Mortgage rates today — April 28, 2026

The average 30-year fixed mortgage rate on April 28, 2026 is 6.32% — holding flat from last week as the bond market remains in a wait-and-see mode driven largely by the ongoing U.S.-Iran conflict and its effect on oil prices and inflation. The 15-year fixed is averaging 5.82%, and the 5/1 ARM sits at 6.22%. These are national averages based on current industry data; your rate will depend on your credit score, down payment, loan amount, and lender. You can view today’s mortgage rates at Better without starting an application.

Today’s mortgage rates — April 28, 2026

These are national averages — your actual rate depends on your credit score, down payment, loan amount, and lender.

What’s moving rates today

Mortgage rates are essentially flat to start this week, and the reason comes down to one word: waiting.

The bond market — which directly drives mortgage rates — has settled into a holding pattern. Investors are watching the U.S.-Iran conflict and its knock-on effects on oil prices more than almost any other variable right now. When oil prices fall, inflation expectations tend to ease, which tends to push bond yields lower, which in turn brings mortgage rates down. When oil prices spike, the opposite happens.

The current dynamic is that neither outcome looks imminent. According to recent market data, mortgage applications actually rose last week to a one-month high — a sign that buyers are continuing to transact even as they keep one eye on where rates might go. That’s an encouraging signal for the spring housing market.

The Iran war, oil prices, and your mortgage rate

Here’s the chain of events that connects a conflict overseas to the rate on your home loan: military conflict in an oil-producing region raises the risk that global oil supplies will tighten. Higher oil prices push inflation higher. When inflation runs hot, bonds become less attractive to investors (because inflation erodes the fixed returns bonds pay), which means bond prices fall and yields rise. Mortgage rates are priced off of those yields — primarily the 10-year Treasury — so when yields go up, mortgage rates follow.

What’s changed in recent weeks is that the bond market has grown less reactive to individual war headlines. Earlier in the conflict, almost any development moved rates. Now investors are waiting for a definitive resolution: either a formal ceasefire that would ease oil pressure, or an escalation significant enough to force a decisive response. Anything in between has stopped being a catalyst. That’s why rates are flat today — not because the situation is resolved, but because it’s reached a kind of stalemate that markets have largely priced in.

The Federal Reserve is also in a holding pattern. Treasury Secretary comments this week confirmed that the Fed is comfortable waiting for clearer data before cutting rates, particularly with oil-driven inflation still running above target. Industry economists don’t expect the first rate cut to come before late 2026 at the earliest, which means mortgage rate relief through Fed action isn’t on the immediate horizon.

What today’s rates mean for homebuyers

6.32% on a 30-year fixed is not a low rate by historical standards. But it’s worth understanding where we are in the cycle.

Rates climbed above 7% for much of 2025. The brief dip to 5.99% in late January 2026 showed what’s possible if economic conditions align, but rates have since settled back into the low-to-mid 6% range. Most industry economists project 30-year fixed rates staying above 6% for the rest of 2026.

For buyers trying to decide whether to move now or wait, the calculus is straightforward: waiting for significantly lower rates means betting on a timeline that most forecasters aren’t confident about. Meanwhile, inventory is improving in many markets, giving buyers more options than they had a year ago.

Use our mortgage calculator to run your specific numbers — monthly payment, total interest, and how your down payment affects what you qualify for.

What today’s rates mean for refinancers

The refinance math depends heavily on what rate you currently have and how long you plan to stay in the home.

If you locked a rate above 7% in 2024 or early 2025, refinancing to today’s 30-year fixed refinance rate of 6.68% could produce meaningful monthly savings, though you’ll need to factor in closing costs and calculate your break-even point. A common rule of thumb is that refinancing makes financial sense if you can lower your rate by at least 0.75–1.0 percentage points and plan to stay in the home long enough to recover the closing costs through monthly savings.

Use the refinance savings calculator to see your personalized break-even timeline. Most refinance closing costs run between two and five percent of the loan amount, so a $400,000 refinance might cost $8,000–$20,000 upfront — knowing how many months it takes to recoup that is essential before you decide.

For homeowners wondering whether their credit qualifies, most lenders require a minimum credit score of 620 for a conventional refinance, with better pricing at 740 and above.

Many lenders offer float-down options that allow you to lock a rate and then move to a lower rate should it drop materially before closing.

How to get a lower rate than the average

The 6.32% average is exactly that — an average. Borrowers with strong profiles routinely qualify for rates meaningfully below the national figure. Here’s what has the biggest impact:

Credit score. This is the single biggest lever. Moving from a 680 to a 740 credit score can reduce your rate by 0.25–0.75 percentage points, depending on the lender and loan type. Check your credit report for errors before you apply — they’re more common than most people expect.

Down payment. A larger down payment reduces the lender’s risk and typically earns you a lower rate. Putting 20% down also eliminates private mortgage insurance (PMI), which is an additional monthly cost on most conventional loans with less than 20% down.

Loan type. The 15-year fixed at 5.82% is significantly lower than the 30-year fixed today. If you can comfortably handle the higher monthly payment, the 15-year saves substantially on total interest over the life of the loan. A 5/1 ARM at 6.22% may also make sense for buyers who plan to sell or refinance before the fixed period ends.

Shopping multiple lenders. According to recent industry research, borrowers who compare offers from multiple lenders save more on their loan over time than those who go with the first offer. Knowing how to shop around for mortgage rates is one of the highest-leverage things you can do before you apply.

Understanding what determines your rate. Your debt-to-income ratio (DTI), loan amount, property type, and occupancy status all factor into pricing. Reading up on what determines mortgage rates can help you understand which variables you can actually influence before locking.

Better’s fully online process lets you see your rate and get pre-approved without an agent or branch visit. You can see where you stand before you’re committed to anything.

Frequently asked questions

What is the mortgage rate today, April 28, 2026?

The average 30-year fixed mortgage rate on April 28, 2026 is 6.32%, unchanged from last week. The 15-year fixed is averaging 5.82%. These are national averages based on current industry data — your individual rate will vary based on your credit profile, down payment, and lender.

Why aren’t mortgage rates going down even though inflation seems to be cooling?

Rates are holding steady because the bond market is waiting for definitive resolution on the U.S.-Iran conflict. Oil prices remain elevated relative to pre-war levels, which is keeping inflation expectations — and therefore bond yields and mortgage rates — from falling materially. The Federal Reserve has also signaled it’s not in a hurry to cut rates until it sees more consistent data.

Is 6.32% a good mortgage rate right now?

It depends on your frame of reference. Rates were above 7% for much of 2025, so 6.32% represents improvement. However, rates briefly touched 5.99% in January 2026, showing there’s room to move lower under the right conditions. For most buyers, the decision shouldn’t hinge on whether rates are “good” in the abstract — it should come down to whether the monthly payment works for your budget today.

How is the war in Iran affecting U.S. mortgage rates?

The conflict raises oil prices, which pushes inflation higher, which keeps bond yields elevated, which keeps mortgage rates higher than they’d otherwise be. As ceasefire negotiations progress, oil price relief could create downward pressure on rates — but markets are no longer moving on every headline and are waiting for a definitive outcome.

Should I lock my mortgage rate now or wait?

If you have a property under contract, most lenders and financial advisors recommend locking when you find a rate that works for your budget. Trying to time the market is risky — rates can move up or down quickly in response to news. You can read more about when to lock your mortgage rate and what the tradeoffs look like.

Does it make sense to refinance if I got a rate above 7% last year?

Potentially, yes. With the 30-year fixed refinance rate at 6.68% today, homeowners who locked above 7% in 2024 or early 2025 may be able to reduce their monthly payment and total interest. The key question is whether the savings exceed the closing costs within a timeframe that makes sense for how long you plan to stay in the home. Use the refinance calculator to find your break-even point.

Is a 15-year mortgage worth it at today’s rates?

At 5.82% vs. 6.32% on a 30-year loan, the 15-year fixed offers a lower rate and dramatically less total interest paid — but the monthly payment is higher. Whether it’s worth it depends on your cash flow, financial goals, and how long you plan to keep the loan. Use the mortgage calculator to compare both scenarios side by side with your actual numbers.

Why are mortgage rates higher than the Fed rate?

The federal funds rate set by the Federal Reserve governs short-term borrowing between banks — it doesn’t directly set mortgage rates. Mortgage rates are primarily influenced by the 10-year Treasury yield and the market for mortgage-backed securities. The Fed’s rate decisions do affect the bond market indirectly, but the relationship isn’t one-to-one. Understanding what determines mortgage rates can clarify this distinction.

What to do today

Mortgage rates are stable right now, but stability doesn’t mean permanent. Bond markets can shift quickly when major economic data drops or when the geopolitical picture changes. Waiting for lower rates is a reasonable strategy if you have flexibility — but it carries real risk if your timeline is fixed by a contract, a lease end date, or a life event.

The most reliable move is getting a real number for your specific situation. That means running your actual credit profile, down payment, and loan amount — not relying on a national average that may not reflect what you’d actually qualify for.

Why are mortgage rates still elevated? What would it take for them to drop? How do you position yourself to capture a lower rate when conditions shift? These are the questions worth thinking through now, so you’re ready to act when the moment is right.

Rates shown are daily average interest rates, not APRs, based on Better Mortgage data and are for informational purposes only. Rates are not guaranteed, may include borrower-paid or lender credits, and actual rates and terms vary by borrower and transaction. Comparison to industry average rates may not reflect individual borrower scenarios and is not a guarantee of lower rates or savings.