Image courtesy: PM Images/Getty Images;Illustration: Hunter Newton/Bankrate
current mortgage interest rate
| Loan type | the current | 4 weeks ago | 1 year ago | 52 week average | 52 week low |
|---|---|---|---|---|---|
| 30 years | 6.15% | 6.23% | 6.72% | 6.52% | 6.09% |
| 15 years | 5.47% | 5.61% | 5.94% | 5.75% | 5.45% |
| 30 year jumbo | 6.23% | 6.38% | 6.86% | 6.60% | 6.22% |
The average total of discount points and origination points for 30-year fixed mortgages in this week’s study was 0.33 points. Discount points are a way to lower your mortgage interest rate, and starting points are fees charged by lenders to originate, qualify, and process your loan.
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Monthly mortgage payment at current interest rate
According to the U.S. Department of Housing and Urban Development, the national median household income in 2025 was $104,200 (2026 estimates have not yet been released), and the median price of existing homes sold in January 2026 was $396,800, according to the National Association of Realtors. Based on a 20% down payment and a 6.15% mortgage rate, the monthly principal and interest payment of $1,934 is approximately 22% of a typical family’s monthly income.
Meanwhile, home prices are starting to decline in many once-strong markets. Zillow reported in early February that half of the nation’s 50 largest metropolitan areas experienced price declines in the past year. Separately, the S&P Kotality Case-Shiller Index released on February 24 showed that national home price growth in 2025 will be just 1.3%. This was the weakest result since 2011, when prices fell 3.9%.
“With more home inventory available online and home prices starting to level off, it remains a promising environment for those looking to buy or refinance,” said Sameer Dedia, CEO of One Real Mortgage.
What will mortgage interest rates be in 2026?
This week, the Iran war roiled financial markets, causing mortgage rates to rise slightly. “If the dispute is limited in duration and scope, the increases in energy prices, bond yields, and mortgage rates could all be temporary, and mortgage rates could settle back down to around 6%. The spring home buying season may get off to a slow start, but sales are likely to rebound,” said Lisa Sturtevant, chief economist at Bright MLS, a leading listing service in the Mid-Atlantic region. “Alternatively, a prolonged conflict could lead to large-scale energy disruptions, leading to higher inflation and higher mortgage rates, which could result in fewer transactions and structural changes in the housing market.”
Meanwhile, the Federal Reserve is scheduled to meet later this month. Central banks do not directly set mortgage rates, but they do play a role.
One reason for the recent drop in interest rates is President Donald Trump’s announcement that he has directed mortgage giants Fannie Mae and Freddie Mac to purchase $200 billion in mortgage-backed securities. Mortgage rates were already at a 15-month low of 6.24% before Trump’s “Truth Social” post in early January, but they had fallen to 6.18% in Bankrate’s survey three weeks ago. However, this measure has not led to a sustained decline in mortgage interest rates.
Sean Salter, a finance professor at Middle Tennessee State University, said Trump’s policy actions would result in a “temporary and limited reduction in mortgage rates,” adding, “Unless coordinated with and supported by monetary policy action through the Federal Reserve and fiscal policy action by Congress, the effects of President Trump’s announcements will not be significant or long-lasting.”
Fannie & Freddie is a government-backed company that backs about two-thirds of U.S. home loans. These mortgages are packaged as securities and sold to the Federal Reserve, pension funds, and other institutional investors. So even if a mortgage is originated by a lender like Rocket, loanDepot, Wells Fargo, or an independent mortgage broker, it immediately turns into a mortgage bond owned by the investor. If the government intervenes and purchases additional mortgage-based bonds, the increased demand for mortgages could lead to lower interest rates.
The consensus now is that mortgage rates will decline slightly. Fannie Mae’s February 2026 housing forecast projects interest rates to remain at 6% for most of 2026 and 2027.