Mortgage interest rates may now be low enough to support a purchase or refinance action from borrowers.
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Following a February in which mortgage interest rates stayed relatively static, borrowers may want to pay a bit more attention this March. A new unemployment report released this week could indirectly impact rates, as could the next inflation reading, scheduled for release on March 11. Both of those precede the Federal Reserve's next meeting on March 17 and March 18, in which the future of interest rates will be at the top of the agenda. So while rates are relatively steady at this point in the month, that could easily change by this time in April.
At the same time, average mortgage interest rates could already be affordable enough for borrowers to support taking action now. There are multiple rate options under 6% currently, and with a strategic, informed approach, borrowers may even be able to secure a rate closer to 5%. To best decide on your next steps, it helps to know where mortgage interest rates stand right now, as of March 4, 2026. Below, we'll detail all the latest numbers to know.
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 term is 5.87% as of March 4, 2026, according to Zillow. The average rate on a 15-year term is now 5.37%. Both remained similar to what they have been in recent days, as many lenders appear to be in a holding pattern pending the aforementioned economic datapoints.
Still, these are only averages, and qualified borrowers with good credit scores may be able to secure rates that are even lower. It may also be worth locking one of today's rates now, if affordable, to circumvent any volatility in this space before closing. Buyers will often be able to float down their rate prior to closing (for a fee), or they could consider refinancing after the home has been purchased.
Learn more about your current mortgage options here.
What are today's mortgage refinance rates?
The average mortgage refinance rate on a 30-year term is 6.40% as of March 4, 2026, according to Zillow. The average refi rate on a 15-year term is 5.58%. So there are viable ways for existing homeowners to secure interest rate relief right now. And that's especially true if they shop around for lenders.
Homeowners are not obligated to refinance their mortgage with their existing lender, nor should they if they can find a better rate and term elsewhere. Take the time, then, to carefully consider all of your rate options to better determine if a refinance fits your budget and needs now.
The bottom line
The average mortgage interest rate on a 30-year mortgage is 5.87% as of March 4, 2026, and it's just 5.37% for a 15-year loan. The median refinance rate on a 30-year term, meanwhile, is now 6.40%, and it's 5.58% for 15-year options. Spend some time shopping around online, then, to see if today's rates work for you. And consider exploring adjustable-rate mortgages and the addition of mortgage points, too, both of which can lead to lower rates and improved savings for borrowers.
Edited by Angelica Leicht
