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News this month that the Federal Reserve would continue keeping interest rate cuts paused wasn’t surprising, but it was certainly unwelcome for millions of borrowers, homebuyers and owners looking to refinance, especially. Mortgage interest rates last year had declined to their lowest level since 2022thanks to an extended Fed rate cut campaign in the final four months of 2025. And mortgage interest rates started 2026, on average, around a full percentage point lower than where they were at the same point a year earlier.
But developments this March have caused rates to rise again. A rise in unemploymentstagnating progress toward lowering inflation and the Fed’s rate hold have all caused rates to rise from where they sat in February. And that will complicate the traditional spring homebuying seasonespecially for those looking to purchase a home for $600,000, a common price in many parts of the country right now. At the same time, rates here may still be low enough to justify taking action, particularly when compared to what was available in recent years.
To better understand your next steps, it helps to know how much a $600,000 mortgage will cost monthly now, calculated using today’s rates. That’s what we’ll break down below.
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Here’s what a $600,000 mortgage costs monthly at today’s rates
The average mortgage interest rate on a 30-year mortgage is currently 6.37%, and it’s 5.87% for a 15-year term. Here’s what the monthly payments would be for each using those rates, not accounting for taxes, home insurance or private mortgage insurance (PMI):
- $600,000 30-year mortgage at 6.37%: $3,741.26 per month
- $600,000 15-year mortgage at 5.87%: $5,021.10 per month
For context, here’s what payments would have cost just in mid-February, when rates were 5.87% for a 30-year mortgage and 5.37% for 15-year terms:
- $600,000 30-year mortgage at 5.87%: $3,547.31 per month
- $600,000 15-year mortgage at 5.37%: $4,861.21 per month
So payments on a mortgage loan of this size have gone up around $195 monthly for 30-year terms and around $160 for 15-year terms. And that occurred with the Fed keeping interest rates on hold. Should that pause be extended much further, or if the possibility of an interest rate hike comes into play, these rates and costs can potentially rise again. Borrowers, then, will need to weigh the pros and cons of taking action now versus the costs of waiting for a better rate to materialize.
Learn more about your current mortgage options now.
Is a mortgage rate lock worth it now?
In today’s economy, a mortgage interest rate lock is increasingly becoming more attractive. By locking in a mortgage rate now, buyers can circumvent any changes that can cause rates to spike again. If rates somehow decline prior to closing on the loan, though, many lenders will allow buyers to float their current rate down to the newer one for a fee.
And, if they don’t, buyers can always explore their refinancing options in the future, once rates stabilize. Waiting for the perfect rate now, however, is generally a mistake worth avoiding, and it could result in you being priced out of the homebuying market for the foreseeable future.
The bottom line
A $600,000 mortgage costs between $3,741 and $5,021 per month right now, considerably more than it did just a few weeks ago. And those costs are likely to rise further this spring and summer, should current market conditions not improve or worsen. Against this backdrop, then, buyers who can afford to take action with today’s rates, even if they’re less than ideal, should consider doing so. Waiting may not only mean losing out on your dream homebut it could mean delaying homeownership for much longer than anticipated.