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Borrowers who entered March hopeful that mortgage interest rates would continue to decline unimpeded encountered a discouraging climate. Unemployment rose, inflation progress stalled and the Federal Reserve kept interest rates on hold (again). Combined with uncertainty surrounding geopolitical tensions, mortgage rates increased by around half a percentage point in the month, sidelining the plans of many buyers and owners hoping to refinance this spring.
The good news, however, is that March is almost over. And there are some ways in which mortgage interest rates could even drop in April, albeit in a measured way. Still, mortgage interest rates remain competitive and markedly improved from where they were at this point in 2025 and 2024. With the addition of mortgage interest points and by diligently shopping around for rates and lenders, borrowers may still be able to find a rate that fits their budget now. To best understand which offers are most affordable, however, it’s first critical to understand where mortgage interest rates stand now, as of March 31, 2026. That’s what we’ll detail below.
See how low your current mortgage rate offers are here.
What are today’s mortgage interest rates?
The average mortgage interest rate on a 30-year mortgage is 6.37% as of March 31, 2026, according to Zillow. The average rate on a 15-year purchase term is now 5.75%. That said, shopping for mortgage rates has been shown to potentially result in a lower rate than what’s typically listed online and now is no exception. And before a new round of data is released in April (the next unemployment report will be released on Friday), borrowers can spend the next few days shopping around without having to be overly concerned about new data points that can skew rates here in either direction. Just don’t wait too long to act, either, and strongly consider the benefits of a mortgage rate lock to protect against any rate hikes that may materialize this spring or summer.
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What are today’s mortgage refinance rates?
The average mortgage interest rate on a 30-year refinance is 6.72% as of March 31, 2026, according to Zillow. The average rate on a 15-year refinance is now 5.72%. These rates, like purchase rates, have not been immune from volatile economic conditions in March. But they could still represent significant savings for some homeowners, depending on what their current rate is. It’s important, then, to avoid dismissing these options without first crunching the numbers to see what kind of financial relief they may offer. And with the long-term mortgage interest rate trajectory highly uncertain now, these could be worth locking in versus waiting for rates here to improve at an unknown date in the future.
The bottom line
Affordable mortgage rate options for buyers and owners were scarce in March, thanks to a variety of factors that caused them to increase significantly, even minus a Fed rate hike in the month. The good news is that mortgage rates change on a daily basis and the same factors that drove them up in March could bring them back down in April, should market conditions improve, even modestly. Take a closer look at your current options, then, to establish a baseline to compare against and consider speaking with lenders directly as they may be able to discuss rates, terms and offers that aren’t always clearly listed on their websites.