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Borrowers hoping for a drop in inflation and a corresponding interest rate cut woke up to disappointing news Friday morning when the latest report from the Bureau of Labor Statistics showed a surge in the rate. Now at 3.3%, inflation is at its highest level in nearly two years and is close to a point and a half above the Federal Reserve’s target 2% goal. That essentially delays the chances of a Fed rate cut for the time being and could result in higher borrowing costs for a series of products, of which mortgages and mortgage refinance loans won’t be excluded.
At the same time, mortgage interest rates did see noticeable improvement in 2025, and despite some volatility in the space in recent weeks, they’re still lower than where they were at this point in 2025 and 2024. So borrowers may still find today’s rates worth pursuing. But after this latest inflation reading, it may make sense to act now, before market conditions worsen and lenders respond with higher rate offers. To better understand the value of taking action now, it helps to know where mortgage interest rates stand, specifically, as of April 10, 2026.
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What are today’s mortgage interest rates?
The average mortgage interest rate for a 30-year term is 6.25% as of April 10, 2026, according to Zillow. The average rate for a 15-year term is now 5.62%. Both remain around where they have been in recent days, but they could also change over the next week depending on how lenders respond to the latest inflation news.
That said, these are just averages from a single source, so it’s more important than usual to shop around to see what other rates and terms you may qualify for. Just avoid looking for an ideal rate in today’s climate, as it is unlikely to appear with market conditions unpredictable now.
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What are today’s mortgage refinance rates?
The average mortgage refinance rate for a 30-year term rose to 6.94% on April 10, 2026, according to Zillow. That’s dozens of basis points higher than it had been earlier in April. The median refi rate on a 15-year term also surged to 6.06%, up from the mid to high 5% range it was in previously.
While both rates are less than ideal, they can still be worth exploring if either represents a rate that’s a half a percentage point to a full percentage point below your current one. Just don’t wait too long to lock one in, however, as these can rise further depending on how the market responds to today’s inflation report, among other factors.
The bottom line
The average mortgage rate on a 30-year term is 6.25% as of April 10, 2026, and its 5.62% for a 15-year option. The average refinance rate on a 30-year term, meanwhile, is now 6.94%, and it’s 6.06% for a 15-year alternative. While these are not the rates borrowers were hoping for at this point in 2026, they still may be affordable for the right buyer or homeowner.
Don’t dismiss any of them, then, before crunching the numbers to see how they translate into monthly payments. Consider speaking with lenders directly, as well, as they may be able to offer better rates, terms and conditions versus what you see listed on their websites.
