Mortgage interest rates could now be low enough to support purchase or refinancing activity from borrowers.
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With the first Federal Reserve meeting since January set to conclude today, homebuyers and owners hoping to refinance will need to contend with both good and bad news. The bad news is that interest rates will remain on pause, with the Fed set to keep its federal funds rate untouched for another month (it hasn't issued a cut since December).
The good news, however, is that mortgage interest rates are still improved from where they were at this time last year, when they hovered near 7%. That said, rates may not remain competitive for much longer, depending on how the market interprets this latest rate pause. As such, a mortgage interest rate lock is increasingly becoming more attractive for borrowers.
To better understand the affordability this moment presents, however, and to narrow down your next steps with the Fed unlikely to offer any immediate relief, it helps to know where the mortgage interest rate climate stands currently. So, what are today's mortgage interest rates, specifically, as of March 18, 2026? That's what we'll examine below.
See how low your current mortgage rate offers are here today.
What are today's mortgage interest rates?
The average mortgage interest rate on a 30-year mortgage is 6.00% as of March 18, 2026, according to Zillow. The average mortgage rate on a 15-year term is now 5.50%. Both are a bit lower than they had been in recent days as a mix of unemployment and inflation data, combined with geopolitical tensions, caused rates to rise slightly.
That said, rates here change daily, and they're driven by a complex combination of factors, of which the Federal Reserve is just a single major one (the 10-year Treasury yield also plays a big role). So, if today's rates fit your budget or come close to it, you may want to consider the benefits of a mortgage rate lock right now and simply look to float it down before closing (or refinance after).
Learn more about your mortgage rate lock options here.
What are today's mortgage refinance rates?
The average mortgage refinance rate on a 30-year mortgage is 6.44% as of March 18, 2026, according to Zillow. The median refi rate on a 15-year term is 5.47%. Both are slightly down from recent rates and could be low enough to support refinancing activity from owners, particularly if either represents a rate that's half a percentage point or a full percentage point lower than their current one.
However, refinancing won't be free, as closing costs will need to be paid on the new loan, as it was with the original one, so borrowers will need to account for those costs in advance. Homeowners should also plan on remaining in the home long enough to recuperate those costs with the new loan savings, or a refinance may not be cost-effective.
The bottom line
The average mortgage interest rate on a 30-year mortgage is 6.00% as of March 18, 2026, and its 5.50% for a 15-year option. The median refinance rate on a 30-year mortgage, meanwhile, is now 6.44%, and its 5.47% for a 15-year loan. With these just being averages cited by one source, however, borrowers are encouraged to shop around to see what other rate options are available now. But don't wait too long to act, either, as a Fed rate pause today has the potential to cause rates to rise again shortly, perhaps even sooner than expected.
Edited by Angelica Leicht
