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Mortgage Rates Soar: Act Fast to Refinance!

3/21/2026

42 5 Full Breakdown

Summary

Story summary

As of March 20, 2026, the average rate for a 30-year fixed mortgage is 6.25%, and the 15-year rate is 5.87%.
The median refinance rate for a 30-year mortgage is 6.78%, with 5.90% for the 15-year option.
These rates followed a Federal Reserve meeting that maintained the federal funds rate.
Homebuyers should act promptly.
Refinancing costs range from 2% to 6% of the loan amount.

History

Historical Context

The Federal Reserve raised the federal funds rate to 5.25% in June 2006 to combat rising inflation, which subsequently pushed the average 30-year mortgage rate to 6.41%. This decision marked a significant shift in monetary policy, reflecting the Fed's ongoing efforts to stabilize the economy, especially as similar rate adjustments continue to influence current mortgage rates around 6.25%.

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Story summary

As of March 20, 2026, the average rate for a 30-year fixed mortgage is 6.25%, and the 15-year rate is 5.87%.
The median refinance rate for a 30-year mortgage is 6.78%, with 5.90% for the 15-year option.
These rates followed a Federal Reserve meeting that maintained the federal funds rate.
Homebuyers should act promptly.
Refinancing costs range from 2% to 6% of the loan amount.

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