What are today’s mortgage interest rates: February 25, 2026?

While it may not feel like it weather-wise in large swaths of the country right now, the official start of spring is just weeks away, and with it comes the beginning of the traditional spring homebuying season. This is often the time when buyers enter the market en masse, and sellers list their homes in hopes of securing a top price. When buying in the spring, the hope is that the home can be closed on by summer and be ready for moving in before the fall school season. 

Before all of that can happen, however, buyers looking for a new home need to start at a more fundamental level by reviewing and understanding their mortgage interest rate options. Fortunately, those options are much more affordable than they were a year or two ago. Mortgage interest rates in 2025 declined by around a full percentage point, and currently, there are multiple ways in which buyers can secure a rate under 6% and, potentially, closer to 5% now. 

To better understand your options, then, it helps to know where mortgage interest rates stand right now, as of February 25, 2026. That’s what we’ll detail below.

See how low your current mortgage rate offers are here.

What are today’s mortgage interest rates?

The average mortgage interest rate on a 30-year purchase term is 5.87% as of February 25, 2026, according to Zillow. The average rate on a 15-year mortgage is 5.25%. So the averages here are competitive again for buyers, especially when considering that rates on both terms were at least a full percentage point higher in recent years. 

Take the time, then, to research your options and carefully consider rate offers and terms from at least three different lenders before making a final decision. But don’t just focus on the rate, as closing costs, fees and other expenses can change what seems like a low offer on paper to actually become a cost-prohibitive one.

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What are today’s mortgage refinance rates?

The average mortgage refinance rate on a 30-year term is 6.28% as of February 25, 2026, according to Zillow. The average mortgage refi rate on a 15-year term is now 5.39%. While the latter rate could mean significantly reducing your current mortgage payoff timeline, it could be a worthwhile move to save on the interest. 

Consider both rates and terms, however, to see how much you could save by refinancing into either. And keep in mind that mortgage refinancing also comes with closing costs that you’ll want to recuperate as quickly as possible. If you’re planning on selling the home before you’ve reached that point, a refinance is often not worth pursuing.

The bottom line

The average mortgage interest rate on a 30-year mortgage is 5.87%, and it’s just 5.25% for 15-year options. The median refinance rate on a 30-year term, meanwhile, is now 6.28%, and it’s just 5.39% on 15-year options. With multiple ways in which to secure a rate in the 5% range and the potential to knock that rate down even further by tacking on mortgage points, both buyers and owners may want to reconsider their options now.