Mortgage and refinance interest rates today, March 31, 2026: Lower, as bonds gain favor

Mortgage Rates Overview - The average 30-year fixed mortgage rate has decreased to 6.36%, down 11 basis points, while the 15-year fixed rate is now 5.81%, down nine basis points [1] - Current mortgage refinance rates show a 30-year fixed rate at 6.43% [13] - The bond yields have fallen, coinciding with a downturn in stock markets [1] Current Mortgage Rates - 30-year fixed: 6.36% - 20-year fixed: 6.32% - 15-year fixed: 5.81% - 5/1 ARM: 6.27% - 7/1 ARM: 6.20% - 30-year VA: 5.89% - 15-year VA: 5.47% - 5/1 VA: 5.41% [6] Mortgage Comparison - A $400,000 mortgage at a 30-year term with a 6.36% rate results in a monthly payment of approximately $2,492, leading to total interest payments of $496,960 over the term - Conversely, a 15-year mortgage at a 5.81% rate results in a monthly payment of about $3,335, with total interest payments of $200,211 [8] Adjustable vs. Fixed-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 than fixed rates, but there is a risk of rate increases after the initial period [12] Future Rate Predictions - The Mortgage Bankers Association (MBA) forecasts the 30-year mortgage rate to remain around 6.30% through 2026, while Fannie Mae predicts rates just under 6% by year-end [14] - For 2027, the MBA expects rates to be between 6.20% and 6.30%, while Fannie Mae is more optimistic, predicting rates near 5.6% to 5.7% [15]