Mortgage Rates Today, Monday, February 2: Slightly Lower

It’s not a big enough dip to really make a difference, but mortgage interest rates are a bit lower today.

According to rates provided to NerdWallet by Zillow, the average interest rate for a 30-year fixed-rate mortgage came to 6.02% APR. That’s four basis points lower than Friday and six basis points lower than a week ago. .

Barring some daily dips and spikes, mortgage rates have hovered around 6 percent so far in 2026. If you can afford today’s rates, it may be a good time to start shopping for a new mortgage.

There are mortgage rates constantly changing, Since a large part of How are rates determined? Depending on the reaction to new inflation reports, job numbers, fed meetings, world news… you name it. For example, even small changes in the bond market can cause changes in mortgage rates.

Now this isn’t the latest Fed news, but ICYMI: Last Wednesday the Federal Reserve announced that it is Stopping its rate cuts. While the Fed’s actual decision was delivered, the prospect of drama at Chair Jerome Powell’s post-announcement press conference had them eating on the edges of their seats. They were able to sit down pretty quickly, however, when Powell rebuked questions about the administration or the indictment.

With the Fed in the rearview, nerves await Friday’s summary of the employment situation, known as the jobs report. In a statement last Wednesday, central bankers removed language from their announcement about their risks The labor market Being high (This doesn’t seem like a big deal, but changing the wording in feed statements can be a whole lot.)

At the end of the jobs report, employment data due this week will tell us whether the Fed’s adjustment is a little too hasty. If it looks like the labor market is weakening, we could see mortgage rates fall in anticipation of future rate cuts from the Federal Reserve.

If today’s rates are at least 0.5 to 0.75 percent lower than your current rate (and also to break down closing costs if you plan to stay in your home for a long time).

With rates where they are now, you can start considering a refinance if your current rate is 6.52% or higher.

Also consider your goals: Are you trying to lower your monthly payment, shorten your loan term, or turn home equity into cash? For example, you may be more comfortable paying a higher rate for a Cash Out Refinance More than you can refinance for the rate and term. , as long as the total costs are lower than if you had kept your original mortgage and added a hilock or home equity loan.

If you’re looking for a lower rate, use Nerd Wallet Refinance Calculator Estimating the savings and understanding how long it will take to break even on refinancing costs.

There is no universal “right” time to start buying – what matters is whether you can comfortably afford a mortgage at today’s rates.

If the answer is yes, don’t get too hung up on whether you can lose out on lower rates later. You can refinance down the road. Focus on getting Preapprovedcomparing lender offers, and understanding what monthly payment works for your budget.

nerdwallet’s Affordability Calculator It can help you estimate your potential monthly payment. If a new home isn’t in the cards right now, there are still things you can do to strengthen your buyer profile. Use this time to pay off existing debts and increase your down payment savings. Not only will this free up more cash flow for future mortgage payments, it can also get you a better interest rate when you’re ready to buy.

If you already have a quote you’re happy with, you should consider Locking in your mortgage rateespecially if your lender offers a float-down option. A float down allows you to take advantage of a better rate if the market falls during your lock-in period.

Rate locks protect you from hikes while your loan is processed, and with the market forever bouncing around, the peace of mind can be worth it.

The rate you are advertised is one Sample rate – Usually for borrowers with perfect credit, making large payments, and making payments Mortgage points. It won’t match every buyer’s situation.

In addition to market factors beyond your control, your custom quote is up to you:

• Location and property type

Even Two people with similar credit scores Depending on their overall financial profiles, different rates may be available.

Maybe – but even personalized rate quotes Until you lock. This is because lenders adjust prices multiple times a day in response to changes in the market.