Best Mortgage Rates Today — March 2026
The average 30-year fixed mortgage rate sits at 6.00% as of March 2026 — but the best lenders are offering rates as low as 5.88% to qualified borrowers. Shopping just two lenders can save you tens of thousands over the life of your loan. Here's everything you need to know.
Key Takeaways
- Best 30-year fixed rate today: 5.88% (6.62% APR)
- Best 15-year fixed rate today: 5.89% (6.02% APR)
- The Fed has held rates steady at 4.25–4.50% since December 2024
- Comparing at least 3 lenders saves borrowers an average of $1,200/year
- A 740+ credit score gets you the best rates; 700+ still qualifies for competitive offers
Today's Best Mortgage Rates by Lender
We gather rate data daily from dozens of lenders. The rates below are for a $400,000 loan with 20% down and a 740+ credit score in a competitive market.
| Lender | 30-Yr Rate | APR | 15-Yr Rate | Min. Down | |
|---|---|---|---|---|---|
| BetterMortgage Online · No commission |
5.88% Best Rate | 6.62% | 5.89% | 3% | Get Rate → |
| Rocket Mortgage Largest US lender |
6.00% | 6.71% | 5.95% | 3% | Get Rate → |
| LendingTree Compare multiple offers |
6.10% | 6.74% | 5.99% | 5% | Get Rate → |
| Credible Pre-qualify in 3 min |
6.15% | 6.77% | 6.02% | 3% | Get Rate → |
Mortgage Rate Trends: What's Happening in 2026
Mortgage rates peaked near 8% in late 2023 and have slowly declined since the Federal Reserve began its rate-cutting cycle. The Fed has held the federal funds rate steady at 4.25–4.50% since December 2024, waiting for more evidence that inflation is under control before making further cuts.
Most economists forecast modest rate relief in the second half of 2026 if inflation continues cooling. However, rates are unlikely to return to the historic lows of 2020–2021 (under 3%) in the foreseeable future.
How to Get the Lowest Mortgage Rate
1. Improve Your Credit Score
Your credit score has the biggest impact on your mortgage rate. The difference between a 680 and a 760 score can be 0.5–1.0% on your rate — worth tens of thousands over a 30-year loan. Pay down credit card balances, dispute any errors, and avoid opening new credit accounts 6 months before applying.
2. Increase Your Down Payment
Putting down 20% eliminates private mortgage insurance (PMI) and typically earns you a better rate. Even going from 5% to 10% down can improve your rate by 0.125–0.25%. If you can't reach 20%, FHA loans offer competitive rates with as little as 3.5% down.
3. Shop Multiple Lenders
Studies consistently show that borrowers who compare at least 3–5 lenders save significantly more than those who go with their first offer. Multiple hard credit inquiries for mortgage shopping within a 45-day window count as a single inquiry on your credit report, so there's no penalty for shopping around aggressively.
4. Consider Paying Points
Mortgage points (also called discount points) let you pay upfront to lower your rate. One point equals 1% of the loan amount and typically reduces your rate by 0.25%. This makes sense if you plan to stay in the home long enough to recoup the upfront cost — usually 5–7 years.
5. Lock Your Rate at the Right Time
Once you're in contract, lock your rate. Floating your rate (not locking) is a gamble that rates will drop before closing. Most locks are free for 30–60 days; longer locks cost more. If you think rates will fall significantly, some lenders offer float-down options.
30-Year vs. 15-Year Mortgage: Which Is Right for You?
The 15-year fixed rate is currently about 0.65% lower than the 30-year. Here's how they compare on a $360,000 loan:
| Loan Type | Rate | Monthly Payment | Total Interest | Best For |
|---|---|---|---|---|
| 30-Year Fixed | 5.88% | $2,275 | $459,000 | Lower monthly payments, flexibility |
| 15-Year Fixed | 5.89% | $3,014 | $182,520 | Building equity fast, lower total cost |
The 15-year saves over $276,000 in interest but costs $739 more per month. If you can comfortably afford the higher payment, the 15-year is almost always the better financial choice. If you need the cash flow flexibility, the 30-year with extra principal payments when possible is a solid middle ground.
FHA vs. Conventional Loans
FHA loans are backed by the Federal Housing Administration and are ideal for first-time buyers or those with lower credit scores (580+ for 3.5% down). They come with mandatory mortgage insurance for the life of the loan if you put down less than 10%.
Conventional loans (backed by Fannie Mae/Freddie Mac) require a minimum 620 credit score and 3% down. PMI is cancelable once you reach 20% equity, and rates are typically better for borrowers with scores above 700.
Frequently Asked Questions
What is a good mortgage rate right now?
As of March 2026, a good 30-year fixed rate is anything below 6.6%. The best-qualified borrowers are seeing rates as low as 5.88%. If you're quoted above 7%, it's worth improving your credit profile or shopping more lenders before committing.
How often do mortgage rates change?
Mortgage rates can change daily — sometimes multiple times per day — based on bond market movements, economic data releases, and Federal Reserve activity. We update our rate table every morning by 9 AM ET.
Does checking my rate hurt my credit score?
Pre-qualifying (soft pull) does not affect your credit score. Only a full application (hard pull) creates an inquiry. And as noted above, multiple hard pulls for mortgage shopping within 45 days count as a single inquiry.
What is APR vs. interest rate?
The interest rate is the cost of borrowing the principal. APR (Annual Percentage Rate) includes the interest rate plus lender fees (origination fees, discount points, etc.), giving you a fuller picture of the loan's true cost. Always compare APR when shopping lenders.