Mortgage Rates Today, Friday, March 20: Rising Toward 2026 Peak

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The average interest rate on a 30-year, fixed-rate mortgage jumped to 6.2% APR, according to rates provided to NerdWallet by Zillow. This is 11 basis points higher than yesterday and 10 basis points higher than a week ago. (See our chart below for more specifics.) A basis point is one one-hundredth of a percentage point.

Average rates reached the highest point we’ve seen so far in 2026 on Monday, at 6.22% — just two basis points above where rates are today.

This doesn’t necessarily mean that rates will be higher next week. Mortgage rates are pretty volatile right now, due to economic turbulence sparked by the Iran war and high oil prices. If you can afford today’s rates, don’t feel like you should try to time the market for a rate drop.

While the economy never sleeps, markets are closed on the weekends. The rates you see Friday are unlikely to change much (if at all) until Monday.

Average mortgage rates, last 30 days

📉 When will mortgage rates drop?

Mortgage rates are constantly changing, since a major part of how rates are set depends on reactions to new inflation reports, job numbers, Fed meetings, global news … you name it. For example, even tiny changes in the bond market can shift mortgage pricing.

On Wednesday, central bankers announced their vote to hold the federal funds rate steady, as they’d been expected to do in the face of economic uncertainty. (The federal funds rate indirectly influences mortgage rates.)

Investors have raised alarm bells about inflation fallout from the Iran war, which has sent oil prices surging. This makes it more expensive to produce and move goods, which can cause prices to rise. Central bankers need to wait to see exactly how inflation is moving before deciding when to shift the overnight borrowing rate.

The next major report that the Nerds are watching will be the March jobs report, which will be released on April 3. February’s employment numbers were weaker than expected — the U.S. lost 92,000 jobs last month, compared to a projected gain of 50,000. If employment falls in March while inflation grows, the Fed’s job will become very tricky to navigate. Those who prioritize lifting up the job market could advocate for a rate cut, but this would threaten to push inflation further up. Right now, analysts largely believe that central bankers will leave rates unchanged again at their April 28-29 meeting, but another jobs report that comes in below the forecast could shift sentiments.

Refinancing might make sense if today’s rates are at least 0.5 to 0.75 of a percentage point lower than your current rate (and if you plan to stay in your home long enough to break even on closing costs).

With rates where they are right now, you may want to start considering a refi if your current rate is around 6.7% or higher.

Also consider your goals: Are you trying to lower your monthly payment, shorten your loan term or turn home equity into cash? For example, you might be more comfortable with paying a higher rate for a cash-out refinance than you would for a rate-and-term refinance, so long as the overall costs are lower than if you kept your original mortgage and added a HELOC or home equity loan.

If you’re looking for a lower rate, use NerdWallet’s refinance calculator to estimate savings and understand how long it would take to break even on the costs of refinancing.

🏡 Should I start shopping for a home?

There is no universal “right” time to start shopping — what matters is whether you can comfortably afford a mortgage now at today’s rates.

If the answer is yes, don’t get too hung up on whether you could be missing out on lower rates later; you can refinance down the road. Focus on getting preapproved, comparing lender offers, and understanding what monthly payment works for your budget.

NerdWallet’s affordability calculator can help you estimate your potential monthly payment. If a new home isn’t in the cards right now, there are still things you can do to strengthen your buyer profile. Take this time to pay down existing debts and build your down payment savings. Not only will this free up more cash flow for a future mortgage payment, it can also get you a better interest rate when you’re ready to buy.

🔒 Should I lock my rate?

If you already have a quote you’re happy with, you should consider locking your mortgage rate, especially if your lender offers a float-down option. A float-down lets you take advantage of a better rate if the market drops during your lock period.

Rate locks protect you from increases while your loan is processed, and with the market forever bouncing around, that peace of mind can be worth it.

🤓 Nerdy Reminder: Rates can change daily, and even hourly. If you’re happy with the deal you have, it’s okay to commit.

🧐 Why is the rate I saw online different from the quote I got?

The rate you see advertised is a sample rate — usually for a borrower with perfect credit, making a big down payment, and paying for mortgage points. That won’t match every buyer’s circumstances.

In addition to market factors outside of your control, your customized quote depends on your:

Even two people with similar credit scores might get different rates, depending on their overall financial profiles.

👀 If I apply now, can I get the rate I saw today?

Maybe — but even personalized rate quotes can change until you lock. That’s because lenders adjust pricing multiple times a day in response to market changes.

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About the author

Taylor Getler is a home and mortgages writer for NerdWallet. Her work has been featured in outlets such as MarketWatch, Yahoo Finance, MSN and Nasdaq. Taylor is enthusiastic about financial literacy and helping consumers make smart, informed choices with their money.

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