Sometimes, the day of a Federal Reserve meeting could be cause for optimism as borrowers wait for an official rate reduction announcement that could lead to reduced borrowing costs. Other times, however, it can be a cause of concern as an interest rate hike leads to a spike in borrowing expenses. But what about when rates are held steady, with no cuts or increases expected?

That's the environment millions of Americans find themselves in today, with the Federal Reserve's April meeting widely expected to result in the Federal funds rate staying frozen for yet another month. This pause could have ramifications across the borrowing space, but especially for homebuyers and owners hoping to refinance. While the Fed is just a single driver directing mortgage interest rates, it remains a critical one.

At the same time, mortgage rates briefly improved in April after surging in March. And that improvement could be the motivation these borrowers need to take action now, while the interest rate climate stays stuck in a holding pattern. To better determine the value of a home purchase or refinance right now, it helps to know where mortgage interest rates stand as of April 29, 2026.

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What are today's mortgage interest rates?

The average mortgage interest rate on a 30-year mortgage is 6.25% as of April 29, 2026, according to Zillow. That's up by more than a quarter of a point in approximately one week, representing the concerns today's Fed meeting (and comments made after by officials) is causing in the space. The average mortgage rate on a 15-year mortgage is 5.62%, also up from the 5.50% it was consistently listed at in recent days. 

That noted, mortgage interest rates change each day, and they could decline again tomorrow depending on market reaction to today's Fed meeting. And with all these being averages from a single source, buyers may be able to find improved offers simply by shopping around online right now.

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What are today's mortgage refinance rates?

The average mortgage refinance rate on a 30-year mortgage is 6.58% as of April 29, 2026, according to Zillow. The median refinance rate on a 15-year term is 5.78%. While a mortgage refinance is generally considered worth pursuing if owners can secure a rate that's a full percentage point below their current one, sometimes even a rate that's a half percentage point lower can be valuable. 

Take the time, then, to calculate your new costs with either of these options. But don't forget about mortgage refinancing closing costs, too, which can negate some of the savings you'd otherwise receive with new, lower monthly payments.

The bottom line

The average mortgage interest rate on a 30-year mortgage is 6.25% as of April 29, 2026, and it is 5.62% for a 15-year term. The median refinance rate on a 30-year mortgage is now 6.58%, while it is 5.78% for a 15-year option. That said, these rates can and likely will change, perhaps before the week is over, depending on market responses to the Fed meeting. So buyers and owners who may not benefit from today's rates shouldn't stop monitoring the rate climate, as rates could look different again by early May.