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With the official start of spring just around a month away and, with it, arguably the most popular time of the year to buy a home, borrowers may want to start considering their mortgage rate options now. With rates here considerably lower than they were one year ago, they may be pleasantly surprised by what’s already available. At the same time, waiting for rates to fall further could be risky. Not only is there no guarantee that rates will decline again, but even if they do, a cooler rate climate could complicate the homebuying process, possibly leading to increased competition and higher home prices. Locking in a rate now, however, could circumvent this increasingly likely scenario.
But it’s not just buyers who may want to take action now, as refinance rates are considerably lower than they have been in recent years, opening up new opportunities for current owners saddled with high rates. In fact, right now, whether you’re a buyer or owner, you may be able to find a rate closer to 5%. You’ll need to know where to look, however, and you’ll need to have a baseline to compare against to best determine affordability. That starts with knowing what today’s mortgage interest rates are, exactly, as of February 19, 2026. That’s what we’ll detail below.
See how low a mortgage rate you could qualify for here.
What are today’s mortgage interest rates?
The average mortgage interest rate for a 30-year loan is 5.87% as of February 19, 2026, according to Zillow. The median mortgage purchase rate on a 15-year alternative is now 5.25%. With both averages under 6%, then, buyers may feel encouraged to start shopping around for rates and lenders.
Establish a baseline by securing rates from at least three lenders, but don’t be overly focused on rates, either, as fees, closing costs and other lender requirements can offset some of the benefits otherwise secured with a low rate. Consider speaking with a lender, too, who can answer any questions you may have and review rates and terms that may not be listed online.
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What are today’s mortgage refinance rates?
The average mortgage refinance rate on a 30-year loan is 6.33% as of February 19, 2026, according to Zillow data. The median refi rate on a 15-year term is currently 5.58%. While the 15-year option comes with a much lower rate, it will likely mean larger monthly payments thanks to the condensed payoff timeline.
But it doesn’t necessarily have to mean larger monthly payments, either, as this will be determined by your current mortgage balance. So take the time to calculate your costs with both rates and terms, and don’t forget to account for mortgage refinancing closing costs, which can typically be rolled into your new loan or paid upfront.
The bottom line
The average mortgage interest rate on a 30-year purchase sits at 5.87% as of February 29, 2026, and it’s just 5.25% for a 15-year alternative. The median refinance rate on a 30-year loan, meanwhile, is now 6.33% and only 5.58% for 15-year terms. So there are plenty of ways to secure a rate closer to 5% now. Look around to see what rate you may qualify for. With online marketplace websites listing rates, terms, lenders and more all in one location, it’s arguably easier than ever to get started now.
