Mortgages still expensive
Average 30‑year fixed mortgage rate sits at 6.42% (30‑Mar‑2026) and the 15‑year fixed is about 5.775%, keeping refinancing activity muted ( ). The Fed has held the funds rate at 3.50%–3.75% so far this year, and the market expects mortgage costs to remain elevated unless inflation cools and cuts resume ( ).
Mortgage Bankers Association data show the Market Composite Index — a measure of overall loan application volume — fell 10.5% for the week ending March 20, 2026. (mba.org) The MBA reported the Refinance Index dropped 15% week‑over‑week while remaining 52% higher than the same week a year earlier. (mba.org) The seasonally adjusted Purchase Index decreased 5% from the prior week even as the unadjusted Purchase Index was 5% higher than the same week one year earlier. (mba.org) Fannie Mae’s Refinance Application‑Level Index showed total refinance dollar volume slid 19% for the week ending March 20, 2026, while RALI dollar volume was up 41% year‑over‑year. (fanniemae.com) Freddie Mac’s weekly PMMS noted the 30‑year average rose from 6.22% to 6.38% in the week through March 26, 2026, and that rates remained below last year’s 6.65% average. (freddiemac.com) The U.S. 10‑year Treasury yield, a benchmark that helps set mortgage pricing, eased to roughly 4.32% on March 31, 2026. (tradingeconomics.com) Coverage of money‑market pricing showed markets were overwhelmingly pricing in zero Federal Reserve rate cuts for the rest of 2026 as of March 31, a shift that reduces near‑term odds of lower borrowing costs. (cnbc.com) Intercontinental Exchange’s March 2026 Mortgage Monitor estimated about 5.4 million homeowners were “in the money” to refinance after rates briefly dipped below 6% earlier in March, signalling potential renewed refi activity if rates fall again. (mortgagetech.ice.com)
