Mortgage rates today: April 16, 2026

As of April 16, 2026, the average 30-year fixed mortgage rate is approximately 6.32%, based on current industry data — holding near its lowest level in four weeks. Rates have pulled back meaningfully from late-March highs near 6.65%, driven primarily by easing tensions in the Iran conflict and a corresponding drop in oil prices that has steadied the bond market. Whether you're buying a home or weighing a refinance, here's exactly what today's rate environment means for your next move.

Today's mortgage rates

Here's where average rates stand across the most common loan types as of April 16, 2026, based on current market averages:

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

What these numbers mean for your monthly payment

On a $350,000 30-year fixed mortgage at 6.32%, your estimated monthly principal and interest payment would be approximately $2,176.

At the late-March peak of 6.65%, that same loan would have cost around $2,249 per month — about $73 more every month, or nearly $875 over a year.

Example is for illustrative purposes only and does not reflect taxes, insurance, or other costs. Actual rates and payments will vary based on your individual financial profile.

Use Better's mortgage calculator to run your own numbers based on your purchase price, down payment, and loan term.

What's moving mortgage rates today

Mortgage rates don't move on their own — they follow the bond market, and right now the bond market is watching one thing closely: the Iran conflict.

Here's how the chain works. When geopolitical risk rises — particularly when that risk involves oil-producing regions — energy prices tend to spike. Higher oil prices push up inflation expectations. Inflation erodes the value of fixed-income bonds, which prompts investors to demand higher yields. And because mortgage-backed securities (the bonds that fund most home loans) trade alongside Treasuries, higher yields translate directly into higher mortgage rates.

The reverse is also true. Over the past two weeks, signals of a potential Iran ceasefire have reduced that pressure. Oil prices have pulled back. Bond yields have eased. And mortgage rates have followed — falling from a high of around 6.65% in late March to approximately 6.32% today, the lowest level in four weeks.

It's also worth noting where rates fit in the longer arc of 2026. The year started with rates briefly touching below 6% in late February — the lowest in more than three years — before geopolitical uncertainty pushed them sharply higher through March. Today's rates sit roughly halfway between that February low and the March peak.

To understand more about what determines mortgage rates beyond today's news cycle, see Better's full guide.

30-year fixed vs. 5/1 ARM — which makes sense right now?

At first glance, the rate table above might surprise you: the 5/1 ARM is averaging around 6.44% — actually higher than the 30-year fixed rate of 6.32%. That's not always the case, and it's worth understanding why it matters right now.

Normally, ARMs offer a lower introductory rate in exchange for the risk that your rate adjusts after the initial fixed period ends. The trade-off makes sense when the spread between ARM and fixed rates is meaningful, say, 0.75% or more. When that gap narrows or inverts, as it has recently, the case for an ARM weakens considerably.

When a 5/1 ARM might still make sense today: you're confident you'll sell or refinance within five years, you need the slightly lower payment to qualify, or you understand and accept the adjustment risk after year five.

When the 30-year fixed is the clearer call: you plan to stay in the home long-term, payment predictability matters more than a marginal rate difference, or you want to eliminate refinancing risk entirely.

Better's guide to fixed vs. adjustable-rate mortgages walks through the decision in detail. You can also view current refinance rates if you're considering refinancing an existing ARM into a fixed loan.

Should you lock your rate today?

With rates near a four-week low, the rate-lock question is front of mind for a lot of borrowers right now.

A rate lock is a commitment from your lender to hold a specific interest rate for a set period — typically 30 to 60 days — while you complete the loan process. Once locked, your rate won't increase even if market rates rise before you close. To learn more, see Better's FAQ on what is a rate lock.

The argument for locking now is straightforward: rates have dropped almost a third of a point from their recent peak, and the factors driving that improvement are not guaranteed to continue. If tensions in the Iran conflict escalate again, rates could reverse quickly.

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. Ask your loan officer whether this option is available to you before you decide.

If you're not yet pre-approved, today is a reasonable time to start. Getting pre-approved puts a rate in your hands, gives you negotiating strength with sellers, and lets you move fast if the right home appears. Better's fully online platform gets you a pre-approval letter in minutes.

FAQ

Mortgage rates just dropped to a four-week low — does that mean now is a good time to lock in my rate?

It's a reasonable time to consider locking, but "good" depends on your personal timeline. If you're within 30 to 60 days of closing, locking near a recent low removes the risk of rates rising before you close. If you're earlier in the process, you have more flexibility — but also more exposure to rate swings.

I have a credit score around 680 — am I going to get a rate close to the national average of 6.32%, or will mine be higher?

The national average typically reflects well-qualified borrowers — generally those with credit scores of 740 or above and a 20% down payment. With a score around 680, you can still qualify for a conventional mortgage, but your rate will likely be somewhat higher. See Better's guide on how to shop around for mortgage rates to understand how to compare offers across lenders.

With a 30-year fixed at 6.32% and ARMs only slightly lower, is there actually any point to getting an ARM right now?

For most borrowers today, probably not. The 5/1 ARM is currently averaging above the 30-year fixed, which eliminates the traditional rate advantage ARMs offer. The scenario where an ARM still makes sense is narrow: if you're highly confident you'll sell or refinance within five years and need the marginally lower payment to qualify.

I'm buying a $400,000 home with 20% down — what would my monthly payment be at today's rates?

On a $320,000 loan at 6.32% on a 30-year fixed, your estimated principal and interest payment would be approximately $1,990 per month. Use Better's mortgage calculator to adjust the numbers for your exact scenario. Example is for illustrative purposes only. Actual rates and payments vary by borrower.

Rates have been bouncing around because of the Iran war. What happens to mortgage rates if there's a ceasefire?

A ceasefire would likely push oil prices lower, reduce inflation expectations, and ease pressure on bond yields — which would be positive for mortgage rates. We saw a preview of this dynamic in mid-April as ceasefire signals helped rates fall from their March highs.

I locked my rate two weeks ago when rates were higher. Is there anything I can do now that rates have come down?

If your lender offers a float-down option, you may be able to move to a lower rate if rates drop by a defined amount before closing. Ask your loan officer directly. See Better's FAQ on rate lock for more detail.

I'm a first-time buyer — should I wait for lower rates or buy now?

Forecasters project rates could approach the high 5% range by year-end. But waiting for lower rates also means competing with more buyers once rates drop. The more useful question is whether the home you want is available and whether today's payment fits your budget.

How much would my monthly payment drop if mortgage rates fell from 6.32% to 5.99% on a $350,000 loan?

At 6.32%, a $350,000 30-year fixed carries an estimated monthly payment of approximately $2,176. At 5.99%, that drops to approximately $2,097 — a difference of about $79 per month. Example is for illustrative purposes only. Actual payments vary based on individual financial profiles.

Where rates go from here

Mortgage rates on April 16, 2026 are sitting near a four-week low, having recovered from a difficult March driven by Iran conflict-related pressure on energy prices and bond markets. The path forward depends heavily on how that conflict evolves — but the recent trajectory has been favorable for borrowers.

If you're in the market, the constructive move is to understand what rate you qualify for today. Are mortgage rates negotiable? More than most borrowers realize — shopping multiple lenders and comparing offers can meaningfully reduce what you pay over the life of your loan.

Better's fully online platform lets you check your rate, explore loan types, and get pre-approved without setting foot in a branch. Use the refinance savings calculator if you're an existing homeowner running the numbers on whether today's rates make refinancing worth it. You can also view today's mortgage rates directly on Better's rate dashboard.