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Monitoring the mortgage interest rate climate for affordable opportunities is an integral part of the homebuying and refinancing processes. And in the first two months of 2026, movement here for borrowers was positive, largely driven by a series of Federal Reserve interest rate cuts in the final months of 2025. At one point in February, the average rate on a 30-year mortgage was comfortably under 6%, around its lowest level since 2022. There were multiple ways, in fact, in which borrowers could lock in rates under 6% earlier this year.
But rates here surged in March thanks to a combination of discouraging inflation and unemployment reports and pronounced geopolitical tensions and overseas conflicts. By the end of the month, mortgage rates were averaging around half a percentage point above where they were in February, and that happened with the Federal Reserve keeping interest rates frozen in the month, the second time they’ve done so this year.
This April, however, there is the potential for rates here to change again, perhaps in a more affordable direction should market conditions improve. And rates are still more affordable than they were in early April 2025 and early April 2024, too. So you may still be able to justify an action now. To better determine your next steps, it helps to first know where mortgage rates stand currently, as of April 2, 2026.
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 6.25% as of April 2, 2026, according to Zillow. The average rate on a 15-year mortgage is 5.75%. While these may feel high compared to what was available at the start of the decade and even less advantageous than they were six weeks ago, approximately, historically, they’re in line with average rates and even a bit lower, depending on the time frame being referenced.
And with some time spent shopping around online, borrowers may be able to find even lower rates. With online marketplaces listing rates, lenders, terms and closing costs all in one place, it’s arguably easier than ever to compare your options, too.
Shop for mortgage rates and lenders online today.
What are today’s mortgage refinance rates?
The average mortgage refinance rate on a 30-year mortgage is 6.81% as of April 2, 2026, according to Zillow. The median refi rate on a 15-year alternative is 5.83%. And while a shorter mortgage term may not seem advantageous on the surface, especially if it temporarily leads to larger monthly mortgage payments, it can still be worth it if the interest savings are robust and you get to the debt-free finish line much sooner.
Calculate your costs, then, with both rates and terms to see what your savings may look like, and don’t discount closing costs, too, which can be up to 5% of the new loan amount, approximately.
The bottom line
The average mortgage interest rate on a 30-year mortgage is 6.25% as of April 2, 2026, and its 5.75% for a 15-year alternative. The average 30-year rate for a refinance is 6.81%, and its 5.83% for a 15-year option. These are just averages from a single source, however, so if these are close to what you need to support a purchase or refinance, it can be worth shopping around now. Don’t discount your 20-year mortgage options, too, which may provide a mix of affordability and a shorter term now.