Kirpal Kooner/Getty Images
Shopping around for mortgage interest rates is integral to the purchase or refinancing process for borrowers. Unfortunately, in recent years, it’s also been a discouraging one, as a combination of high inflation and high interest rates led to mortgage interest rates surging, even hitting their highest level since 2000 at one point in 2023. But rates have since improved considerably, largely due to a considerable decline in inflation and multiple interest rate reductions from the Federal Reserve. And while inflation and the federal funds rate may not be quite as low as borrowers would prefer now, both are once again cool enough to support purchase or refinance activity.
That could improve in the months ahead, too, if additional interest rate cuts are issued or if a report scheduled for release this week shows another drop in inflation. At the same time, with three Fed rate cuts issued in the final four months of 2025, rates here may already be low enough to support borrowing activity. And by locking one of today’s lower rates now, borrowers won’t need to contend with any volatility that causes them to tick higher later this year.
But what are today’s mortgage interest rates, specifically, as of March 9, 2026? That’s what we’ll examine below.
See how low your current mortgage rate offers are here.
What are today’s mortgage interest rates?
The average mortgage interest rate on a 30-year mortgage is 5.99% as of March 9, 2026, according to Zillow. The average rate on a 15-year option sits at 5.50% right now. Both rates are higher than they had been for most of February, likely due to changing economic conditions, specifically the latest unemployment news.
For qualified borrowers, it could be advantageous to lock in one of today’s rates. With many lenders offering a rate float-down option prior to closing (for a fee), borrowers can always unlock and relock a new, lower rate should it materialize. In the interim, however, they’ll be protected against any market conditions that could push rates here toward 6% or higher.
Learn more about your current mortgage options online now.
What are today’s mortgage refinance rates?
The average 30-year mortgage refinance rate declined to 6.34% on March 9, 2026, down from around 6.50%, according to Zillow data. The median refinance rate on a 15-year term is now 5.39%. So there may be opportunities here, both for borrowers who purchased a home with a rate of 7% or higher (as many did in 2023 and 2024) and those who are looking to save on interest and expedite their payoff timeline with a 15-year option.
Just don’t rush into an application, either, as mortgage refinancing tends to be most helpful for those homeowners who are planning to remain in their home long enough to recuperate the required closing costs. If you’re planning on selling the home before that break-even point hits the calendar, this may not be the right move for you currently.
The bottom line
The average mortgage interest rate on a 30-year mortgage purchase is now 5.99%, and it’s 5.50% for a 15-year alternative. The median refinance rate on a 30-year mortgage, meanwhile, is now 6.34%, and it’s just 5.39% for 15-year terms. Just understand that mortgage rates change daily, so consider the benefit of acting now versus waiting. With an inflation report scheduled for release on March 11 and another Federal Reserve meeting on the calendar for next week – the first Fed meeting since January – these rates can and likely will change in the days ahead, perhaps not in a way that’s favorable for borrowers.