Mortgage Rates Rise: 30-Year Fixed Now at 6.402%
The average interest rate for a 30-year, fixed-rate conforming mortgage loan in the U.S. Is 6.402%, an increase of approximately 6 basis points from the previous day, according to data from Optimal Blue as of March 25, 2026.
Meanwhile, the average rate for a 15-year, fixed-rate conforming mortgage loan is 5.776%, up about 12 basis points for the same period.
Compare Mortgage Rates for March 26, 2026
Here’s a quick gaze at week-over-week rate changes:
What You’d Pay in Interest
Based on a $300,000 loan, at the current rate of 6.402% on a 30-year mortgage, you’d pay approximately $375,687.98 in interest over the life of the loan. On a 15-year mortgage with the same loan amount, you’d pay roughly $149,173.50 in interest at the current rate of 5.776%.
Mortgage Rate Trends
30-Year Conventional Mortgage: Up About 6 Basis Points
The current average 30-year mortgage rate is 6.402%, up from 6.343% on the previous report.
15-Year Conventional Mortgage: Up About 12 Basis Points
The current average 15-year mortgage rate is 5.776%, up from 5.659% on the previous report.
30-Year Jumbo Mortgage: Down About 7 Basis Points
The current average rate on a 30-year jumbo loan is 6.513%, down from 6.582% on the previous report.
30-Year FHA Mortgage: Up About 8 Basis Points
The current average rate on a 30-year FHA home loan is 6.149%, up from 6.071% on the previous report.
30-Year VA Mortgage: Up About 10 Basis Points
The current average rate on a 30-year VA home loan is 6.055%, up from 5.961% on the previous report.
30-Year USDA Mortgage: Down About 4 Basis Points
The current average rate on a 30-year USDA home loan is 5.947%, down from 5.985% on the previous report.
Federal Reserve and Mortgage Rates
The Federal Reserve does not directly set mortgage rates, but influences them through the federal funds rate. As of its meeting on March 17-18, 2026, the FOMC maintained the federal funds rate at 3.50% – 3.75%. The next meeting is scheduled for April 28-29.
While rates haven’t returned to the historic low of 2.65% seen in January 2021, experts do not anticipate a return to those levels in the near future.
Mortgage Application Trends
Overall mortgage applications decreased by 10.5% for the week ending March 20, 2026, according to the Mortgage Bankers Association. Refinance applications decreased by 15% over the same period.
Joel Kan, MBA’s vice president and deputy chief economist, noted that rising Treasury yields and affordability constraints are contributing to a slowdown in purchase applications.
Why Comparison Shopping Matters
Comparison shopping is crucial. Consider different mortgage types to find the best fit for your financial situation. Applying with multiple lenders can potentially save you money – Freddie Mac estimates savings of $600 to $1,200 per year.
Frequently Asked Questions
Are a mortgage’s interest rate and APR the same?
No, they are not the same. Your APR includes interest plus any applicable fees, generally resulting in a slightly higher number than the interest rate alone.
What’s a good mortgage rate in March 2026?
With the average 30-year conventional mortgage rate above 6.00%, securing a rate slightly above 6.00% is considered good, and a rate below 6.00% is particularly favorable.
Will mortgage rates go down?
Potentially. A decrease in the federal funds rate by the Fed could lead to lower mortgage rates. However, other factors like inflation and housing demand also play a significant role.