Mortgage Rates Update: February 5th, 2026
- Bill Knudson
- 15 minutes ago
- 1 min read
As we move into early February, the mortgage market continues to display a high degree of technical resistance. For the week ending February 5, 2026, the 30-year fixed mortgage rate rose by 1 basis point to 6.11 percent. This marginal increase occurred even as the benchmark 10 Year Treasury rate fell by 3 basis points to 4.21 percent.
In my professional assessment, the divergence between primary and secondary market yields is the primary story this week. When mortgage rates rise despite falling Treasury yields, the market spread must expand. Indeed, we saw the spread increase by 4 basis points to reach 190. This movement indicates that lenders are slightly increasing their risk premium buffers.
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Key Developments
Key market metrics as of 2/5/2026 are:
The 30 Year Fixed Mortgage Rate is 6.11 percent.
The 10 Year T Note Rate is 4.21 percent.
The Current Spread is 190 basis points.
The Safety Cushion above the historical average is 22 basis points.
For a 100,000 dollar loan, the monthly payment rose by $1 to $607. While the spread remains 22 basis points above the long-term norm of 168, the underlying stability suggests a market still searching for a definitive floor.