carlofranco/Getty Images
An unemployment report released on Friday showed a loss of 92,000 jobs in February, and that, in turn, caused an increase in the unemployment rate to 4.4%. After a report last month had shown a decline here, it wasn’t the news millions of Americans were waiting for. But it could have a broad impact, even in the mortgage interest rate climate. A rise in unemployment could be the trigger the Federal Reserve needs to issue another interest rate cut, if not at its meeting this month, then at its next meeting later this spring. That could then result in lower mortgage rates, perhaps even before a formal Fed rate cut is issued.
At the same time, mortgage interest rates have been gradually declining and are down by more than a full percentage point from where they stood in early 2025. So they could be low enough to support purchasing or refinancing activity right now, without having to wait for multiple economic factors to shake out further. Before getting started, it helps borrowers to know where mortgage interest rates actually stand as of March 6, 2026. That’s what we’ll detail below.
See how low your current mortgage rate offers are here.
What are today’s mortgage interest rates?
The average mortgage interest rate on a 30-year mortgage rose on March 6, 2026, to 5.99%, up from the 5.75% to 5.87% range it had largely sat in recent weeks, according to Zillow. The average 15-year rate also rose, to 5.50% from the steady 5.37% it has been hovering around. And with multiple economic items on the calendar that can further impact mortgage rates this March, including ongoing geopolitical tensions, rates here are unlikely to stay static.
Consider taking the time, then, to shop around online to see what rates you currently qualify. And, more importantly, consider locking one in to protect against any adverse rate changes still to come. Remember, many lenders will allow you to float down your rate to a new, lower one before closing (should it materialize), and you could always refinance further into the future. Today’s rates, however, may not be available long-term.
Learn more about your mortgage options online now.
What are today’s mortgage refinance rates?
The average mortgage refinance rate for a 30-year mortgage is 6.55% as of March 6, 2026, according to Zillow. The median refi rate for a 15-year mortgage is now 5.31%. And while these rates are competitive now, they won’t be immune from the same economic conditions and influences that were outlined above.
Calculate your potential costs here closely, then, to determine if it’s worth making a move. Don’t forget about mortgage refinancing closing costs, either, however, as these can make up anywhere from 2% or more of the new mortgage loan amount.
The bottom line
The average mortgage interest rate on a 30-year term is now 5.99%, and it’s 5.50% for a 15-year alternative. The median refinance rate on a 30-year term is now 6.55%, while its 5.31% for a 15-year alternative. So there are still affordable options for buyers and owners hoping to refinance to explore now. Just don’t wait for an ideal rate to materialize, either, as it could mean losing out on the affordability today’s rates currently provide. Consider speaking with a mortgage lender, too, who can better help you time your next purchase or refinance move.