Mortgage Rate Update 
It’s no surprise that the Federal Open Market Committee (FOMC) did not lower the benchmark interest rate in their March meeting last week. The target rate has remained at a range of 3.50% to 3.75% since December 2025. For the most part, economists expect no aggressive action in either direction any time soon, as conflict in the Middle East may cause a spike in inflation.
Following the post-Fed press conference, long-term bond markets jumped, resulting in a 6-basis point rise in the 10-year Treasury. This primary economic indicator is more closely tied to 30-year mortgage rates.
As a result, Freddie Mac closed out their week with the national average on 30-year fixed-rate mortgages at 6.22%, up from 6.11% a week earlier. One year ago, 30-year fixed rates averaged 6.67%, so rates are still slightly lower than they were 12 months ago.
The 15-year fixed-rate mortgage closed out the week averaging 5.54% nationwide. This type of program works well for homebuyers who wish to build equity faster and pay significantly less interest over the life of the loan.
Nationwide averages for HELOC loans are hovering around 7.18% as of mid-March. Homeowners interested in leveraging their equity to eliminate high-interest credit card debt or fund home improvement projects may be able to tap into lower introductory rates offered by some lenders.
You’re welcome to give me a call if you – or your friends and family – need a mortgage professional for a home purchase, refinance, or cash out. My team and I always keep our eyes on the market to serve our clients’ best interest.