Mortgage rates eased slightly for fixed-rate borrowers during the week ending April 24, 2026, while adjustable-rate loans ticked higher. The 30-year fixed and 15-year fixed both fell by 0.07%, offering a small but welcome break for homeowners watching for refinance opportunities. Meanwhile, the 5/1 ARM moved in the opposite direction, climbing 0.11%. Below, we break down what changed, why it may have happened, and what it could mean if you are weighing a refinance.
Rates as of April 23, 2026. Rates change daily and the figures shown are weekly averages. Your individual rate will depend on credit score, loan-to-value, property type, and other factors.
This Week’s Rates
According to Federal Reserve Economic Data (FRED), here is where mortgage rates stand for the week ending April 24, 2026:
- 30-Year Fixed: 6.23%, down 0.07% from the prior week
- 15-Year Fixed: 5.58%, down 0.07% from the prior week
- 5/1 ARM: 6.06%, up 0.11% from the prior week
The headline takeaway is that long-term fixed rates moved lower in tandem, while the adjustable option became relatively less attractive compared to last week. The spread between the 30-year fixed and the 5/1 ARM has narrowed to just 0.17 percentage points, which is notably tight by historical standards. When fixed and adjustable rates sit this close together, the traditional rate discount that ARMs offered may not fully compensate for the future reset risk.
The 15-year fixed at 5.58% remains the lowest of the three options, which is typical because shorter terms generally carry less interest rate risk for lenders.
Why Rates Moved
Two key benchmarks help explain the direction of mortgage rates: the Fed Funds Rate and the 10-Year Treasury yield.
The Fed Funds Rate currently sits at 3.64%. This is the short-term rate that influences borrowing costs across the economy. While the Fed Funds Rate does not directly set mortgage rates, it shapes the broader interest rate environment and lender funding costs.
The 10-Year Treasury yield is at 4.31%, and this benchmark tends to track more closely with 30-year mortgage rates. Historically, the 30-year fixed mortgage rate runs roughly 1.5 to 2 percentage points above the 10-Year Treasury yield. With the current spread at 1.92 percentage points (6.23% minus 4.31%), pricing sits within a typical historical range.
The modest decline in fixed mortgage rates this week could reflect softer demand for risk in bond markets, which generally pushes Treasury yields and mortgage rates lower. The uptick in the 5/1 ARM, by contrast, may reflect different pressures in the short-end of the yield curve, where rates are more sensitive to Fed policy expectations. Because the Fed Funds Rate at 3.64% remains well above pre-2022 levels, short-term funding costs continue to weigh on ARM pricing.
What This Means for Refinancers
For homeowners considering a refinance, the small declines in fixed-rate pricing may improve the math, but the impact depends heavily on your current rate.
If you locked in a mortgage when rates were above 7%, the current 30-year fixed at 6.23% could meaningfully reduce your monthly payment. A common rule of thumb is that refinancing tends to make sense when the new rate is at least 0.50 to 0.75 percentage points below your current rate, though the actual breakeven depends on closing costs and how long you plan to stay in the home.
The 15-year fixed at 5.58% may appeal to borrowers who want to pay off their loan faster and have the budget to handle a higher monthly payment. Switching from a 30-year to a 15-year term often produces substantial lifetime interest savings, even when the rate difference is modest.
To run the numbers for your specific situation, our refinance calculator can help estimate monthly savings and how long it may take to recoup closing costs. You may also want to compare offers across multiple lenders, since rate quotes can vary by half a point or more for the same borrower profile. See our roundup of best refinance lenders for a starting point.
Should You Lock or Wait?
The decision to lock a rate or wait for potentially better pricing is one of the trickier calls in the refinance process. Here are some balanced considerations:
Reasons you may want to consider locking now
- Fixed rates fell this week, and locking captures the current level before any potential reversal.
- The 10-Year Treasury at 4.31% is the primary anchor for 30-year mortgage rates, and yields can move quickly on economic data surprises.
- If your refinance math already works at 6.23%, waiting for a marginally better rate could delay savings that compound monthly.
Reasons you may want to consider waiting
- With the Fed Funds Rate at 3.64%, future Fed policy decisions could shift expectations and influence longer-term yields.
- If your current mortgage rate is only slightly above today’s offerings, a modest further decline could materially change your breakeven analysis.
- Rate lock periods typically run 30 to 60 days, so timing the lock close to your actual closing date can avoid extension fees.
There is no universally correct answer. Many borrowers consult with a loan officer to understand lock options, including float-down features that allow capturing a lower rate if the market improves during your lock period.
Bottom Line
Fixed mortgage rates edged lower the week ending April 24, 2026, with the 30-year fixed at 6.23% and the 15-year fixed at 5.58%. The 5/1 ARM moved higher to 6.06%, narrowing its discount versus the 30-year fixed. The economic backdrop, with the Fed Funds Rate at 3.64% and the 10-Year Treasury at 4.31%, remains the key driver of where mortgage rates may head next.
If you are weighing a refinance, start by estimating your potential savings using our refinance calculator, then compare quotes from several providers on our best refinance lenders page. Small rate differences can translate into thousands of dollars over the life of a loan, so shopping carefully tends to pay off.
About this guide
Researched with public federal data, cited inline above. Reviewed by the Wirly editorial team. Updated when underlying data or methodology changes.