BREAKING: Mortgage Rates Drop Below 6% in February 2026 | Lock NOW
BREAKING NEWS February 1, 2026: Mortgage rates dropped to 5.95% (30-year fixed) after Fed cut rates 0.25% yesterday. First time below 6% since August 2023! Refinance boom expected. 7.5% → 5.95% = save $450/month on $300K loan. Experts predict rates stay low 3-6 months before rising. Lock your rate NOW. Related: When to refinance guide.
🚨 The Breaking News (February 1, 2026):
30-Year Fixed: 5.95% (down from 6.45% last week)
15-Year Fixed: 5.25% (down from 5.75%)
5/1 ARM: 5.50% (down from 6.00%)
Cause: Fed cut rates 0.25% on January 31, 2026
⏰ URGENT: Lock rates NOW. Experts predict 3-6 month window before rates rise again!
What Just Happened? (Fed Rate Cut Explained)
Timeline of Events:
💰 Real Savings Example:
Scenario: $300K mortgage, 30 years
Old Rate (7.5%): $2,098/month
New Rate (5.95%): $1,782/month
Monthly Savings: $316/month
Annual Savings: $3,792/year
30-Year Savings: $113,760!
🎯 Lock Your 5.95% Rate NOW!
Rates this low won't last! Get quotes from top lenders TODAY!
Lock 5.95% Rate Free →Free quotes • No obligation • Lock in 24 hours
Should You Refinance NOW? (Decision Tree)
✅ REFINANCE NOW if:
DO IT!- Current rate 6.70%+ (0.75% rule = worth it)
- Staying 3+ years (breakeven typically 2-3 years)
- Good credit 680+ (qualify for best rates)
- 20%+ equity (no PMI)
- Stable income (easy approval)
💡 Example: 7.5% → 5.95% on $300K = save $113K over 30 years!
⚠️ WAIT if:
HOLD- Current rate 6.20% or lower (not enough savings)
- Selling in <2 years (won't reach breakeven)
- Credit score <640 (won't qualify for 5.95%)
- Recent refinance (within 12 months)
❌ DON'T REFINANCE if:
NO- Current rate 5.50% or lower (you already have great rate!)
- Selling in <1 year (waste of money)
- Low equity <10% (will need PMI)
- Recent bankruptcy/foreclosure (won't qualify)
Expert Predictions: How Long Will Rates Stay Low?
📊 Expert Consensus (February 2026):
Optimistic View (30% of experts):
Rates stay 5.75%-6.25% through June 2026. Fed cuts another 0.25% in March. Refinance boom continues.
Moderate View (50% of experts):
Rates stay 5.95%-6.45% for 3-4 months, then rise to 6.50% by summer. 3-month window to refinance.
Pessimistic View (20% of experts):
Rates rise back to 6.50%+ by April 2026. Inflation concerns force Fed to pause cuts. Lock NOW or miss opportunity.
⚠️ CONSENSUS: 3-6 month window before rates rise again. Lock NOW!
⏰ Don't Miss This Opportunity!
5.95% rates won't last! Lock your rate in 24 hours!
Get Free Rate Quotes →Free quotes • No obligation • Compare top lenders
How to Lock Your Rate (Step-by-Step)
Step 1: Get 3-5 Quotes TODAY (1 hour)
Apply with multiple lenders within 14 days (counts as ONE credit inquiry). Compare rates, fees, closing costs. Get instant quotes.
Step 2: Choose Best Lender (30 minutes)
Compare: (1) Interest rate, (2) Closing costs, (3) Lender fees, (4) Lock period (30-60 days). Choose lowest total cost.
Step 3: Lock Your Rate (24 hours)
Submit application, provide documents (tax returns, pay stubs, bank statements). Lender locks rate for 30-60 days. You're protected from rate increases!
Step 4: Close in 30-45 Days 🎉
Complete appraisal, underwriting, final approval. Close on new loan. Start saving $316/month immediately!