30-Year Fixed at 5.86%, 15-Year Climbs to 5.41%

Today, mortgage rates have seen a small bump over the weekend but are holding steady below the crucial 6% mark, suggesting that borrowing costs remain quite favorable. According to data from Zillow, the popular 30-year fixed mortgage rate now stands at 5.86%, a slight rise of five basis points, while the 15-year fixed rate has nudged up to 5.41%. This stability, even with minor fluctuations, offers a breathing room for potential homeowners and those looking to reduce their monthly payments that we haven’t seen consistently in recent years.

Today’s Mortgage Rates, February 21: 30-Year Fixed at 5.86%, 15-Year Climbs to 5.41%

What the Numbers Tell Us: Today’s Average Rates

Let’s break down exactly where things stand for various loan types on this particular day, February 21, 2026. These averages, as reported by Zillow through their lender marketplace, give us a clear snapshot:

As you can see, the 30-year fixed rate has edged up, but it’s still firmly below 6%. The 15-year fixed rate has also seen a small increase. Interestingly, both the 5/1 and 7/1 ARMs are currently hovering slightly above the 30-year fixed rate, which might make traditional fixed-rate mortgages a more attractive option for those prioritizing payment predictability. For our nation’s veterans and active-duty military, VA loans continue to be a fantastic option, with rates remaining quite appealing, especially for the 15-year term.

Deeper Dive: Market Insights and What They Mean

These figures aren’t just random numbers; they’re influenced by a number of factors. The slight uptick over the weekend likely reflects a bit of market rebalancing. However, it’s crucial to remember that compared to the higher rates we experienced not too long ago, current borrowing costs are still considerably more manageable.

• The 30-Year Fixed at 5.86%: This is the workhorse for most homebuyers. It offers the comfort of knowing your monthly principal and interest payment will stay the same for three decades. The stability it provides is invaluable, especially in uncertain economic times. Even a small increase here is worth noting, but the fact it’s holding below 6% is the real story.
• The 20-Year Fixed at 5.82%: This option is often overlooked, but it presents a nice middle ground. You get a slightly shorter loan term than the 30-year, leading to faster equity build-up, and your rate isn’t dramatically higher. For some, this balance is perfect.
• The 15-Year Fixed at 5.41%: This is the speedster for building equity. While the monthly payments will be higher than a 30-year loan, you’ll pay significantly less in interest over the life of the loan and own your home free and clear much sooner. Many homeowners I’ve spoken with who are eyeing early retirement or financial freedom consider this the gold standard if they can manage the payment.
• Adjustable-Rate Mortgages (ARMs): The 5/1 ARM at 5.97% and the 7/1 ARM at 6.10% are a reminder that these loans come with a trade-off. Initially, they might offer a lower rate than fixed mortgages, but after the fixed period ends, your rate can adjust up (or down) based on market conditions. Right now, with fixed rates so competitive, ARMs might be less appealing unless you have a very specific plan to move or refinance before the adjustment period.
• VA Loans: I’ve always been impressed by the value these loans bring to our service members. Rates like 5.50% for the 30-year and an outstanding 5.06% for the 15-year are incredibly competitive. It’s a tangible way the government supports those who have served, and it’s a smart financial move for eligible borrowers.

Navigating the Federal Reserve’s Influence and Other Key Factors

Understanding what’s driving these rates is as important as knowing the numbers themselves. One of the biggest players is, of course, the Federal Reserve.

The Federal Reserve “Pause”: As of their January 2026 meeting, the Fed decided to keep the federal funds rate steady in the 3.5%–3.75% range. This followed a series of three rate cuts late last year. However, there’s some debate among policymakers about whether to continue cutting rates in March. The concern is “sticky” inflation, meaning inflation that’s proving harder to bring down than expected. This hesitation by the Fed can lead to a cautious approach from lenders, influencing mortgage rates.

Refinance Opportunity Abounds: It’s no surprise that refinance activity has more than doubled over the past year. When rates dipped towards 6%, many homeowners who purchased between 2023 and 2025 saw a golden opportunity to slash their monthly payments. I’ve heard from clients whose new payments are hundreds of dollars less each month, freeing up significant cash flow. If you’re in this group, it’s worth checking if today’s rates still offer a compelling reason to refinance.

Inventory and Price Pressures: This is a critical point. Even with more favorable rates, the housing market is still constrained by a lack of available homes. Economists are warning that if interest rates continue to fall, it could spark a renewed surge in buyer competition. This intensified demand, coupled with limited supply, could potentially push home prices up again, potentially negating some of the savings gained from lower mortgage rates. It’s a delicate balancing act.

Policy Watch: Government initiatives can also play a role. The current administration is reportedly looking at ways to ease borrowing costs. A specific mention of a potential $200 billion purchase of mortgage-backed securities by Fannie Mae and Freddie Mac is designed to inject liquidity into the market and potentially lower rates further. These are significant policy moves to watch.

What Does This Mean for You?

Let’s translate these market movements into actionable advice for different groups of people:

• For Homebuyers: If you’re looking to make your first purchase or move up, rates still hovering below 6% are a definite advantage. Locking in a long-term fixed product at these levels can provide significant savings and peace of mind. Don’t forget to put your best foot forward with your credit score and down payment, as these can dramatically affect the rate you’re offered.
• For Refinancers: While the rates have ticked up slightly, they are still a far cry from the highs of recent years. If you bought your home between 2023 and 2025, it’s highly probable that refinancing now could lead to noticeable savings. I always advise getting a few quotes to compare.
• For VA Borrowers: You continue to be in a strong position. VA loan rates are consistently among the most competitive. If you’re an eligible veteran or service member, exploring these options is a no-brainer.

Wrapping Up Today’s Rates

On February 21, 2026, the mortgage rate environment remains more than just favorable; it’s an opportunity. The slight uptick in rates isn’t a cause for alarm but a sign of a dynamic market. With the benchmark 30-year fixed rate at 5.86% and specialized options like VA loans offering even lower costs, there are clear advantages for both those looking to buy and those aiming to lower their current payments through refinancing.

Market Outlook: Many experts are calling this period “The Great Housing Reset.” The general consensus is that rates will likely stick around the low-6% to high-5% range for much of 2026. My advice from years of observing these markets is always to shop around thoroughly. The difference in offers between lenders can be substantial, sometimes as much as a full percentage point, depending on your specific financial profile.