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Monitoring the mortgage interest rate climate on a daily basis is an integral part of the homebuying and refinancing processes. But, this March, it was arguably more important than usual.
With multiple items on the calendar with the potential to impact mortgage ratesbuyers and owners hoping to refinance needed to be more strategic than usual. Now, however, following new inflation and unemployment reports and a Federal Reserve meeting this week that kept rate cuts paused, borrowers can feel comfortable researching their options again. In other words, the mortgage interest rates you see listed online today likely already reflect all of this month’s major economic news – though they may also be preemptively accounting for changes ahead this spring.
To better understand the value of acting now, it helps to know precisely where mortgage interest rates stand, as of March 20, 2026. Below, we’ll outline all of the latest numbers borrowers need to know before making their next move.
See how low your current mortgage rate offers are here.
What are today’s mortgage rates?
The average mortgage interest rate on a 30-year mortgage is 6.25% as of March 20, 2026, according to Zillow. That’s up by around a half percentage point from where it sat in Februarywhen the average rate for the same term was just 5.87%. The average mortgage rate on a 15-year term is also up significantly, sitting at 5.75%. That rate was just 5.37% on February 11. So changes here over the past month have not been helpful for borrowers.
Against this backdrop, then, and with market uncertainty more pronounced now, it may be helpful to consider the pros and cons of a mortgage interest rate lock. It may not make sense for every borrower, but for those committed to a home purchase this spring – and who want to protect against any additional rate hikes still to come – it can be a cost-effective step worth taking.
Learn more about your mortgage rate lock options now.
What are today’s mortgage refinance rates?
The average mortgage refinance rate on a 30-year mortgage is 6.78% as of March 20, 2026, according to Zillow. The median refi rate on a 15-year term is now 5.90%. While the 30-year option may not be advantageous for most homeowners now, the 15-year alternative could be, assuming the borrower wants to expedite their payoff timeline (and, potentially, can afford larger monthly payments due to that reduction).
Consider crunching the numbers with both terms, then, to see where you land. And remember that you don’t need to use your current mortgage lender to refinance your loan, nor should you if you can find a better deal elsewhere. Be sure to shop aroundthen, to see what your options look like.
The bottom line
Mortgage interest rates are changing again. The average mortgage interest rate on a 30-year mortgage is now 6.25%, and its 5.87% for a 15-year option, both significantly higher than where they had been in recent weeks. The average mortgage refinance rate on a 30-year mortgage is now 6.78%, and its 5.90% for a 15-year option. So rates here are less competitive than they were, underlining the importance of shopping around to find the best rates and terms possible now. And, when you find those deals, consider locking them in before they have a chance to change in an adverse way again, perhaps even sooner than expected.