MortgageCast

As of early March 2026, mortgage rates remain below 6%, offering favorable conditions compared to previous years. The average 30-year fixed mortgage rate is approximately 5.87%, while the 15-year fixed rate stands at around 5.50%, according to data from March 10, 2026. These rates represent a significant decline from a year earlier, when the 30-year average was 6.63% in early March 2025 and 6.88% in March 2024. The decline in rates has created an attractive borrowing environment for homebuyers and those considering refinancing, with qualified borrowers potentially able to secure rates closer to 5%.

For those looking to refinance existing mortgages, refinance rates are slightly higher than purchase rates. The average 30-year refinance rate is 6.40%, while the 15-year refinance rate averages 5.51%. Experts generally recommend refinancing if your current mortgage rate is at least a full percentage point higher than these options, though even a half-percentage-point reduction could be worthwhile after accounting for closing costs. Additionally, borrowers have the option to purchase mortgage points—fees paid to lenders in exchange for lower interest rates—which could reduce rates by up to 1% depending on the lender.

The mortgage rate environment is expected to face important developments in the coming weeks, with a Federal Reserve meeting scheduled for March 17-18 that will address the future of interest rate cuts. Current rates remain below the critical 6% psychological threshold that many borrowers view as a key decision point. Shopping around among different lenders is essential, as quoted rates can vary both higher and lower than these averages depending on individual factors such as credit score, down payment amount, loan type, and fees.