---
title: 'Today''s Mortgage and Refinance Rates: January 26, 2021 | Rates Hover Just Above 3%'
description: Around 2.7 million homeowners are still enrolled in mortgage forbearance plans.
authors:
  - name: Leslie Cook
    role: Editor, Real Estate
    url: https://money.com/author/leslie-cook/
    bio: Leslie Cook is Money’s lead real estate editor covering trends in the housing market, mortgage rates and real estate. She also writes about home renovation trends and tips.
    education: Bryn Mawr College, BA History
    at_money_since: 2019
    articles: 797
    covers:
      - Mortgages
      - Banking
      - Credit
      - Economy and Politics
      - Housing
      - Identity Theft
      - Insurance
      - Loans
      - Personal Finance
      - Professional Services
      - Retirement
      - Taxes
    social:
      - https://twitter.com/LeslieLCook
      - https://www.linkedin.com/in/leslie-cook-9829b9198/
published: '2021-01-26T13:28:42.000Z'
modified: '2024-01-10T16:15:49.000Z'
section: Mortgages
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  - today's rates
word_count: 908
canonical: https://money.com/todays-mortgage-rates-1-26-2021/
type: Article
source: structured-blocks
---

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![Mortgage-Rate-019](https://img.money.com/2021/01/Mortgage-Rate-019.jpg)

Thought the number of mortgage loans in forbearance plans ticked up in recent weeks, the number of borrowers in the plans has remained fairly steady. Exits from the plans are low, but so are new entries.

Mortgage rates keep trending downward this week, as rates dropped from Friday.

## Today’s Mortgage Rates: 30-Year Fixed Loans, 15-Year Fixed Loans, and More

The average interest rate on a 30-year fixed-rate mortgage was 3.056% on Monday — [down from 3.088%](https://money.com/todays-mortgage-rates-1-22-2021/) on Friday.

<table style="margin-bottom: -1px;border-left: solid 4px #39B54A"><tbody><tr style="font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif;font-weight: bold"><td style="background-color: #f2f2f2;font-size: 18px">Mortgage Rate Chart</td></tr></tbody></table>

<table style="border-left: 4px solid #39b54a;border-bottom: 4px solid #39b54a;margin-bottom: -1px;height: 217px;width: 100%"><tbody><tr style="font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif;font-weight: bold;color: #fff"><td style="background-color: #53aadc;border-right: solid 2px #fff;width: 50%">Loan type</td><td style="background-color: #53aadc;width: 50%">Average Rate</td></tr><tr style="font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif"><td style="background-color: #f3f1e3;border-right: solid 2px #fff">30-Year Fixed Loan</td><td style="background-color: #f3f1e3">3.056%</td></tr><tr style="font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif"><td style="background-color: #fff;border-right: solid 2px #F3F1E3">15-Year Fixed Loan</td><td style="background-color: #fff">2.313%</td></tr><tr style="font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif"><td style="background-color: #f3f1e3;border-right: solid 2px #fff">30-Year FHA Loan</td><td style="background-color: #f3f1e3">2.906%</td></tr><tr style="font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif"><td style="background-color: #fff;border-right: solid 2px #F3F1E3">30-Year VA Loan</td><td style="background-color: #fff">2.918%</td></tr><tr style="font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif"><td style="background-color: #f3f1e3;border-right: solid 2px #fff">30-Year Jumbo Loan</td><td style="background-color: #f3f1e3">3.71%</td></tr></tbody></table>

##### Source: Money | Date: Jan. 25, 2021 | Rates assume a credit score of 700

Money's daily mortgage rates show the average rate offered by over 8,000 lenders across the United States the previous day. They reflect what a typical borrower with a 700 credit score might expect to pay for a home loan right now. The rates assume a 20% down payment and include discount points.

Freddie Mac's benchmark Primary Mortgage Market Survey put [mortgage rates at 2.77%](https://money.com/current-mortgage-rates/) with 0.7 points paid for the week ending January 21. That's a slight drop of 0.02 percentage points from last week and 0.12 percentage points higher than the all-time low of 2.65%. The mortgage purchaser's weekly survey reflects borrowers who put 20% down on conforming loans and have excellent credit.

## How do I get the best mortgage rates?

Mortgage rates vary from state-to-state. On Monday, borrowers in Illinois were quoted the lowest mortgage rates — at 3.005%. People looking for mortgages in Nevada saw the highest average rate at 3.166%.

Nationwide, borrowers with the highest credit scores, 740 and above, were quoted rates averaging 2.862%, while those with credit of 620 or below were shown rates of 4.115%.

You may be able to negotiate a better mortgage rate if you shop around or if you have other accounts with the lender. (To get started, take a look at Money's picks for the [best mortgage lenders](https://money.com/best-mortgage-lenders/).) Lately, some lenders have been hiking up advertised rates to keep demand in check, so you may be offered a lower rate if you reach out directly.

## Today's Mortgage Refinance Rates

Money's survey also shows that the offered rate for a 30-year refinance for someone with a 740 credit score was 3.138% on Monday. In January 2020, the average mortgage rate (including fees) was around 3.8%.

<table style="margin-bottom: -1px;border-left: solid 4px #39B54A"><tbody><tr style="font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif;font-weight: bold"><td style="background-color: #f2f2f2;font-size: 18px">Mortgage Refinance Rate Chart</td></tr></tbody></table>

<table style="border-left: solid 4px #39B54A;border-bottom: solid 4px #39B54A;width: 100%;margin-bottom: -1px"><tbody><tr style="font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif;font-weight: bold;color: #fff"><td style="background-color: #53aadc;border-right: solid 2px #fff;width: 50%">Loan type</td><td style="background-color: #53aadc;width: 50%">Average Rate</td></tr><tr style="font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif"><td style="background-color: #f3f1e3;border-right: solid 2px #fff">30-Year Fixed Loan</td><td style="background-color: #f3f1e3">3.138%</td></tr><tr style="font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif"><td style="background-color: #fff;border-right: solid 2px #F3F1E3">15-Year Fixed Loan</td><td style="background-color: #fff">2.577%</td></tr><tr style="font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif"><td style="background-color: #f3f1e3;border-right: solid 2px #fff">30-Year FHA Loan</td><td style="background-color: #f3f1e3">3.391%</td></tr><tr style="font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif"><td style="background-color: #fff;border-right: solid 2px #F3F1E3">30-Year VA Loan</td><td style="background-color: #fff">3.408%</td></tr><tr style="font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif"><td style="background-color: #f3f1e3;border-right: solid 2px #fff">30-Year Jumbo Loan</td><td style="background-color: #f3f1e3">3.588%</td></tr></tbody></table>

##### **Source: Money | Date: Jan. 25, 2021 | Rates assume a credit score of 740**

## What else is happening in the housing market today?

The share of home loans in forbearance plans ticked up a single basis point to 5.38% during the week ending January 17, according to the [Mortgage Bankers Association](https://www.mba.org/2021-press-releases/january/share-of-mortgage-loans-in-forbearance-increases-slightly-to-538).

The number of homeowners enrolled in forbearance plans has remained steady at around 2.7 million for several months. The rate of borrowers exiting the program has slowed, but so has the number of new requests. Nearly 80% of all loans are in an extension of their original forbearance period.

Forbearance plans were put in place as part of the CARES Act, passed in March of last year, to support homeowners struggling to make their mortgage payments due to the COVID-19 pandemic. The plans allowed homeowners to request a pause in their monthly payments of up to one year. The original deadline to request forbearance was set to expire in September but was [extended to March 31](https://www.hud.gov/press/press_releases_media_advisories/HUD_No_21_008) of this year.

Mike Fratantoni, chief economist for MBA, noted that borrowers who may be in distress — more than 90 days late on their mortgage payments — will have options other than foreclosure thanks to a hot housing market.

"The latest housing market data show strong momentum entering 2021, with both the pace of home sales and new construction booming," he noted. "We expect that this strong market could benefit homeowners who need to sell their home, as record-low inventory is causing for-sale homes to go under contract quickly and is pushing up home prices.”

The recent forbearance increase was almost entirely among portfolio and private-label securities. Other loan types saw a net decline, with the largest decrease in the share of Fannie Mae and Freddie Mac loans in payment deferral. Mike Fratantoni, chief economist for MBA, notes that the steady decline in the share of government-sponsored enterprises loans in forbearance has been due to the fact that most borrowers have higher credit and more stable employment.

## Mortgage Prediction of the Week

*Expert views on what comes next.*

Ali Wolf, chief economist at Zonda Home, a housing market research firm, on how President Biden's proposed homebuyer tax credit:

> Home shoppers say saving for a down payment is the biggest hurdle they face when trying to buy a home. The $15,000 first-time buyer tax credit is a targeted effort to help address that hurdle. Buyers should set their expectations accordingly, though. If the proposal becomes a reality, the housing market will become even more competitive."

For more read: [*2021 Real Estate Predictions: How Vaccines, President Biden and More Could Shape Housing Trends.*](https://money.com/2021-real-estate-trends-expert-predictions/)

## Bottom line:

[Qualifying for a Mortgage Is Surprisingly Difficult Right Now](https://money.com/mortgages-hard-to-qualify-2021/)

[A Key Indicator Suggests Mortgage Rates' Epic Decline May Soon End](https://money.com/when-will-mortgage-rates-rise/)

[As Prices Soar, 6 Tricks for Finding a House You Can Actually Afford](https://money.com/rising-prices-affordable-home-tips/)

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