It’s no secret that mortgage rates are complicated. There is no one-size-fits-all price.
The rate you’re quoted will depend on both your risk profile and the property, along with the lender you speak with.
As such, rates can vary tremendously based on the loan scenario and how competitive the lender in question is.
This makes it difficult to provide a national average for mortgage rates because it’s essentially a single snapshot of the market.
Rates can be higher or lower than what you see reported, but lately I’m seeing a ton of advertised rates in the 5% range.
Mortgage Rates Are Already in the 5s!
In my 2026 mortgage rate predictions post, I called for a 30-year fixed in the 5s at some point in the first quarter of this year.
We aren’t there yet based on the national averages, but we sure are close. And when you actually go out and get real quotes, we’ve already arrived (and then some).
Take for example this screenshot from a major bank. All of their mortgage rates start with a ‘5’ today. Not a ‘6’ in sight.
And their 15-year fixed mortgage offering is literally 5.00%, ever so close to dipping into the 4s. Seems hard to believe.
I’ve said for a while that rates in the high-4s would pretty much put an end to the mortgage rate lock-in effect.
We aren’t there yet as the 30-year fixed is still being offered in higher-5% range, but it’s well below the national average you see.
At last glance, Freddie Mac said the 30-year fixed averaged 6.15%, while Mortgage News Daily is at a similar 6.19%.
That means these advertised rates are roughly a half-point below those national averages you see reported.
This is great news if you’re in the market to buy a home or in need of a rate and term refinance.
Yes, this particular rate quote requires one discount point to be paid at closing, but that’s fairly reasonable.
If you don’t want to pay anything at closing, perhaps opting for a no cost refinance, expect a higher rate.
However, even then it could still be priced below the national averages.
Take the Time to Shop Your Mortgage Rate
I’ve said this a million times but it bears repeating. Shop your mortgage rate!
If you don’t, and simply look up those national averages, then get quoted something fairly similar, you might be duly satisfied.
Meanwhile, you could miss out on rates like these. Heck, there could easily be something much better than what I found above.
This was simply one bank I came across that caught my eye given all their rates are now being offered below 6%.
It’s literally just one example and there are countless banks, lenders, credit unions, and independent mortgage brokers out there to choose from.
If you take a moment to speak to a few (you don’t need to run your credit to get a quote), you can get a better idea of what’s out there for your particular loan scenario.
Once you gather a few quotes from different companies, you’ll be able to determine if the company you spoke to is high-priced, low-priced, or bang average.
And chances are you can find a lower mortgage rate than what’s being reported in the news every week.
Simply put, your goal should be to find a mortgage rate that is below the national average.
Read on: 10 Mortgage Rate Shopping Tips to Save on Your Next Home Loan
- Weak ADP Jobs Report Sends Mortgage Rates Even Closer to the 5s - January 7, 2026
- Mortgage Rates Are Now Being Advertised Well Below the National Average - January 6, 2026
- The Median First-Time Home Buyer Age Isn’t Really 40 - January 5, 2026