What are today's mortgage interest rates: March 12, 2026?
March began with a series of questions for borrowers, the answers of which had the potential to change the mortgage interest rate climate. Last week, an unemployment report that showed a rise in the rate and a loss of jobs had a mild impact, though rates did tick up slightly in the aftermath. Then, on Wednesday, a new report from the Bureau of Labor Statistics showing inflation stuck at 2.4% left many wondering what that could mean for the Federal Reserve's interest rate policy. The central bank, meanwhile, will meet again next week to determine the future of interest rates, among other items. And while a cut then looks unlikely now, comments made by officials after the meeting can potentially impact mortgage rates, too.
At the same time, mortgage interest rates over the past six months have been more affordable than at any other time in recent years. Many borrowers can find rates under 6% currently, and with a strategic approach (and perhaps the addition of mortgage points), they may even be able to find a rate closer to 5% now. And that's true both for buyers and owners hoping to refinance. To best determine your next steps, it helps to know precisely where mortgage interest rates stand right now. Below, we'll outline the rates you need to know as of March 12, 2026.
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What are today's mortgage interest rates?
The average mortgage interest rate on a 30-year mortgage is 6.00% as of March 12, 2026, according to Zillow. The average mortgage purchase rate on a 15-year term is now 5.50%. With mortgage rates changing each day, however, it can be helpful if borrowers shop around to see how recent economic developments are reverberating. Lenders will respond differently to today's news items.
And shopping around, historically, has been shown to save borrowers up to a full percentage point off their mortgage rate. Consider getting rate quotes from three different lenders, then, to establish a baseline to compare against, and don't forget about closing costs and other fees to best build an apples-to-apples comparison.
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What are today's mortgage refinance rates?
The average mortgage interest rate on a 30-year refinance is 6.53% as of March 12, 2026, according to Zillow. The median refi rate on a 15-year alternative is now 5.60%. While these could be low enough to support taking action now, it's equally important to shop around for mortgage refinance rates as it is for those looking for low purchase rates.
Homeowners don't need to use the lender that currently holds their mortgage loan, nor should they if they can secure a better rate and more competitive terms elsewhere. So, if today's refi rates look close to what you need to support an application, consider shopping around online now – and then go back to your current mortgage lender to see if they can offer you a better deal.
The bottom line
The average mortgage purchase rate on a 30-year term is 6.00% as of March 12, 2026, and it's just 5.50% on a 15-year term. The average mortgage refinance rate on a 30-year term now sits at 6.53%, and it's only 5.60% for 15-year terms. If these look affordable for you now, or close to what you need to help you purchase or refinance, consider reaching out to a lender directly. They can offer advice and help you determine your next best steps. They also may be able to explain alternative options, like 20-year mortgage loans, that aren't always listed online.
