What are today's mortgage interest rates: March 2, 2026?
After a February in which the Federal Reserve didn't hold a meeting, homebuyers and homeowners find themselves looking at the March calendar, wondering about what the central bank could do when it meets again later this month. After all, the Fed cut interest rates three times in the final four months of 2025, leading to more affordable borrowing opportunities both for buyers and owners looking to refinance. And with new data showing declines in unemployment and inflation, the central bank will have plenty to evaluate when it meets again on March 17 and March 18, though the odds of a rate cut at the meeting currently appear low.
That said, mortgage interest rates may already be low enough to justify taking action now. They declined by more than a full percentage point in 2025 , and there are currently multiple ways in which qualified borrowers can secure rates in the 5% range. So, waiting for mortgage rates to decline further may not only be risky, it may not even be needed if today's rates fit your budget and goals.
Before getting started, it helps to know where mortgage interest rates actually stand today, as of March 2, 2026. That's what we'll break down below.
Compare your current mortgage rate options online here.
What are today's mortgage interest rates?
The average mortgage interest rate on a 30-year term is 5.75% as of March 2, 2026, according to Zillow. The average rate on a 15-year term is 5.25%. With these being averages, however, qualified borrowers who shop around can potentially secure a rate that's even lower. And they may find the addition of mortgage points to also be favorable.
Take the time to research and shop for rates, lenders and terms now, then, and look into the addition of mortgage points, which can result in an interest rate half a percentage point to a full percentage point lower than what buyers would otherwise be offered.
See how low your current mortgage rate offers are now.
What are today's mortgage refinance rates?
The average mortgage interest rate on a 30-year term is 6.47% as of March 2, 2026, based on Zillow data. And it's just 5.48% for 15-year loans. These both represent significant savings opportunities, especially for those buyers who purchased a home in the 7% to 8% mortgage rate climate of 2023 and 2024.
Consider calculating your savings opportunities, then, to determine the value of taking action now. But don't forget about closing costs, too, which are often paid upfront or rolled into the overall mortgage loan. Borrowers should also consider the potential for rates to fall further later this year to avoid having to refinance multiple times in a short period of time, thus negating much of the savings otherwise secured with the new, lower rate.
The bottom line
The average mortgage rate on a 30-year mortgage is 5.75%, and it's just 5.25% for a 15-year option. The average mortgage refinance rate on a 30-year mortgage is currently 6.47%, and it's just 5.48% for 15-year terms. In other words, there are plenty of cost-effective options to explore right now, even before the Fed meets again later this month to determine the future of interest rates. Consider speaking with a lender who can review your options with more detail and discuss alternatives, like 20-year mortgage terms, that may not be listed online.
