Mortgage and refinance rates today, March 10, 2026: Minor moves

Core Viewpoint - Mortgage rates have seen a slight increase for long-term loans and a decrease for short-term loans, indicating a mixed trend in the mortgage market [1]. Mortgage Rates Summary - The average 30-year fixed mortgage rate is currently at 6.00%, up by two basis points, while the 15-year fixed rate has decreased by two basis points to 5.48% [1][13]. - Current national average mortgage rates include: - 30-year fixed: 6.00% - 20-year fixed: 5.97% - 15-year fixed: 5.48% - 5/1 ARM: 6.01% - 7/1 ARM: 5.82% - 30-year VA: 5.52% - 15-year VA: 5.28% - 5/1 VA: 5.27% [6]. Refinance Rates Summary - The refinance rates are generally higher than purchase rates, with the current average for a 30-year refinance at 6.12% [13]. Mortgage Payment Insights - A $400,000 mortgage at a 30-year term with a 6.00% rate results in a monthly payment of approximately $2,398, leading to a total interest payment of $463,353 over the term [8]. - Conversely, a $400,000 15-year mortgage at a 5.48% rate results in a monthly payment of about $3,264, with total interest paid amounting to $187,536 [8]. Fixed vs. Adjustable-Rate Mortgages - Fixed-rate mortgages lock in the interest rate from the start, while adjustable-rate mortgages (ARMs) have a fixed rate for an initial period before adjusting based on market conditions [10][11]. - ARMs may start with lower rates compared to fixed rates, but there is a risk of rate increases after the initial period [12]. Future Rate Predictions - Forecasts suggest that the 30-year mortgage rate will remain around 6.10% through the end of 2026, with expectations of rates between 6.20% to 6.30% for most of 2027 [14][15].