Mortgage rates moved decisively lower this weekend, offering a brief reprieve for homebuyers and homeowners weighing a refinance. Zillow’s lender marketplace reported a national average 30-year fixed mortgage rate of 6.22% on Sunday, April 5, 2026 — a drop of roughly a quarter percentage point from the same time last weekend. The 15-year fixed rate fell to 5.72%.
Zillow’s snapshot shows a broad-based decline across product types: the 20-year fixed averaged 6.23%, 5/1 ARMs were 6.27% and 7/1 ARMs 6.24%. Veterans Affairs loan averages were lower than conventional equivalents, with a 30-year VA at 5.90% and a 15-year VA at 5.56%. All figures are national averages and rounded to the nearest hundredth, Zillow notes.
Refinance rates remain somewhat higher than purchase rates in Zillow’s data. The average 30-year fixed refinance rate was 6.43% on Sunday, while the 15-year refinance averaged 5.95%. ARMs for refinances were roughly comparable to purchase products, with 5/1 refinance rates at 6.31% and 7/1 at 6.22%. Zillow cautions that refinance pricing can vary and is not always higher than purchase pricing, but it was the case in these national averages.
For prospective borrowers, even modest rate shifts can alter monthly payments and lifetime interest costs. Zillow’s illustrative example compares a $300,000 mortgage at a 30-year rate of 6.47% with a 15-year loan at 5.90; the 30-year payment would be roughly $1,841 a month in principal and interest, with about $362,869 in total interest across the loan, whereas the 15-year payment would be about $2,486 monthly with $147,554 in interest over the life of the loan. Those example numbers are meant to show the trade-offs between lower long-term interest on shorter terms and the higher monthly payments required.
Market forecasts referenced in recent coverage give mixed signals for the rest of 2026. The Mortgage Bankers Association’s March forecast expected the 30-year rate to hover near 6.30% through the year, while Fannie Mae projected it could fall to just under 6% by year-end. Borrowers deciding whether to lock now or wait should weigh those forecasts against their personal finances and local market conditions.
Mortgage advisers continue to stress fundamentals: larger down payments, stronger credit scores and lower debt-to-income ratios typically secure the cheapest rates. Comparing lenders — and looking at APRs, which factor in fees and discount points — can be as important as comparing headline rates. For those shopping multiple lenders, applying for preapproval within a short window can minimize the impact on credit scores while producing comparable offers. Local market pricing and individual borrower profiles, not national averages, will determine the actual rates consumers are offered.