NEW YORK, Feb 9, 2026, 03:28 EST
- Mortgage and refinance rates stuck around the mid-6% mark, according to key daily surveys.
- Demand, lenders and economists noted, usually only starts climbing once rates slip down into the high-5% range.
- Even if rates drop, sky-high home prices could keep affordability out of reach in America’s most expensive markets.
Zillow’s latest reading had the average 30-year fixed refinance rate at 6.24% on Monday, a figure that’s still prompting plenty of homeowners to wait for something decisively lower. Jumbo 30-year refi? That came in at 7.04%. FHA and VA loan rates, by contrast, continued to undercut conventional averages. 1
Timing’s key here, with the spring home-buying season right around the corner. Rate shifts hit monthly payments immediately. For most homeowners, refinancing remains a numbers game—sentiment hasn’t changed that calculus.
Rates aren’t as high as they were, but refinancing remains a narrow path. Steep fees, tight credit requirements, and that stubborn spread between existing mortgages and what’s on offer continue to leave many homeowners sitting it out.
Bankrate’s daily readout put the average 30-year fixed mortgage rate at 6.23% on Feb. 9. For 30-year refis, the average stood higher at 6.57%, while 15-year refi borrowers saw 5.90%. Melissa Cohn at William Raveis Mortgage said a weaker job market might “open the door” to earlier Fed rate cuts. Michael Fratantoni, chief economist for the Mortgage Bankers Association, predicted rates would likely hold “between 6% and 6.5%.” At Rocket Mortgage, Bill Banfield noted demand typically jumps by about 30% when rates dip below 5.99%—rates “starting with a five flip a psychological switch,” he said. 2
Fortune, pulling from Optimal Blue’s mortgage data, pegged the average 30-year conforming purchase rate at 6.098%. The same report had jumbo loans at 6.231%, while FHA rates landed at 5.963%. All numbers are for mortgages locked on Feb. 5. 3
Norada Real Estate reported the national average for a 30-year fixed refinance at 6.49% on Feb. 7, a drop of 9 basis points, or 0.09 percentage point, from the previous week. 4
Mortgage rates edged down a bit, though they’ve largely held steady from the previous week, according to a Yahoo Finance analysis. 5
Lower rates alone won’t fix things. According to a Zillow study quoted by Investopedia, mortgage rates would have to drop over four percentage points before a typical home becomes affordable to a median-income household. The report noted that even if rates plunged, places like New York and Los Angeles would still be out of reach for most buyers. 6
The road lower isn’t smooth. Should inflation worries resurface or Treasury yields jump, lenders are quick to bump up mortgage rates, slamming the brakes on what little refi action’s left and squeezing would-be buyers.
Refinancing isn’t exactly painless. Fortune puts closing costs somewhere between 2% and 6% of your loan, and lenders often suggest holding out unless you can shave roughly a full percentage point from your rate to offset those fees. With average rates still sitting above 6%, plenty of homeowners are sitting on the sidelines for now. 7
