Mortgage rates hold steady amid global turmoil

Mortgage borrowers face a tricky landscape as interest rates remain volatile amid escalating global tensions. The 30-year fixed mortgage rate held firm above 6% to start the week, despite sharp swings in the bond market sparked by intensifying trade war concerns.

Caution trumps savings for now

Lenders' caution in the face of market uncertainty means borrowers aren't likely to see immediate rate drops, even as the economy grapples with the fallout from the Iran conflict and other economic challenges.

However, the 15-year mortgage rate has dipped slightly compared to last week, potentially making shorter-term loans more attractive for buyers with the budget to handle higher monthly payments.

For homeowners who locked in rates during the peak borrowing costs of 2023, the current refinance landscape – while far from ideal – may still be worth a closer look, especially for those carrying rates at or above 7%.

The bottom line: Mortgage rates remain elevated, with the 30-year average at 6.41% and the 15-year at 5.93% as of April 7, 2026. Shopping around and comparing offers from multiple lenders is crucial to securing the best available deal.