Mortgage and refinance interest rates today, March 12, 2026: A fraction higher

Core Insights - Mortgage rates are fluctuating slightly, with the 30-year fixed mortgage rate increasing to 6.02% and the 15-year rate remaining at 5.46% [1] Current Mortgage Rates - The current national average mortgage rates include: - 30-year fixed: 6.02% - 20-year fixed: 5.94% - 15-year fixed: 5.49% - 5/1 ARM: 5.90% - 7/1 ARM: 5.76% - 30-year VA: 5.56% - 15-year VA: 5.31% - 5/1 VA: 5.31% [6] Refinance Rates - Today's mortgage refinance rates are also provided, indicating that refinance rates can sometimes be higher than purchase mortgage rates [3] Mortgage Rate Mechanics - Mortgage interest rates are determined by factors that can be controlled, such as comparing lenders and improving credit scores, and factors that cannot be controlled, such as economic conditions [10][11] - A strong economy typically leads to higher mortgage rates, while a struggling economy may result in lower rates to encourage borrowing [12] Mortgage Types - 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 periodically [8] - The 30-year fixed mortgage is popular for its lower monthly payments but results in higher total interest paid over time, whereas the 15-year fixed mortgage has higher monthly payments but lower overall interest costs [13][14] Market Trends - The lowest-ever 30-year fixed mortgage rate recorded was 2.65% in January 2021, and it is unlikely rates will drop below 3% in the near future [18] - Current refinancing considerations suggest that refinancing may be beneficial when a new rate is at least 1% to 2% lower than the existing rate [19]