mortgage rates today: 30-year averages dip as cooler CPI gives markets a lift
Mortgage rates today remain on a downward trajectory, with the national 30-year fixed average hovering near the mid-5% range. A softer-than-expected consumer price reading on Friday morning ET combined with mixed labor data has helped push long-term borrowing costs toward 2026 lows, improving affordability for some buyers while leaving key risks intact.
Snapshot: current averages and typical loan math
Latest rate readings show the 30-year fixed average roughly 5. 85% and the 15-year fixed near 5. 36%. Shorter fixed-term and adjustable products are close behind, with several adjustable-rate options in the mid-5% range. Refinance pricing remains slightly higher on average than purchase-loan pricing, with the 30-year refinance average near 5. 97%.
To put that into everyday terms: a $300, 000 mortgage at 5. 85% on a 30-year term produces an estimated monthly principal-and-interest payment of about $1, 770 and roughly $337, 000 in total interest paid over the life of the loan. Switching that balance to a 15-year term at roughly 5. 36% would raise the monthly payment to about $2, 429 but cut total interest to near $137, 000.
Why rates moved: inflation, jobs and market tone
Markets reacted positively to a consumer-price update released Friday morning ET that showed year-over-year headline inflation easing to about 2. 4%, with month-over-month gains around 0. 2%—both slightly below consensus expectations. Core inflation readings were broadly in line with forecasts, a development that helped calm immediate rate volatility.
That cooler inflation print came after a delayed jobs release earlier in the week that ran hotter than anticipated, and a separate showing of elevated initial jobless claims. The combination of steady labor-market resilience and signs that inflation remains controlled has created the current delicate environment: enough economic strength to sustain demand, but not so hot as to force rapid central-bank tightening.
Adjustable-rate mortgages remain a mixed story. While ARMs traditionally begin with lower initial yields, recent pricing has at times been similar to or even above fixed-rate offerings, reducing the typical cost advantage for borrowers who plan to refinance or sell before adjustment windows open.
What borrowers should consider now
For buyers, the slide toward lower rates can make a meaningful difference in monthly payment and purchasing power, but individual results will vary based on down payment size, credit profile and debt-to-income ratios. Borrowers with strong credit and larger down payments are likeliest to secure the most favorable pricing. Purchasing discount points or choosing a temporary buydown remain viable strategies to lower rates at closing, though those choices require careful cost-benefit analysis.
Refinancers should weigh current refinance averages against their existing note rates and closing costs. Because refinance pricing can be modestly higher than purchase pricing, not every borrower will benefit from a refinance even if headline averages have shifted lower.
Looking ahead, industry forecasts issued earlier this year project the 30-year rate to remain near the low- to mid-6% range through 2026, implying that the current dip could be temporary unless persistent disinflation or other tailwinds take hold. Key risks include a reacceleration in inflation, a sharp improvement in labor-market data that boosts rate expectations, or geopolitical shocks that push yields higher.
For now, mortgage rates today offer a window of relief for some buyers and homeowners, but the path forward hinges on upcoming inflation prints, labor-market updates and overall economic momentum. Borrowers planning moves this spring should consult with lenders about locking strategies and run scenarios for different rate and loan-term combinations to quantify trade-offs.
