Mortgage rates today: 30-year dips near multi-year lows as inflation cools
As of Feb. 18, 2026 (ET) — Mortgage rates today have moved down to levels not seen in several years, offering a respite to buyers and homeowners weighing refinancing options. National averages for common loan types sit in the mid-5% range for purchase mortgages, while refinance figures remain slightly higher in some cases. Market reactions to recent inflation data and mixed labor reports have driven the latest shifts.
Where rates stand now
The current landscape shows the 30-year fixed mortgage averaging roughly 5. 85% for purchase loans, with the 15-year fixed around 5. 36%. Middle-term products such as the 20-year fixed and 5/1 and 7/1 adjustable-rate mortgages are clustered in the mid-to-high 5% range. Refinance averages are marginally higher in several categories — for example, a 30-year refinance can run near 5. 97% while a 15-year refinance sits close to 5. 39%.
Different loan types continue to offer variation: some VA loan averages are a touch lower than conventional equivalents, and adjustable-rate mortgages typically begin with a fixed period (a 5/1 ARM for example) before periodic adjustments. That initial rate can be attractive but carries the risk of increases later on.
To illustrate buyer costs: a $300, 000 purchase financed over 30 years at about 5. 85% would produce a monthly principal-and-interest payment near $1, 770 and total interest payments exceeding $330, 000 over the life of the loan. The same amount on a 15-year term at roughly 5. 36% would raise the monthly payment to about $2, 429 but cut total interest substantially.
What pushed rates lower this week
Markets moved in response to a mix of economic readings. A cooler-than-expected consumer price index release showed inflation moderating on both an annual and monthly basis, tempering odds of a more aggressive policy path. At the same time, some labor-market indicators were mixed: stronger-than-expected payroll numbers earlier in the week did not derail the rate rally, and elevated initial jobless claims later added to downward pressure.
Combined, these developments nudged long-term yields lower, which typically translates to better mortgage pricing. The decline has pushed the 30-year mortgage toward levels not seen in recent years and renewed hopes that sustained sub-6% rates might become more common — a shift that could boost buyer confidence if it holds through the spring selling season.
What borrowers can do now
With rates in flux, borrowers should weigh timing, loan type, and individual financial profile. Actions that tend to secure lower quoted rates include higher down payments, strong credit scores, and reduced debt-to-income ratios. Buying discount points at closing can lower a permanent rate, while temporary buydowns offer short-term relief in the initial years of a mortgage.
- Shop multiple lenders to compare rate quotes and fee structures.
- Lock a rate when comfortable with the offer, especially if planning to close within 30–60 days.
- Consider the trade-offs between fixed and adjustable products given your expected time in the home.
- Review refinance math carefully — current refinance averages can be slightly higher than purchase averages in some categories, so break-even timing matters.
Looking ahead, professional forecasts published early in the year project the 30-year mortgage rate near the 6% area through 2026. If inflation remains tame and economic indicators continue to cool, there is scope for further modest declines. Borrowers should stay attentive to monthly inflation reports and labor-market updates, as those releases remain the main near-term drivers of mortgage pricing.
For prospective buyers and homeowners, the current window presents potential opportunity, but careful comparison shopping and attention to closing costs and loan terms remain essential to getting the best outcome.
