Less than 1%. Those are the odds of a Federal Reserve interest rate cut when the central bank meets again next week, according to the CME Group's FedWatch tool. That will keep the Federal funds rate frozen for yet another month and leave borrowers looking for rate relief on the sidelines yet again. And that's especially true for homebuyers and owners looking to refinance this spring. While the Fed doesn't directly dictate mortgage interest rates, it remains a big driver behind what lenders offer borrowers.

At the same time, mortgage rates did drop noticeably in 2025, and while some of that improvement has been negated in recent weeks amid overseas conflicts and uneven economic reports at home, rates here are still better than they were in April 2025. And better than they were in April 2024, too. So it's important not to dismiss today's rates completely, especially if they can fit your budget and help accomplish your financial goals, even if they're less than ideal. 

To better decide on your next move, it's important to know where mortgage interest rates stand now, as of April 22, 2026. Below, we'll break down everything that borrowers need to know.

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 6.12% as of April 22, 2026, according to Zillow. The average purchase rate on a 15-year term is 5.50%. The 30-year mortgage rate is a bit higher than it had been in recent days after it briefly sat right below the 6% mark. 

At the same time, these are just rates from one source, so borrowers may easily be able to find a 5.99% option (or lower) by shopping around. This strategy has been shown to result in rates approximately half a percentage point to a full percentage point below average. In other words, if these rates are close to what you need now, shopping around may result in you discovering a low enough rate to support making a purchase.

Start shopping for mortgage rates and lenders online today.

What are today's mortgage refinance rates?

The average mortgage interest rate on a 30-year mortgage is 6.67% as of April 22, 2026, according to Zillow. The median refi rate on a 15-year term is 5.67%. Again, these are also averages, so borrowers are encouraged to thoroughly shop around to see what else is available. And that means researching lenders besides just the one that holds your current mortgage loan. 

While your existing lender may ultimately still prove to be your best and most affordable option, you won't know that until you take the time to review competitors. And with online marketplaces listing rates, lenders, terms, costs and more, all in one easy-to-understand location, it's arguably easier than ever to start this process right now.

The bottom line

The average mortgage interest rate on a 30-year mortgage is 6.12% as of April 22, 2026, and it is 5.50% for a 15-year term. The median refinance rate on a 30-year term, meanwhile, is now 6.67%, and it's 5.67% for a 15-year alternative. With the chances of another rate cut low currently, however, these may be some of the better options for borrowers right now. So, if they're what you need or close to what you need to purchase or refinance, consider shopping around online today to see what offers you may ultimately qualify for.