Just when borrowers resigned themselves to a continuous rise in the mortgage interest rate market, something surprising happened in recent days – mortgage interest rates actually declined again. After rising to an average rate of 6.37% for a 30-year mortgage at the end of March, which was up significantly from the 5.75% rates that were listed on March 2, rates this week dipped under 6% again. While that difference may not seem like a lot on paper, it can represent real interest savings for borrowers both now and over the life of a loan. At the same time, these rates are just averages, meaning that qualified borrowers may be able to find even better ones by taking the time to shop around online.

Shopping for mortgage rates and lenders has been shown to result in a mortgage rate that's half a percentage point or more below average. To determine that average baseline, however, buyers and owners looking to refinance need to first establish where mortgage interest rates are now, as of April 23, 2026. 

Start by seeing how low your existing mortgage rate offers are here.

What are today's mortgage interest rates?

The average mortgage interest rate on a 30-year term is 6.12% as of April 23, 2026, according to Zillow. The average mortgage purchase rate on a 15-year term is 5.50%. While these are not quite as advantageous as they were in recent weeks, they're still considerably improved compared to what borrowers were offered in April 2025. And in April 2024. So it may still be worth locking in one of these rate offers now, both to protect yourself against any additional volatility that causes rates to spike again and to allow yourself to accurately budget and house hunt with clarity and precision. Many lenders will typically allow you to float your rate down should lower rates materialize before closing, but in the interim, you'll be protected from today's market volatility.

Learn more about your mortgage rate lock options now.

What are today's mortgage refinance rates?

The average mortgage refinance rate on a 30-year term is 6.47% as of April 23, 2026, according to Zillow. The average rate on a 15-year refinance term is 5.58%. Homeowners need to look beyond just rates when considering a refi, however. Closing costs should also be accounted for, as they could diminish some of the savings you'd otherwise be expecting to receive with a new, lower rate. Owners should also be confident in their long-term plans for the property. If they're considering selling the home in question before they've recuperated the closing cost expenses (typically either paid upfront or rolled into the larger mortgage loan), then a refinance may not be the cost-effective solution. Owners should also consider alternative loan terms, like 20-year refinances, which may be able to combine a lower rate with an expedited payoff timeline that could be advantageous and result in owners getting to the debt-free finish line sooner.

The bottom line

The average mortgage interest rate on a 30-year term is 6.12% as of April 23, 2026 while it's 5.50% for a 15-year alternative. The average refinance rate on a 30-year term is currently 6.47% and 5.58% for 15-year loans. So rates here could be competitive again, depending on your lender profile, budget and goals. Consider shopping around online to see what other options you may qualify for and don't discount the benefits of speaking with lenders directly as they may be able to present options that aren't always neatly outlined on their websites.