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Mortgage Rates Hit 6.37% as Applications Decline

3/24/2026

50 12 Full Breakdown

Summary

Mortgage Rates Rise

As of March 23, 2026, the 30-year fixed mortgage rate is 6.37%.
The 15-year rate is 5.87%.
Mortgage applications have declined due to rising rates and geopolitical tensions.
Borrowers are encouraged to shop around for better rates, as comparing offers from multiple lenders can yield significant savings.
The Federal Reserve has kept its benchmark rate unchanged at 3.50%–3.75%.

Summary

ARMs Gain Popularity

As of March 23, 2026, adjustable-rate mortgages are gaining attention.
ARMs offer lower initial rates to buyers of temporary homes or during periods of high interest.
ARMs fix rates for a set period before adjusting based on benchmarks such as Secured Overnight Financing Rate (SOFR).
Rate caps limit how much interest can rise over time.
Homeowners can refinance from an ARM to a fixed rate if circumstances change.

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Mortgage Rates Rise

As of March 23, 2026, the 30-year fixed mortgage rate is 6.37%.
The 15-year rate is 5.87%.
Mortgage applications have declined due to rising rates and geopolitical tensions.
Borrowers are encouraged to shop around for better rates, as comparing offers from multiple lenders can yield significant savings.
The Federal Reserve has kept its benchmark rate unchanged at 3.50%–3.75%.

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