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Several recent economic challenges, including the ongoing conflict in Iran, have sent shockwaves through financial markets, and the mortgage rate environment is still sorting through the fallout. The 30-year mortgage rate has held firm above 6% to start the week, even as bond markets have swung sharply in response to mounting trade war concerns. That kind of volatility tends to make lenders cautious, and cautious lenders rarely pass savings along to borrowers — at least not right away.
Still, there’s a nuanced picture forming beneath the headlines. The 15-year mortgage rate has dipped slightly compared to last week, which could make shorter-term loans more attractive for buyers with the budget to handle higher monthly payments. And for homeowners who locked in rates during the peak borrowing costs of 2023, the current refinance landscape — while far from ideal — may be worth a closer look. Here’s where mortgage interest rates stand today, April 7, 2026.
See how low your current mortgage rate offers could be here.
What are today’s mortgage interest rates?
The average mortgage interest rate on a 30-year loan is 6.41% as of April 7, 2026, while the average rate on a 15-year mortgage is 5.93%. While neither figure is likely low enough to excite buyers who’ve been waiting on the sidelines for a more dramatic decline, the spread between the two loan types is notable. Borrowers who can swing the higher monthly payment on a 15-year mortgage loan are now looking at a rate nearly half a percentage point lower, which adds up to significant savings over the life of the loan.
It’s important to note, though, that these are just the averages, and your actual mortgage loan rate will depend heavily on factors like your credit score, down payment, debt-to-income ratio and the lender you choose. As a result, shopping around and comparing offers from multiple lenders before committing is one of the most straightforward ways to make sure you’re getting the best deal available to you.
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What are today’s mortgage refinance rates?
The average refinance rate on a 30-year mortgage is 6.83% as of April 7, 2026, while the average rate on a 15-year refinance is 5.68%. That 15-year mortgage refinance figure has ticked down modestly from last week, which may open a window for some homeowners who have been watching and waiting.
Whether a refinance makes sense, though, depends largely on what you’re currently paying. Homeowners carrying rates at or above 7% — common for buyers who closed in late 2023 or early 2024 — may find that today’s 15-year refinance average represents a genuine opportunity to cut their costs. Those who bought earlier in the decade at historically low rates, however, are unlikely to benefit. If you’re unsure where you stand, calculating your potential monthly savings before contacting a lender is a smart first step.
The bottom line
The average 30-year mortgage rate is 6.41%, and the average 15-year mortgage rate is 5.93% as of April 7, 2026. On the refinance side, the 30-year average stands at 6.83%, while the 15-year average is 5.68%. Market turbulence tied to ongoing trade policy uncertainty continues to cloud the near-term outlook for rates, making it difficult to predict whether conditions will improve in the weeks ahead. For buyers and homeowners weighing their options, the most reliable move right now is to get personalized quotes, compare lenders and make a decision based on your own financial picture rather than waiting for a rate environment that may or may not materialize.