Compare current mortgage rates for today

Mortgage rates jump to 2026 highs, as the Fed holds interest rates steady 

The average 30-year mortgage rate climbed to 6.27% this week, its highest level this year, according to Bankrate's national survey of lenders. Meanwhile, the Federal Reserve decided on Wednesday to keep its benchmark interest rate unchanged for the second meeting in a row.

While the Fed doesn’t directly impact mortgage rates, the market has been navigating a wave of uncertainty that has pushed rates higher in recent weeks. Not only did economic growth slow more than forecast in the fourth quarter, but a recent report from the U.S. Bureau of Labor Statistics shows that wholesale prices increased more than expected in February.

Another factor putting upward pressure on mortgage rates is higher oil prices and inflation fears driven by the war in Iran.

“We were on a good trend with [mortgage] rates,” says Michael Pearson, senior vice president of business development at A&D Mortgage. “We were down below 6%. Most people were projecting that maybe we would get to the 5.75% and 5.5% range within the next 90 days or so. Those people are not still on that bandwagon.”  

The timing of higher mortgage rates is especially challenging as the spring homebuying season — when demand typically picks up — gets underway.

“This is not a two-week war anymore. It’s intensifying,” says Selma Hepp, chief economist at Cotality. “What does this mean for consumer confidence? More importantly, what does it mean for new construction? We did see an impact on new construction following the Gulf War.” Hepp notes that supply chain disruptions could also drive up transportation costs, putting an additional strain on the housing market. “This is not the time right now, amid all these affordability challenges.” 

Learn more: Weekly mortgage rate trend predictions

The rates you see advertised here might not match the rate you're offered. That’s because mortgage rates are influenced by personal factors, like your down payment and your debt. And different lenders may offer you different mortgage rates and fees based on their business needs. 

That’s why it’s important to shop with multiple lenders — it can save you over $1,000 a year, according to research from Freddie Mac.

Here’s how to compare mortgage rates:

• Ensure you’re comparing the same loan type. If one rate is significantly higher or lower than another, make sure it’s for the same type of product. A government-backed loan, like an FHA or VA loan, won’t have the same rate as a conventional mortgage.
• Consider APR and mortgage rate. Your interest rate is one cost of borrowing money, but your APR includes that as well as other fees associated with your loan, making it a more complete picture of the actual cost. Some lenders charge lower rates on mortgages, but higher fees.
• Get quotes from different types of lenders. You may find different costs from a local bank or credit union compared with a national bank or an online lender. 

How your mortgage rate affects your monthly payment

Your mortgage rate impacts how much you pay month to month — sometimes by a lot. For this example, we’re using the principal and interest payment on a $400,000 house, assuming 20% down and a 30-year fixed-rate mortgage.

As you can see, every increase of half a percentage point between 5% and 7% changes the monthly payment by around $100. On a yearly basis, that’s a difference of $1,200. For more expensive homes, this difference is even larger.

How your mortgage rate is determined

Your mortgage rate depends on a number of factors, including your individual credit profile and what’s happening in the broader economy. These include:

• Your lender: Lenders set rates based on many factors, including their own supply and demand.
• Your credit and finances: The better your credit score and the higher your income compared to your debt, the better the interest rate you’ll likely get.
• Your loan size and type: The size of your loan, your down payment and the type of loan all affect your mortgage rate. For example, making a bigger down payment typically earns you a lower mortgage rate, as it reduces the lender’s risk. 
• Economic factors: Broadly, mortgage rates are impacted by forces like the Federal Reserve, inflation and investor appetite.
• Mortgage points: Also known as discount points, these are upfront fees you can pay to reduce your interest rate. Decide whether they're worth it with our guide to mortgage points.

How to refinance your current mortgage

Before you start applying for a mortgage, here are some mortgage resources to prepare you for the process: