Mortgage and refinance interest rates today, March 8, 2026: Just below 6% (at 5.98%)

Core Insights - Current mortgage rates are hovering just below 6%, with the average 30-year fixed mortgage rate at 5.98% and the 15-year fixed rate at 5.50% [1][16][17] Current Mortgage Rates - The national average for a 30-year fixed mortgage is 5.98% and for a 15-year fixed mortgage is 5.50% [16][17] - Other mortgage types include: - 20-year fixed: 5.90% - 5/1 ARM: 5.96% - 7/1 ARM: 5.70% - 30-year VA: 5.52% - 15-year VA: 5.24% - 5/1 VA: 5.30% [4] Mortgage Refinance Rates - Current refinance rates are generally higher than purchase rates, with the average 30-year fixed refinance rate at 6.07% and the 15-year fixed refinance rate at 5.62% [3][4] Monthly Payment Calculations - For a $300,000 mortgage: - 30-year term at 5.98% results in a monthly payment of approximately $2,037 and total interest of $390,322 over the loan's life [8] - 15-year term at 5.50% results in a monthly payment of approximately $2,451 and total interest of $141,225 [8] Fixed vs. Adjustable-Rate Mortgages - Fixed-rate mortgages lock in the interest rate for the entire loan term, while adjustable-rate mortgages (ARMs) have a fixed rate for an initial period before adjusting [9][10] - ARMs typically start with lower rates but can increase after the initial period [11] Factors for Low Mortgage Rates - Lenders offer lower rates to borrowers with higher down payments, excellent credit scores, and low debt-to-income ratios [12] - Improving personal finances is suggested as a better strategy than waiting for rates to drop [13] Choosing a Mortgage Lender - It is advisable to apply for preapproval with multiple lenders within a short time frame to minimize the impact on credit scores [14] - Comparing the annual percentage rate (APR) is crucial as it reflects the true cost of borrowing [15] Future Rate Expectations - Forecasts indicate that the 30-year mortgage rate may remain around 6.10% through the end of 2026, with predictions of rates near 6% for the remainder of the year [18]