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Hunting for a low mortgage interest rate in the economic climate of 2023 and 2024 was often a quick – and fruitless – process. With mortgage interest rates in the summer of 2023 hitting their highest point since 2000, there were essentially no affordable ways to buy a home or refinance an existing one. And that reality was especially stark considering that mortgage interest rates had hovered around record lows just a few years earlier, during the pandemic era of record-low interest rates.
But homebuyers and owners hoping to refinance in early 2026 have reason for cautious optimism. Mortgage interest rates declined considerably last year, thanks in large part to the Federal Reserve’s rate-cutting campaign. And rates could fall even further later this year if that resumes, as many anticipate now that inflation is on the decline again. At the same time, offers here may already be competitive enough to entice borrowers back to the interest rate hunt.
So, what are today’s mortgage interest rates, specifically, as of February 26, 2026? That’s what we’ll outline below.
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What are today’s mortgage interest rates?
The average mortgage interest rate for a 30-year mortgage term is 5.87% as of February 26, 2026, according to Zillow. The median mortgage interest rate on a 15-year term is 5.37% now. For context, these rates were 6.76% and 5.94%, respectively, at this same point in 2025, according to historical data from FreddieMac. So there are considerable differences that favor buyers right now.
And if these buyers take some time to shop around to compare rates and lenders online now, they may be able to find an even lower rate worth locking in. Just be sure to ask about any mortgage rate float-down options the lender offers so that you’re positioned to secure a lower rate should it materialize before you ultimately close on the loan.
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What are today’s mortgage refinance rates?
The average mortgage refinance rate for a 30-year term is 6.59% as of February 26, 2026, according to Zillow. The median refi rate for a 15-year alternative is 5.60%. While these rates can represent real savings for owners, particularly those who purchased a home in 2023 and 2024, your long-term homeownership plans must be set before acting.
Since mortgage refinancing will require the payment of closing costs, homeowners should only act if they’re planning on remaining in the home long enough to recuperate those expenses (frequently paid upfront or rolled into the mortgage loan). If you’re planning to refinance just to temporarily lower costs before selling in the short-term, a refinance may not be the best option to explore.
The bottom line
The average mortgage interest rate for a 30-year mortgage is 5.87% as of February 26, 2026, and it’s just 5.37% for a 15-year option. The median mortgage refinance rate for a 30-year mortgage, meanwhile, is 6.59% and only 5.60% for 15-year terms. Consider speaking with a mortgage lender, then, who can answer your questions and better help you determine your next steps. They may also be able to show you alternative options and rates (like those for 20-year terms) that you may not have otherwise seen listed on online marketplaces or on lender websites.
