth, a team leader at Movement Mortgage in Denver, noted, “We’re still in a tight range, but that range is drifting up.” (Bankrate)
Mortgage News Daily reported the 30-year fixed mortgage rate at 6.19% on Thursday, edging down slightly for the second day in a row. “They’ve moved just a hair lower on each of the past two days,” noted Matthew Graham of Mortgage News Daily. (Mortgage News Daily)
Inflation continues to be the bottleneck. According to the Commerce Department’s Bureau of Economic Analysis, core PCE inflation—the Federal Reserve’s favored measure that strips out food and energy—clocked in at 2.8% year-over-year in November, staying above the Fed’s 2% target. (Bureau of Economic Analysis)
Treasury yields are setting the tone day-to-day. On Thursday, the U.S. Treasury’s daily yield curve put the 10-year yield at 4.26%, a key figure that usually influences mortgage pricing, despite shifts in demand for mortgage bonds causing the spread to widen or tighten. (U.S. Department of the Treasury)
Policy is stirring up noise as well. The Trump administration has directed Fannie Mae and Freddie Mac to purchase roughly $200 billion in mortgage-backed securities — essentially bundles of home loans sold to investors. Economists, however, say this is unlikely to cut borrowing costs by much. Joseph Brusuelas, chief economist at RSM US LLP, called it “mostly an exercise in burning cash.” Patricia Zobel, who leads macroeconomic research and market strategy at Guggenheim Investments, added, “It’s not clear to me how much this will materially lower housing prices for consumers.” (Reuters)
Mortgage demand perked up as rates slipped. The Mortgage Bankers Association reported a 14.1% rise in mortgage applications for the week ending Jan. 16, with refinancing surging 20% and the purchase index climbing 5%. “Mortgage rates declined further last week, driving another big week for refinance applications,” said Joel Kan, the MBA’s vice president and deputy chief economist. (MBA)
Rate-sensitive stocks showed mixed moves before the opening bell. Rocket Companies climbed around 1.2% in premarket action. Lennar dropped close to 2.8%, and D.R. Horton slid about 1.5%. UWM Holdings barely moved.
The floor beneath mortgage rates looks unstable if inflation remains stubborn or if long-dated yields surge again due to policy shocks or shifts in global bonds. Another rise would quickly squeeze affordability and might stall the refinancing pickup just as it begins to return.
The Federal Reserve’s meeting on Jan. 27–28 is now the key date for traders, setting the tone for bond yields and mortgage rates as the month wraps up. (Federal Reserve)
