What are today's mortgage interest rates: April 16, 2026?
Monitoring mortgage interest rates on a daily basis for a timely opportunity is an integral part of the homebuying and refinancing processes. Unfortunately for borrowers, what they've found in recent weeks has been a bit discouraging. Mortgage rates were averaging just 5.75% for 30-year terms as recently as March 2. But they increased significantly in the weeks that followed, driven in part by a series of uneven economic reports and heightened geopolitical tensions and overseas conflicts. At the same time, rates here have steadied a bit in the opening half of April, potentially giving borrowers a chance to lock in a rate before they rise again.
And rates could increase this month, especially considering that there's still a Federal Reserve meeting on the calendar for later in April. While a rate cut in that meeting appears unlikely, comments made post-meeting by Fed officials have the potential to cause rates to tick up yet again. Some lenders may even get ahead of that by raising rates in advance. To better determine if a mortgage rate lock makes sense in this setting, it helps to first know where mortgage rates stand right now, as of April 16, 2026.
See how low your current mortgage rate offers are here.
What are today's mortgage interest rates?
The average mortgage rate for a 30-year term is 6.12% as of April 16, 2026, according to Zillow. The average rate for a 15-year term is 5.50%. These are just averages from a single source, however, so it's worth shopping around online to see if you can find a better rate and term elsewhere. And with online marketplaces listing rates, lenders, terms and conditions all in one easy-to-navigate location, it's arguably easier than ever to find an option that works for you.
That said, lenders don't always list all of their rates and terms online in a clear way, either. So don't hesitate to reach out to banks and lending institutions directly, as they may be able to help and discuss options that aren't on their websites or on the online marketplaces.
Start shopping online for mortgage rates today.
What are today's mortgage refinance rates?
The average mortgage interest rate on a 30-year refinance term is 6.61% as of April 16, 2026, according to Zillow. The median refi rate on a 15-year term is 5.72%. These are just averages, however, and homeowners looking to refinance into a lower rate, shorter term (or both) are encouraged to shop around for rates. You don't automatically need to use the lender that currently holds your mortgage loan, nor should you if you can find better rates and terms with a competitor. You won't know which is offering the best deal, however, until you take the time to truly explore all of your options.
And while mortgage interest points are often thought of as something buyers can leverage to secure a below-average rate, this fee can also be paid by owners hoping for a lower refinance rate. So, be sure to ask about your mortgage point options when researching your options, as the advantage secured by tacking them on could be the difference between refinancing now or waiting for a better rate in the future.
The bottom line
The average mortgage rate for a 30-year mortgage is 6.12%, and it is 5.50% for a 15-year option as of April 16, 2026. The median refinance rate for a 30-year term, meanwhile, is now 6.61%, and it is 5.72% for a 15-year alternative. If these are higher than your budget can allow, but only marginally so, don't get discouraged. By shopping around for lenders, both online and in-person, you may still be able to find a rate low enough to support taking action. But don't wait too long to act either, as today's economic conditions are uncertain and rates could easily rise again, perhaps when borrowers aren't even expecting them to.
