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Mortgage interest rates change on a daily basis and, for borrowers, those changes have largely been positive over the past year. Mortgage interest rates at the start of 2025 sat over 7% for 30-year terms. But last week, FreddieMac had them listed under 6%. And, right now, with an aggressive and strategic approach, qualified borrowers may even be able to find a rate closer to 5%. So there are viable options again for borrowers after rates here hit their highest level since 2000, just two and a half years ago.
That said, there will be some work required on behalf of the borrower to find and secure these affordable options. And that starts with knowing where interest rates stand, specifically, right now. By having this information, borrowers can better determine what their cheapest options truly are versus what they see listed before fees and closing costs are tacked on. So, where do mortgage interest rates stand as of March 5, 2026, specifically? That’s what we’ll outline below.
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What are today’s mortgage interest rates?
The average mortgage interest rate on a 30-year mortgage purchase term is 5.87% as of March 5, 2026, according to Zillow. The average mortgage rate for a 15-year term is now 5.37%. It’s important to remember, however, that these are just averages and that qualified buyers may be able to locate lower options by shopping around online.
And with multiple items on the March calendar with the potential to impact the mortgage rate environment, different lenders may respond in different ways to these pending changes. That makes shopping around for a mortgage rate this month arguably even more important than usual.
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What are today’s mortgage refinance rates?
The average mortgage interest rate on a 30-year mortgage refinance term is 6.49% as of March 5, 2026, according to Zillow. The median refi rate on a 15-year term is now 5.53%. While the latter option may mean larger monthly payments thanks to the abbreviated payoff timeline, it doesn’t always have to be much more expensive, depending on how much of your loan you have left to pay.
Take the time, then, to calculate your potential new monthly payments against both terms and rates to see which makes the most sense. And consider speaking with a lender, who can break down rates and costs and, potentially, even explore alternatives like 20-year refinance terms that may not always be listed online.
The bottom line
The average mortgage purchase interest rate on a 30-year mortgage is 5.87% as of March 5, 2026, and it’s just 5.37% for a 15-year alternative. The median mortgage refinance rate on a 30-year term, meanwhile, is now 6.49% while it’s only 5.53% for 15-year options. So there once again may be cost-effective alternatives worth exploring for both buyers and owners. When researching your options, consider locking one of these rates now, which will protect you against any market changes that could cause rates to rise prior to closing and, importantly, allow you to budget with precision in a way you may not be able to while waiting for rates to decline again.