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Hot TopicHousingMarch 1, 2026
Mortgage Rates Drop Below 6% — Should You Refinance?
30-year fixed mortgage rates have dipped below 6% for the first time in over a year. Here is how to decide whether refinancing makes sense for you.
Key Statistics
Average 30-year fixed rate
5.87%
Source: Freddie Mac weekly survey, March 2026
Average 15-year fixed rate
5.12%
Source: Freddie Mac weekly survey, March 2026
Monthly savings on $400k loan (7% to 5.87%)
$~305/mo
Source: NexTool calculation
Home sales increase (month-over-month)
+8.3%
Source: NAR existing home sales report
How This Affects You
30-year fixed mortgage rates have dipped below 6% for the first time in over a year. Here is how to decide whether refinancing makes sense for you. Use the calculators below to see the exact impact on your personal finances. Everyone's situation is different — input your own numbers to get a personalized answer.
Calculate Your Impact
Mortgage Calculator
Run new vs current payment scenarios instantly
Use CalculatorRefinance Calculator
See how much you could save by refinancing at today's rates
Use CalculatorHome Affordability Calculator
Recalculate how much house you can afford with lower rates
Use CalculatorAmortization Calculator
Visualize how lower rates shift principal vs interest over the life of your loan
Use CalculatorRent vs Buy Calculator
With rates falling, the buy equation may have tipped in your favor
Use CalculatorExpert Tips
- 1
A general rule: refinancing can pay off if the new rate is at least 0.75% lower than your current rate.
- 2
Factor in closing costs — typically 2-5% of the loan. Divide savings per month into closing costs to get your break-even month.
- 3
If you plan to move within 3-5 years, a no-closing-cost refinance (slightly higher rate) may make more sense.
- 4
Consider switching from a 30-year to a 15-year mortgage if the lower rate makes the payment manageable.
- 5
Lock your rate quickly — mortgage rates can swing 0.25% in a single week.
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