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Mortgage interest rates in March surged by more than half a percentage point, on average, even with the Federal Reserve electing to keep its rate policy unchanged in the month. But with a series of disappointing economic reports in the month and heightened geopolitical tensions and overseas conflicts, mortgage rates spiked anyway. Case in point: The median mortgage interest rate for a 30-year mortgage was 5.75% on March 2 and 5.25% for a 15-year option. By March 31however, those same rates were 6.37% and 5.75%, respectively. And they didn’t start April in a very different position.
That said, perhaps in response to adapting overseas conflicts and record stock market returnsthe mortgage rate climate is changing again, this time in an encouraging way for borrowers. The average mortgage interest rate on a 30-year term dropped back under 6% on Monday while 15-year options held steady, comfortably below the 5.75% average they sat at at the end of March. And these changes could be a sign that additional rate improvements are ahead. At the same time, locking in an affordable rate now can protect borrowers from any volatility still to come.
To better determine the next steps, it helps borrowers to know where mortgage interest rates stand now, as of April 21, 2026. That’s what we’ll break down below.
See how low your current mortgage rate options are here.
What are today’s mortgage interest rates?
The average mortgage interest rate on a 30-year term is 5.99% as of April 21, 2026, according to Zillow. The average mortgage rate on a 15-year term is 5.50%. These are averages from one source, however, and borrowers may be able to find better rates and terms by shopping around for a mortgage. That said, they won’t qualify for anything lower if their credit score still needs improving or if they have an uneven credit history. Consider starting your search for a low mortgage interest rate, not with mortgage lenders, but by pulling your credit report to see what lenders will see when you ultimately apply for a loan. And, if your score needs a boost, consider working on that first.
Learn more about your current mortgage options online today.
What are today’s mortgage refinance rates?
The average mortgage interest rate on a 30-year refinance term is 6.52% as of April 21, 2026, according to Zillow. The median refi rate on a 15-year term is 5.60%. These are just averages, however, and homeowners are encouraged to shop around for rates with multiple providers besides just the one that currently services their mortgage loan. Once a rate is found that fits their budget homeowners can then return to their current lender to see if they can offer a better deal. That said, don’t just look for rates when refinancing as closing costs, mortgage points and other fees could easily negate some of the savings you’d otherwise assume you’d be getting with the new, lower rate.
The bottom line
The average mortgage interest rate on a 30-year mortgage is 5.99% as of April 21, 2026 and it is 5.50% for a 15-year term. The median refinance rate for a 30-year mortgage is now 6.52% while it is 5.60% for a 15-year option. These are improvements from what borrowers were offered last month and, while not nearly as low as what borrowers were offered at the start of the decade, are still in line with historic averages. In other words, if these rates work for you now or are close to what you need, consider researching your options again. But make sure that you’ve boosted your credit profile before acting to ensure that you can ultimately qualify for a low rate when you locate it.