New York, Jan 28, 2026, 06:24 (EST) — Premarket
- Mortgage rates held steady near 6% today, keeping affordability front and center.
- Housing stocks tied to interest rates showed a mixed picture early on, while homebuilders fell behind.
- Next up: Treasury yields and the Fed’s policy remarks due Wednesday will put this move to the test.
Mortgage rates hovered close to recent lows early Wednesday. Zillow showed a 30-year fixed rate at 5.99%, while the 15-year fixed came in at 5.375%. 1
Here’s why this matters now: mortgage rates remain the key driver of U.S. housing demand. Even small shifts can alter who qualifies, affect how much buyers can afford, and influence whether potential sellers decide to hold off.
The impact hits markets too. As rates slide lower, lenders and homebuilders usually catch a boost. But once rates climb again, the trade can reverse sharply—especially right before a Fed announcement.
Before the open, iShares U.S. Home Construction ETF (ITB) dropped around 1.3%, with SPDR S&P Homebuilders ETF (XHB) shedding about 1.2%. Rocket Companies slipped roughly 0.8% to $21.03. UWM Holdings, on the other hand, climbed close to 1.5% to $5.86. Both D.R. Horton and Lennar saw declines.
A filing revealed that SFS Corp, tied to UWM CEO Mat Ishbia and holding 10% of the company, sold 1,898,622 shares in three separate transactions between Jan. 22 and Jan. 26, all under a prearranged Rule 10b5-1 plan. 2
Treasury data showed the 10-year yield hitting 4.24% on Tuesday. Mortgage rates usually follow this benchmark since many home loans are packaged into mortgage-backed securities—bonds secured by pools of mortgages. 3
Mortgage News Daily’s daily index reported the 30-year fixed rate at 6.15% Tuesday, slipping 2 basis points — that’s 0.02% — marking the fifth consecutive day rates have drifted downward. 4
The Fed is widely expected to keep rates unchanged on Wednesday, with its policy announcement set for 2 p.m. EST and Chair Jerome Powell speaking half an hour later, Reuters reported. “There is no urgency to lower rates aggressively,” noted Seema Shah, chief global strategist at Principal Asset Management. J.P. Morgan’s chief economist Michael Feroli also downplayed the chances of significant changes, saying any tweaks to the statement probably won’t send “material policy signals.” 5
Affordability faces another hurdle: rising prices. The Federal Housing Finance Agency reported Tuesday that U.S. single-family home prices climbed 0.6% in November, undercutting gains from marginally lower borrowing costs. The Trump administration has also taken steps to address affordability, targeting institutional buyers and increasing purchases of mortgage-backed securities to help bring down rates, Reuters noted. 6
The path isn’t set in stone. Should inflation remain stubborn or Powell signal less appetite for further cuts, long-term yields could surge, forcing lenders to adjust rates fast and pushing buyers right back to square one.
The next key event is the Fed decision at 2 p.m. EST, followed by Powell’s press conference at 2:30 p.m. Traders will be scanning for any tweaks in wording that might nudge Treasury yields—and mortgage rates—one way or the other.
