Mortgage and refinance rates today, March 23, 2026: A half-point higher in 3 weeks

Core Insights - Mortgage rates for 30-year fixed loans have increased by more than half a point from three-year lows, currently averaging 6.31% [1][18] - The average 15-year fixed mortgage rate is 5.77% [1][18] - Adjustable-rate mortgages (ARMs) are also available, with the 5/1 ARM rate at 6.36% [18] Current Mortgage Rates - The current national average mortgage rates are as follows: - 30-year fixed: 6.31% - 20-year fixed: 6.29% - 15-year fixed: 5.77% - 5/1 ARM: 6.36% - 7/1 ARM: 6.34% - 30-year VA: 5.85% - 15-year VA: 5.47% - 5/1 VA: 5.39% [5] Mortgage Payment Calculations - For a $300,000 mortgage at a 30-year term with a 6.31% rate, the monthly payment would be approximately $1,859, totaling $369,195 in interest over the loan's life [8] - For the same mortgage amount at a 15-year term with a 5.77% rate, the monthly payment would increase to $2,494, with total interest paid being $149,000 [10] Adjustable Mortgage Rates - Adjustable-rate mortgages have a fixed rate for an initial period, after which the rate may change periodically [11] - ARMs typically start with lower rates than fixed-rate mortgages, but there is a risk of rate increases after the introductory period [12] - Recent trends show that ARM rates can be similar to or even higher than fixed rates [13] Strategies for Lower Mortgage Rates - Lenders offer lower rates to borrowers with higher down payments, excellent credit scores, and low debt-to-income ratios [14] - Options to lower rates include paying for discount points at closing or considering temporary interest rate buydowns [15][16] Future Rate Predictions - The Mortgage Bankers Association forecasts the 30-year mortgage rate to be around 6.10% through 2026, while Fannie Mae predicts rates near 6% for the end of the year [20]