Mortgage Rate Update April 12 2026: Rates Continue to Ease

Rates Continue to Move Lower This Week

Mortgage rates continued their downward trend into the second week of April, giving buyers a bit of relief during the busy spring housing season. According to data from Zillow, the average 30-year fixed mortgage rate now stands at 6.15%, down from the previous weekend.

The 15-year fixed rate also declined, landing at 5.64%. While the changes may seem small, even minor drops in rates can make a noticeable difference in monthly payments for borrowers.

This recent trend suggests that mortgage rates are stabilizing after a period of volatility, which could help bring more buyers back into the market.

Today’s Mortgage Rates Snapshot

Here are the latest national average mortgage rates:

• 30-year fixed: 6.15%
• 20-year fixed: 5.97%
• 15-year fixed: 5.64%
• 5/1 ARM: 6.44%
• 7/1 ARM: 6.36%
• 30-year VA: 5.73%
• 15-year VA: 5.38%
• 5/1 VA: 5.58%

These averages are rounded and can vary depending on location, lender, and borrower profile.

Today’s Refinance Rates

Refinance rates are slightly higher in most cases, which is common in the current market:

• 30-year fixed refinance: 6.26%
• 20-year fixed: 6.21%
• 15-year fixed: 5.74%
• 5/1 ARM: 6.39%
• 7/1 ARM: 6.76%
• 30-year VA: 5.44%
• 15-year VA: 5.25%
• 5/1 VA: 5.21%

For homeowners considering refinancing, it is important to compare current rates with your existing loan to determine if the move makes financial sense.

30-Year vs. 15-Year Mortgage: Key Differences

Choosing between a 30-year and 15-year mortgage depends on your financial goals.

A 30-year mortgage offers:

• Lower monthly payments
• More flexibility in budgeting

A 15-year mortgage provides:

• Lower interest rates
• Significant savings on total interest
• Faster loan payoff

For example, on a $300,000 loan:

• 30-year at 6.15% → about $1,828/month and over $357,000 in total interest
• 15-year at 5.64% → about $2,474/month but only around $145,000 in interest

This shows how shorter loan terms can reduce long-term costs, even though monthly payments are higher.

Fixed vs. Adjustable Mortgage Options

Borrowers also need to decide between fixed-rate and adjustable-rate mortgages (ARMs).

• Fixed-rate loans keep the same interest rate for the entire term
• ARMs offer a fixed rate for a limited period, then adjust over time

For example, a 7/1 ARM keeps the rate fixed for seven years before adjusting annually.

While ARMs can start with lower rates, they come with uncertainty in the future. In recent months, fixed rates have sometimes been as competitive or even lower than adjustable options.

How to Get a Lower Mortgage Rate

Even as market rates fluctuate, borrowers can take steps to secure better offers:

• Improve your credit score
• Reduce your debt-to-income ratio (DTI)
• Save for a larger down payment
• Compare multiple lenders

Shopping around remains one of the most effective ways to find better loan terms. Experts recommend applying with several lenders within a short period to compare offers without significantly impacting your credit score.

Choosing the Right Mortgage Lender

When selecting a lender, interest rate alone should not be the only factor.

Instead, focus on the Annual Percentage Rate (APR), which includes:

• Interest rate
• Fees
• Discount points

APR gives a clearer picture of the total cost of borrowing and helps you make more accurate comparisons between lenders.

Outlook for Mortgage Rates in 2026

Looking ahead, forecasts suggest mortgage rates may remain relatively stable throughout 2026. Industry groups expect the average 30-year rate to hover near current levels, with some projections pointing to a gradual decline later in the year.

However, rates will continue to depend on broader economic factors such as inflation, employment, and global events.

Final Thoughts

Mortgage rates today are showing a steady downward trend, which is a positive sign for buyers entering the market. While affordability challenges remain, lower rates can help improve purchasing power and monthly payment flexibility.

For buyers ready to move forward, focusing on personal finances and comparing lenders may be more effective than waiting for rates to drop further. For direct financing consultations or mortgage options for you visit 👉 Nadlan Capital Group.