Why are mortgage rates today near 6.11% for the 30-year fixed?

Mortgage rates today reflect the 10-year Treasury yield plus a spread that covers credit risk, servicing, and volatility. Recent inflation data improved, and the Federal Reserve held policy steady in January, which eased volatility and nudged spreads lower from 2023 highs. The result is a 30-year average near 6.11%. Movement will depend on upcoming CPI, jobs, and PCE reports, and day-to-day shifts in bond markets.

Should I refinance now at 6.49% or wait for lower rates?

Run a break-even test. Divide total closing costs by your monthly savings versus your current rate. If you will keep the mortgage longer than the break-even period, refinancing can make sense. Owners at 7% or higher often see the best savings now. If you expect to move soon or carry a low remaining balance, waiting or making principal prepayments may be better.

How does the 10-year Treasury yield affect mortgage rates?

Lenders typically price 30-year mortgages off the 10-year Treasury yield plus a spread. When the 10-year yield falls or the spread narrows, mortgage rates often tick lower. Spreads widen when volatility rises or investor demand for mortgage-backed securities weakens. Watching daily moves in the 10-year, inflation releases, and Fed signals helps anticipate short-term shifts in rate quotes and lock timing.

Is a 30-year fixed mortgage better than a 15-year in this market?

It depends on goals. A 15-year usually carries a lower rate and much less total interest, but payments are higher. A 30-year offers lower payments and flexibility to prepay principal when cash flow allows. Compare monthly budgets, expected tenure, and emergency savings. If stability matters most, the 30-year fixed with optional prepayments is a strong, simple choice.

Global Market Insights

February 9: Mortgage Rates Today – 30-Year 6.11%, Refi 6.49%

ByHuzaifa Zahoor February 9, 2026February 9, 2026

Mortgage rates today are holding near recent lows, setting the tone for the spring housing season. As of February 5, the 30-year fixed average is 6.11%, while the 30-year refinance rate is 6.49% as of February 7. The Federal Reserve kept policy steady in January, and the mortgage spread to the 10-year Treasury yield has narrowed slightly. We break down what these levels mean for monthly payments, refinance math, and timing, so U.S. buyers and owners can act with clear numbers and simple next steps.