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Data released Wednesday morning showing inflation holding steady may not have been the news millions of American borrowers were hoping for, but it also wasn’t as bad as it could have been, either, especially after a recent unemployment report showed a rise there. For borrowers, and specifically homebuyers and owners hoping to refinance, these data points are important to follow as they could move rates upward or downward – or keep them frozen in an elevated position. And with another Federal Reserve meeting scheduled for later this month in which interest rates will be a key agenda item, there’s much to monitor right now for those hoping to secure an affordable purchase or refinance rate.
At the same time, mortgage interest rates may already be affordable enough to support purchase or refinance activity. There are multiple options under 6% right now, and qualified borrowers who take a strategic approach may be able to find a rate closer to 5% currently. To better decide on what move you may want to take next, however, it helps to know where mortgage interest rates stand right now, as of March 11, 2026. That’s what we’ll outline below.
Start by seeing 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 is 5.99% as of March 11, 2026, according to Zillow. The average purchase rate on a 15-year term is 5.50%. Both rate options are similar to what they have been in recent weeks, as many lenders wait for Fed action or other data points to adjust their offers up or down.
That said, even these rates will typically be reserved for those borrowers with the highest credit scores and cleanest credit histories. So it may be valuable to review your credit report – before applying – to see what lenders will see when they check your credit standing. And, if your score needs boosting, consider working on that in advance.
Learn more about your current mortgage options now.
What are today’s mortgage refinance rates?
The average mortgage refinance rate on a 30-year mortgage is 6.58% as of March 11, 2026, according to Zillow. The median refinance rate on a 15-year mortgage is 5.57%. With these just being averages based on Zillow data, however, homeowners should consider the value of shopping around to see if they can qualify for lower rates elsewhere.
But they also shouldn’t expect rates to fall as low as they were at the start of the decade, either, as those were outliers. Instead, compare rate offers from at least three different lenders now and, if an affordable rate is located, consider locking it in to protect against potential rate volatility later this spring and summer.
The bottom line
The average mortgage interest rate on a 30-year mortgage is 5.99% as of March 11, 2026, and it’s 5.50% for a 15-year alternative. The median refinance rate on a 30-year term, meanwhile, is now 6.58%, and it’s 5.57% for 15-year options. But remember that mortgage rates change daily, and with multiple items on the March calendar with the potential to move them again, it behooves borrowers to be informed and judicious in their approach. Consider speaking with a lender directly who can help you determine your next steps in this economic climate.