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If you were a borrower considering a home purchase or refinance in 2026, you could be forgiven for starting the year on an optimistic note. The Federal Reserve had just issued three consecutive interest rate cuts in the final four months of the year. And mortgage interest rates responded positively, declining to their lowest level since 2022. Following a similar round of rate cuts at the end of 2024, then, and with inflation markedly lower than it had been recently, it looked like additional rate cuts and, thus, lower mortgage interest rates were on the horizon for 2026, too.
But that hasn’t exactly been the case. Sure, mortgage interest rates hovered below 6% in the first two months of the year and, with a little timing and strategy, borrowers could have even secured a rate closer to 5%. However, the Federal Reserve has kept interest rates on pause so far in 2026 (and is expected to do so when it meets again next week). And recent inflation and unemployment data releases have done little to encourage additional downward movement.
At the same time, rates here could be low enough to justify taking action, even if they’re not ideal. And facing today’s economic headwinds, some borrowers may even feel compelled to lock in a rate to circumvent any upticks in the weeks and months ahead. Before getting started, however, it helps to know where mortgage interest rates actually stand currently, as of March 13, 2026. That’s what we’ll outline below.
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What are today’s mortgage interest rates?
The average mortgage interest rate on a 30-year term is 6.12% as of March 13, 2026, according to Zillow. The average rate on a 15-year purchase is 5.75%. These are just averages, however, so buyers should be careful not to read too much into these listings. Instead, considering all of the evolving economic items that can impact mortgage rates and, thus, lead to different interpretations by lenders, it can help to shop around to compare your offers.
With online marketplaces making it easier than ever to compare rates, lenders, fees and terms all in one easy-to-digest location, establishing a baseline is quick right now. But don’t be afraid to pick up the phone, either, as lenders may be able to offer better rates and terms than what they just have listed on their website.
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What are today’s mortgage refinance rates?
The average mortgage refinance rate on a 30-year term is 6.67% as of March 13, 2026, according to Zillow. The median refi rate on a 15-year term now sits at 5.73%. But these don’t have to be the only options you consider. Some lenders may allow current homeowners to refinance into a 20-year mortgage, too. And that can potentially offer the dual benefits of a lower mortgage rate and an expedited payoff timeline that many current homeowners are looking for.
With the potential to also add mortgage interest points to your rates, it’s important to take a broad approach to your options. While these averages may not be low enough, alternative 20-year options or the addition of mortgage points may ultimately help get you to a level that fits your budget.
The bottom line
The average mortgage interest rate on a 30-year mortgage is 6.12% as of March 13, 2026, and it is 5.75% for a 15-year option. The median refinance rate on a 30-year term, meanwhile, is 6.67% while it’s only 5.73% for 15-year alternatives. So, yes, mortgage rates may not be quite where borrowers expected to be at this point in 2026. But with some time spent shopping around for lenders and with due diligence paid in exploring mortgage points and 20-year alternatives, borrowers may still ultimately be able to find a rate and term that fits their budget now – and they can lock it in before any upcoming volatility prices them out completely.