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February 27, 2026 / 10:01 AM EST
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Mortgage interest rates are once again trending in a positive direction for borrowers.
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With the start of a new month just days away and, with it, multiple factors that could impact the mortgage rate environment, borrowers may again want to consider their options. And, right now, whether you’re a buyer or homeowner looking to refinance, you may be surprised at how low your current mortgage rate offers actually are. Qualified borrowers have multiple options under 6% and, with the right strategic approach, may even be able to lock in a mortgage rate closer to 5%.
That said, finding the right mortgage interest rate for your needs and goals isn’t always as simple as visiting your local banking branch. It will require online comparison shopping and a thorough review of the mortgage rate climate to best determine which rates are actually competitive… and which only seem that way before fees and closing costs are tacked on. So, what are today’s mortgage interest rates, specifically, as of February 27, 2026? That’s what we’ll outline below.
See how low your current mortgage rate offers are here.
What are today’s mortgage interest rates?
The average mortgage interest rate on a 30-year mortgage is 5.87% as of February 27, 2026, according to Zillow, identical to what it has been in recent days. The average mortgage rate for a 15-year term, meanwhile, is now 5.37%.
While these are average rates and there is the potential for borrowers to locate lower ones by shopping around online now, it’s important to remember that the best rates and terms will be reserved for those buyers with the highest credit scores and cleanest credit histories. So if your score needs improving or if you’re unsure about what your credit report looks like, consider working on those items first, prior to formally applying for a mortgage loan.
Learn more about your current mortgage rate options here.
What are today’s mortgage refinance rates?
The average mortgage refinance rate on a 30-year mortgage sits at 6.47% as of February 27, 2026, according to Zillow. The median refi rate on a 15-year mortgage is now 5.64%. So there are again affordable opportunities here, both for owners who purchased a home in the 7%-plus interest rate climate of recent years as well as those who are looking to lower their rate and expedite their payoff timeline at the same time.
To figure out which category you may fall into, start by crunching your new payments against these lower-rate options. But don’t forget about mortgage refinancing closing costs, too, which can make up approximately 1% to 5% of the total loan. And you should be planning on remaining in the home long enough to break even on those costs; otherwise, the monthly savings you secure with a lower rate may not justify the action.
The bottom line
The average mortgage interest rate on a 30-year mortgage is 5.87% as of February 27, 2026, and it’s just 5.37% for 15-year alternatives. The median refinance rate on a 30-year loan, meanwhile, is 6.47%, and it’s only 5.64% for a 15-year option. So there are plenty of improved mortgage rates to consider right now. Just don’t get tempted by these improvements and accept the first low rate you’re offered, either. Instead, shop around and get rate quotes from at least three different lenders to establish a baseline against which to compare.
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