With a Federal Reserve meeting just days away and plenty of economic data to digest, borrowers may be hopeful that another interest rate cut will be announced this week. A rate cut, after all, will reduce costs for millions of borrowers, including homebuyers and owners looking to refinance. However, while the likelihood of a cut this week currently remains low, mortgage interest rates have improved a bit this month and may already be affordable for borrowers.

After surging by more than half a percentage point in March, mortgage interest rates cooled again in April. Still far from what they were in April 2020, for example, they're noticeably improved from where they were in April 2025 and April 2024, too. And, if qualified borrowers add on mortgage points or take the time to diligently shop around for rates, they may be able to find options that fit their budget right now, even without a Fed rate cut this week. 

To better understand their next steps, it helps borrowers to know where mortgage interest rates stand right now, as of April 27, 2026.

See how low your current mortgage rate offers are here.

What are today's mortgage interest rates?

The average mortgage interest rate on a 30-year mortgage is 6.00% as of April 27, 2026, according to Zillow. The average rate on a 15-year mortgage is 5.50%. While the latter type is holding steady, the former is markedly improved from where it was at the end of March, when it was 6.37%. 

And with mortgage rate shopping known for resulting in a rate that's half a percentage point or more below average, it may be time to start looking around online now. When an affordable rate is found, borrowers may also want to consider locking it in to protect against any market volatility still ahead.

Start shopping for mortgage rates online today.

What are today's mortgage refinance rates?

The average mortgage interest rate on a 30-year refinance is 6.69% as of April 27, 2026, according to Zillow. The median refi rate on a 15-year option is now 5.56%. While the 30-year option may be too high for many current homeowners, the 15-year alternative could be worth exploring. 

While the condensed timeframe may mean bigger monthly payments, that could be a valuable exchange for expediting the mortgage payoff timeline. Crunch the numbers to see what your new payments would look like, but don't forget closing costs, too, which can negate some of the savings you may otherwise receive with a better rate.

The bottom line

The average mortgage rate on a 30-year mortgage is 6.00% as of April 27, 2026, and it is 5.50% for a 15-year option. The average mortgage rate on a 30-year refinance is 6.69%, and it is 5.56% for a 15-year option. While these may not be ideal, they may realistically be the best options for borrowers now, especially with no Fed rate cut expected this week (and no other meeting scheduled again until June). If these are close to what you need to support a move, then it may be worth taking the time to shop around for rates and lenders (and, if you already own a home, consider looking for refinance rates that are being offered beyond just the lender who currently services your mortgage).