Monthly Cost of a $600,000 Mortgage at Current Rates
Mortgage borrowers face renewed uncertainty after the Federal Reserve held its policy rates steady in March. A rise in unemployment and stalled progress in reducing inflation helped push mortgage yields higher.
Why rates moved higher
Markets had hoped for rate cuts after the Fed’s easing campaign late last year. The central bank cut rates in the final four months of 2025. That action pushed average mortgage rates down entering 2026, roughly one percentage point lower than a year earlier.
But developments this March reversed some gains. Rising jobless claims, sluggish inflation improvement and the Fed’s pause combined to lift mortgage rates again. The changes complicate the spring homebuying season.
Current monthly cost estimates for a $600,000 mortgage
Below are monthly payment estimates for a $600,000 mortgage at current rates. These figures exclude taxes, homeowners insurance and private mortgage insurance.
| Loan | Rate | Estimated monthly payment |
|---|---|---|
| 30-year fixed | 6.37% | $3,741.26 |
| 15-year fixed | 5.87% | $5,021.10 |
Comparison with mid-February
In mid-February, average rates were lower. The 30-year averaged 5.87% and the 15-year averaged 5.37% then.
| Loan | Mid-February rate | Estimated monthly payment |
|---|---|---|
| 30-year fixed | 5.87% | $3,547.31 |
| 15-year fixed | 5.37% | $4,861.21 |
The monthly cost difference is meaningful. The 30-year payment rose roughly $195 per month. The 15-year payment increased about $160 monthly.
Should buyers lock a rate now?
Locking a rate can protect buyers from further spikes. Many lenders also offer a float-down option for a fee.
Waiting for the perfect rate can be risky. It may cost buyers their preferred home or delay purchase plans.
What this means for prospective buyers
Buyers should calculate the monthly cost of a $600,000 mortgage at current rates before making decisions. Compare offers from multiple lenders and factor in taxes and insurance.
For those able to act now, securing financing may be prudent. If rates fall later, refinancing remains an option.
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