What are today’s mortgage interest rates: March 3, 2026?

News at the end of February that FreddieMac now had average mortgage interest rates listed under 6% may have been surprising to some borrowers, but for others, it wasn’t all that shocking. Mortgage interest rates, depending on the lender, have already been under 6% for multiple weeks. And, right now, qualified borrowers may even be able to secure one closer to 5%. Still, the psychological impact of seeing a sub-6% mortgage rate listed by FreddieMac can’t be understated, especially following the volatility in the space in recent years.

After hovering near record lows at the beginning of the decade, mortgage rates surged to their highest level since 2000 in 2023, encouraged largely by elevated inflation and Federal Reserve interest rate hikes. But mortgage rates declined again in 2024 and 2025 as the Fed started cutting rates again, and at the start of 2026, there are now once again competitive options worth exploring, both for buyers and owners hoping to refinance their existing loan. 

So, what are today’s mortgage interest rates as of March 3, 2026? That’s what we’ll outline 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 mortgage is 5.87% as of March 3, 2026, according to Zillow. The average rate for a 15-year purchase term is now 5.37%. That’s around where rates have been sitting in recent weeks, as there was no Federal Reserve meeting in February, and other data points, like unemployment and inflation, did little to cause rates to rise or fall. 

Still, these are just averages, and qualified borrowers may be able to find slightly improved options by shopping around and comparing rates and lenders online right now. But with another Fed meeting on the calendar for later this month that could impact the rate climate, it makes sense to start this process sooner rather than later.

Shop for mortgage rates and lenders online today.

What are today’s mortgage refinance rates?

The average mortgage refinance rate on a 30-year loan is 6.44% as of March 3, 2026, according to Zillow. The median refi rate on a 15-year term is now 5.50%. That said, some lenders may also provide options for homeowners interested in refinancing into a 20-year mortgage. This could provide an attractive combination of a lower rate and quicker payoff timeline without having to contend with much larger monthly payments as they would if they chose the 15-year option.

The bottom line

The average mortgage interest rate on a 30-year mortgage is 5.87% as of March 3, 2026, and it’s 5.37% for 15-year options. The median refinance rate on a 30-year term, meanwhile, is now 6.44%, and it’s 5.50% for 15-year alternatives. So there are plenty of improved, affordable mortgage rate options worth considering right now. And with the potential addition of mortgage points, borrowers may find that today’s rates are once again low enough to support a purchase or refinance application. Consider speaking with a lender directly who can answer any questions you may have and help you determine your next best steps.