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It was a rough March for millions of American borrowers. With unemployment rising, hopes of lowering inflation stagnating and yet another interest rate cut pause from the Federal Reserve, there were few signs of interest rate relief in the month. And this was perhaps most acutely felt by homebuyers and owners looking to refinance. After mortgage interest rates fell into the 5% range in February, after slowly but steadily declining for much of 2025, borrowers started March on a cautiously optimistic note. But rates here reversed recent progress and are ending the month in a less advantageous position.
Still, mortgage rates change on a daily basis. There are some ways that they could even fall again this April. At the same time, rates here are still lower than they have been in recent years, and they’re more competitive than where they stood at this point in 2025. In other words, rates here haven’t changed so dramatically as to negate the benefits of homebuying or refinancing. Borrowers just need to familiarize themselves with today’s costs first to better determine the value of taking action now.
So, where do mortgage interest rates sit today, as of March 27, 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 27, 2026, according to Zillow. The median refinance rate on a 15-year mortgage is 5.87%. Both represent significant increases from where rates sat on February 11, for example, when these were 5.87% and 5.37%, respectively.
Considering that this increase took place without the Fed even issuing an interest rate hike this month and with the long-term market outlook highly uncertain right now, borrowers who can afford these rates, even if they’re less than ideal, may want to consider locking one in. They could always float their rate down to a newer one before closing, should a better offer materialize, or even refinance after the purchase has been made. But as recent activity here shows, these rates can and will change again, perhaps sooner than expected. Protecting yourself against that volatility should be a top priority.
Learn more about your current mortgage rate lock options here.
What are today’s mortgage refinance rates?
The average mortgage refinance rate on a 30-year mortgage is 6.86% as of March 27, 2026, according to Zillow. The average mortgage refi rate on a 15-year term moved back into the 5% range overnight and now sits at 5.98%. While these may not represent significant savings opportunities to the majority of homeowners, for some, they can still be cost-effective, especially for those who purchased a home in 2023 and 2024 when mortgage rates sat over 7%.
Take the time, then, to calculate your possible savings. These rates may seem high on paper – and they certainly are not as beneficial as they were in recent months – but if they can meaningfully reduce your current rate and payments, they may still be worth pursuing.
The bottom line
The average mortgage interest rate on a 30-year mortgage is 6.37% as of March 27, 2026, and it’s 5.87% for a 15-year mortgage. The median rate for a 30-year refinance is now 6.86%, and it’s 5.98% for a 15-year alternative. All four rates are less competitive than they had been in recent months, but still materially better than what borrowers were accustomed to receiving in recent years. How these rates work for you, however, will depend on your specific borrower profile and goals. Just don’t dismiss them before first calculating the costs they represent. You may be surprised at what you ultimately discover.
