Mortgage and refinance rates as of March 4, 2026: Increasing, yet remain under 6%

Mortgage Rates Continue to Climb

Mortgage rates are on the rise, largely due to increased selling activity in the bond market. According to recent data from the Zillow lender marketplace, the average 30-year fixed mortgage rate has increased by 12 basis points since Monday, now standing at 5.92%. Meanwhile, the 15-year fixed rate has also gone up by 11 basis points, reaching 5.50% during the same period.

Ongoing conflict in the Middle East has unsettled financial markets, causing the 10-year Treasury yield to climb on Tuesday, though not as sharply as the previous day’s surge.

Current Mortgage Rates

Based on the latest figures from Zillow, here are today’s average mortgage rates:

• 30-year fixed: 5.92%
• 20-year fixed: 6.05%
• 15-year fixed: 5.50%
• 5/1 ARM: 5.91%
• 7/1 ARM: 5.58%
• 30-year VA: 5.53%
• 15-year VA: 5.24%
• 5/1 VA: 5.33%

These rates represent national averages and are rounded to two decimal places for clarity.

Today's Mortgage Refinance Rates

Here are the latest refinance rates, according to Zillow:

• 30-year fixed: 6.06%
• 20-year fixed: 6.04%
• 15-year fixed: 5.57%
• 5/1 ARM: 5.95%
• 7/1 ARM: 6.13%
• 30-year VA: 5.61%
• 15-year VA: 5.30%
• 5/1 VA: 4.81%

These figures are also national averages, rounded to the nearest hundredth. Typically, refinance rates are higher than purchase rates, though this is not always the case.

Try Our Mortgage Calculator

Use the calculator below to estimate how different interest rates and loan amounts could impact your monthly mortgage payments. You can also see how the length of your loan term affects your payment.

30-Year Fixed Mortgage: Pros and Cons

Opting for a 30-year fixed-rate mortgage offers two main benefits: lower monthly payments and payment stability. Because the loan is repaid over a longer period, your monthly obligation is reduced compared to shorter-term loans. Additionally, your interest rate remains constant, so your payments won’t fluctuate year to year, except for possible changes in homeowners insurance or property taxes.

However, the downside is that you’ll pay more in interest over the life of the loan, both because of the higher rate and the extended repayment period.

15-Year Fixed Mortgage: Advantages and Disadvantages

The benefits and drawbacks of a 15-year fixed mortgage are essentially the reverse of the 30-year option. While your monthly payments remain predictable, the shorter term means you’ll enjoy a lower interest rate and pay off your mortgage much sooner—potentially saving you a significant amount in interest over time.

On the other hand, because you’re repaying the loan in half the time, your monthly payments will be higher than with a 30-year mortgage.

Adjustable-Rate Mortgages (ARMs)

Adjustable-rate mortgages (ARMs) offer a fixed interest rate for an initial period, after which the rate adjusts periodically. For instance, a 5/1 ARM keeps the same rate for the first five years, then adjusts annually for the remainder of the loan.

The main appeal of ARMs is the typically lower introductory rate compared to 30-year fixed loans, resulting in lower initial monthly payments. (However, current averages show fixed rates are actually lower, so it’s wise to consult your lender before choosing.)

One risk with ARMs is uncertainty: after the introductory period, your rate—and therefore your payment—could rise, making budgeting more difficult.

If you expect to move before the initial fixed-rate period ends, you might benefit from the lower starting rate without facing future increases.

Frequently Asked Questions About Today’s Mortgage Rates

What is the current 30-year mortgage rate?

According to the Zillow lender marketplace, the average 30-year fixed mortgage rate nationwide is 5.92%. However, rates can differ by location. For example, mortgage rates vary from state to state, and buyers in high-cost cities may encounter higher rates.

Are mortgage rates going down?

Mortgage rates have been trending downward for several reasons. However, recent volatility in the stock and bond markets—partly due to the US-Israel conflict with Iran—has caused rates to fluctuate.

How can I secure the lowest refinance rate?

Getting a favorable refinance rate is much like obtaining a good rate when you first buy a home. Work on improving your credit score and reducing your debt-to-income ratio (DTI). Choosing a shorter loan term can also help you qualify for a lower rate, though your monthly payments will be higher as a result.