30-year mortgage rates decrease - How long should buyers wait? | Today's mortgage and refinance rates, March 2, 2026

Mortgage interest rates showed mixed movement versus last week, according to Bankrate data. Some loan products increased while others decreased, reflecting uncertainty in the mortgage market.

Ten-year bond yields dropped to below 4% on Feb. 27 to the lowest levels seen since Oct. 2025. Since 30-year mortgage rates are directly tied to these bond yields, keep an eye out for lower rates in the short-term.

“Recent economic data has shown signs of cooling inflation and softer consumer momentum, which typically gives bond markets room to breathe. If Treasury yields continue to stabilize, we could see lenders improve pricing slightly,” says Denise McManus, global real estate advisor at America One Luxury Real Estate.

As we head into March, the next dates to watch are March 6, when the Employment Situation report is released and March 11, when the Consumer Price Index is released. The state of employment and inflation will inform the next Federal Open Market Committee (FOMC) meeting on March 17 and 18. At this meeting, the FOMC will decide whether to adjust their benchmark interest rate, as well as release a Summary of Economic Projections. This summary will give us a longer-term insight into the Fed’s economic outlook, which could impact mortgage rates.

Mortgage rates change all the time. Sometimes they can swing wildly from day-to-day and lender-to-lender. That’s why Bankrate created the Mortgage Rate Variability Index. This index changes every week to show how much rates are fluctuating and the range of rates between lenders.

Rates accurate as of 03/02/2026.

The average rate you'll pay for a 30-year fixed mortgage today is 6.04 percent, an increase of 0.03 basis points over the last week. This time a month ago, the average rate on a 30-year fixed mortgage was higher, at 6.22 percent.

At the current average rate, you'll pay $72.25 for every $100,000 you borrow. That's up $0.24 than it would have been last week.

The average 15-year fixed-mortgage rate is 5.46 percent, up 0.01 basis points over the last week.

Monthly payments on a 15-year fixed mortgage at that rate will cost approximately $97.80 per $100,000 borrowed. That may put more pressure on your monthly budget than a 30-year mortgage would, but it comes with some big advantages: You'll save thousands of dollars over the life of the loan in total interest paid and build equity much faster.

The average rate on a 5/1 ARM is 5.47 percent, up 0.01 basis points over the last week.

Adjustable-rate mortgages, or ARMs, are mortgage loans that come with a floating interest rate. To put it another way, the interest rate can change periodically throughout the life of the loan, unlike fixed-rate mortgages. These types of loans are best for those who expect to sell or refinance before the first or second adjustment. Rates could be materially higher when the loan first adjusts, and thereafter.

Monthly payments on a 5/1 ARM at 5.47 percent would cost approximately $67.91 for each $100,000 borrowed over the initial five years, but could climb hundreds of dollars higher afterward, depending on the loan's terms.

The average jumbo mortgage rate is 6.22 percent, down 0.07 basis points from a week ago. This time a month ago, the average rate on a jumbo mortgage was lower, at 6.51 percent.

At the current average rate, you'll pay $0.55 per month in principal and interest for every $100,000 you borrow. That's down $0.55 over what you would have paid last week.

The average 30-year fixed-refinance rate is 6.53 percent, up 0.02 basis points from a week ago. A month ago, the average rate on a 30-year fixed refinance was lower, at 6.49 percent.

At the current average rate, you'll pay $67.91 per month in principal and interest for every $100,000 you borrow. That's unchanged $0.01 compared with last week.

Should I refinance?

With rates at their lowest levels since 2022, refinancing could pencil for you if you can get a lower rate. But when does it make sense to refinance? A general rule of thumb is that if you can lower your rate by 0.5% to 1%, it may make sense, depending on how long you plan to stay in your home.

It's important to factor in closing costs when considering refinancing. Closing costs can vary significantly by state. Say closing costs equal around 3% of a loan. For a $300,000 loan, that’s $9,000. You’ll need to calculate the break-even pointwhere the savings on your monthly payment surpasses the closing costs.

Mortgage rates have slowly declined since the end of 2025, with the 30-year rate averaging 6.18% for the first two months of 2026. For the same period last year, rates were hovering above 7%.

However, rates have fallen much slower than they rose, and they may not fall much further this year. Bankrate projects that the average rate for 2026 will be around 6.1%. Rates may drop as low as 5.7%, but could also rise to 6.5% throughout the year.

One thing is for certain: if rates go lower, it will open up more opportunities for people to buy or refinance.

Learn more: Bankrate’s 2026 mortgage rates forecast

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• Compare current mortgage rates for today

The mortgage rates in this story are derived from our national rate and APR averages. Bankrate's mortgage rates include these national rate and APR averages; Bankrate Monitor (BRM) National Index rate averages; and “top offers”:

• National rate and APR averages: Displayed as daily and weekly averages, these rates and APRs are primarily collected from the 5 largest banks and thrifts across hundreds of markets in the U.S.
• Bankrate Monitor (BRM) National Index rate averages: Reported weekly, this long-standing survey collects rates from banks and thrifts across hundreds of markets in the U.S.
• "Top offers": Displayed daily and weekly, these are an average of the rates listed first on our rate tables as advertised by our partners. The averages shown are based on the loan type and term selected.

You can compare national average mortgage rates to top offers to see how much you could save when shopping on Bankrate. Learn more about Bankrate's how we collect, display and report mortgage rates.