Mortgage Rates Update: January 29th, 2026
- Bill Knudson
- 3 days ago
- 1 min read
The final week of January 2026 brought a slight shift in the mortgage landscape, characterized by a minor decoupling between primary rates and benchmark yields. For the week ending January 29, 2026, the 30-year fixed mortgage rate edged up by 1 basis point to settle at 6.10 percent. This incremental rise occurred despite a 2 basis point decline in the 10 Year Treasury rate, which fell to 4.24 percent.
As an experienced economist, I look closely at these diverging movements. When mortgage rates rise while Treasury yields fall, it signals a widening of the market spread. This week, the spread increased by 3 basis points, indicating that the risk premium required by investors has expanded slightly after several weeks of compression.
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Key Developments
Key market metrics as of 1/29/2026 are:
The 30 Year Fixed Mortgage Rate is 6.10 percent.
The 10 Year T Note Rate is 4.24 percent.
The Current Spread is 186 basis points.
The Safety Cushion above the historical average is 18 basis points.
The spread now sits 18 basis points above the long-term historical norm of 168 basis points. For consumers, the monthly payment on a 100,000 dollar loan increased by 1 dollar to 606 dollars. While the market remains relatively stable, this minor widening of the spread reminds us that the path back to historical pricing efficiency can often be nonlinear.
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