Mortgage interest rates have risen in recent weeks, but can still be affordable for some buyers now.
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For the first time since January, the Federal Reserve will meet this week to discuss, among other items, the future of interest rate policy. After reducing its benchmark interest rate three times in the final four months of 2025, the central bank kept interest rates paused in January. And it's widely expected to maintain that stance this week, as geopolitical tensions remain elevated and recent inflation and unemployment reports showed more work to be done.
Another rate pause, then, is unlikely to help homebuyers and owners looking to refinance. So, for many, it could actually be worth locking in a rate now to protect against any potential rate increases in the weeks and months ahead. Rates could always be "floated down" before closing or refinanced after. But today's rates may not last much longer, especially if Fed officials post-meeting indicate an extended pause in interest rate hikes.
To better decide on your next steps, it helps to know where mortgage interest rates stand as of March 16, 2026. That's what we'll outline below.
See how low your current mortgage rate offers are here.
What are today's mortgage interest rates?
The average mortgage interest rate for a 30-year term is 6.12% as of March 16, 2026, based on Zillow data. The average mortgage rate on a 15-year term is now 5.62%. Both rates are up from earlier in 2026, indicating some market uncertainty among lenders right now. At the same time, rates are still higher than they were at this point in 2025, though the differential has narrowed compared to January, for example.
In other words, if today's purchase rates fit your budget, then they may be worth locking in right now. After this week's Fed meeting, rates may rise again, but if you act now, you'll lock in a better, more affordable rate and give yourself more options.
Learn more about your mortgage rate lock options now.
What are today's mortgage refinance rates?
The average mortgage refinance rate on a 30-year term is 6.73%, as of March 16, 2026, according to Zillow. The median refi rate on a 15-year term is now 6.38%, up from the 5% range it has consistently sat in during the first two months of 2026. Carefully consider your refinance options now, then, before getting started.
While some owners may benefit from a rate that's half a percentage point lower than their current rate, the advice to wait for a rate that's a full percentage point lower still stands, especially in today's uncertain climate. Don't forget about mortgage refinancing closing costs, which can eat into your savings if today's rate isn't as low as you need it to be.
The bottom line
The average mortgage interest rate for a 30-year term is now 6.12%, and for a 15-year term it's 5.62%. The median refinance rate on a 30-year term is currently 6.73%, and it's up to 6.38% for a 15-year option. These are just averages from one source, so it's still worth shopping around to see if you can find better rates and terms elsewhere. And in today's economy, most would recommend getting rate quotes from at least three lenders to accurately assess affordability in the current interest rate climate.
Edited by Angelica Leicht
