The average mortgage refinance rate on a 30-year term is now 6.75%, as of January 8, 2026, according to Zillow. The median refi rate for a 15-year term increased overnight, moving from 5.50% to 5.72%. So there may be some limited but valuable opportunities for current homeowners with these new options.

Discover how banks set loan interest rates, from Federal Reserve policies to market trends and borrower creditworthiness, for better financial decisions.

Savings account yields are much higher than a few years ago Top rates may fall if the Federal Reserve cuts interest rates Online banks tend to offer the best yields available Rates on savings accounts have held steady from a week ago.

"Mortgage interest rates went down before the Fed cut rates in September but went up after," says Ali Wolf, chief economist at NewHomeSource. "This is because the Fed is cutting the federal funds rate, which is a short-term interest rate. Mortgage interest rates, on the other hand, are influenced by investors and the yield on the 10-year Treasury."

Discover the most competitive auto loan rates available in 2025.

Savings account yields are much higher than a few years ago Top rates may fall if the Federal Reserve cuts interest rates Online banks tend to offer the best yields available Rates on savings accounts have held steady compared to last week.

Discover how open market operations affect interest rates and the Federal Reserve's role in economic fluctuations through key strategies like buying and selling securities.