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Today’s Mortgage Rates: April 7, 2026

Today’s average interest rate on a 30-year purchase mortgage is 6.502%, according to Zillow data provided to U.S. News. For refinancing mortgages, today’s 30-year rate is 6.706% and the current 15-year rate is 5.711%.

Interest rates on home loans have risen over the past month and a half, essentially since the beginning of the U.S. war in Iran. The Middle East conflict has put upward pressure on oil prices, which can make other items more expensive to manufacture and transport. Put simply, higher oil prices mean higher inflation — and higher inflation means higher interest rates.

Most experts expect mortgage rates to stay relatively elevated over the next few years, stuck above 6% for the 30-year fixed term. Although there’s always the chance that something unexpected could happen in the U.S. economy that could send rates tumbling lower, it’s unlikely that rates will fall below 3% or even 4% in the foreseeable future.

Current Mortgage Purchase Rates

Here are today’s interest rates for conforming purchase mortgages by loan term:

— 30-year fixed: 6.502%

— 20-year fixed: 6.503%

— 15-year fixed: 5.693%

— 10-year fixed: 5.998%

— 7-year ARM: 6.61%

— 5-year ARM: 6.796%

— 3-year ARM: 8.25%

And here are the current nonconforming mortgage rates by loan type:

— Jumbo: 6.455%

— VA: 5.716%

— FHA: 5.875%

[Read: Best Mortgage Lenders]

Current Mortgage Refinance Rates

Here are today’s mortgage refinance rates:

— 30-year fixed refi: 6.706%

— 20-year fixed refi: 6.769%

— 15-year fixed refi: 5.711%

— 10-year fixed refi: 6.067%

Mortgage refinance rates tend to follow the same trends as mortgage purchase rates, although interest rates on a mortgage refinance are often a few basis points higher than on purchase mortgages.

[Read: Best Mortgage Refinance Lenders.]

Mortgage Rate Trends in 2026 So Far

Freddie Mac collects weekly mortgage rate data, which can help provide context for mortgage borrowers on how and why mortgage rates change over time. Since the mortgage giant began collecting data in 1971, the median mortgage rate is 7.24%.

The 30-year fixed rate fell to a historic low of 2.65% in January 2021, driving up demand for purchase and refinance mortgages. Since then, mortgage rates rose to nearly 8% in October 2023 before coming down to around 6.5% currently. Still, that’s nothing compared with the record high of 18.63% recorded in 1981.

You can use the interactive mortgage rates graph below to see how 30-year fixed interest rates have changed so far in 2026, per Freddie Mac data.

Mortgage Monthly Payment Calculator

Your mortgage interest rate is just one aspect of your monthly housing payment. You’ll need to carefully consider how your home’s purchase price will impact your budget so you don’t buy more house than you can comfortably afford.

The mortgage term — or the length of your loan — will also significantly influence your monthly payments. Most borrowers opt for a 30-year fixed mortgage, which can keep monthly payments affordable because they are spread over a long repayment term. But if you can afford the higher monthly payments of a 15-year mortgage, it can save you tens of thousands of dollars in interest payments over time.

You’ll also need to consider property taxes, home insurance, homeowners association fees and private mortgage insurance, if applicable.

More from U.S. News

4 in 5 Homebuyers Are Still Waiting for Lower Mortgage Rates

When Will Mortgage Rates Go Down? See the 2026 Forecast

Historical Mortgage Rates: See Averages and Trends by Decade

Today’s Mortgage Rates: April 7, 2026 originally appeared on usnews.com

AI demand is jacking up prices for iPads, Nintendo Switches and other gadgets. What experts say you should do

(CNN) — Thinking about buying a new laptop or game console anytime soon? Be prepared to pay up.Point the finger at the AI boom. Data centers have led to a surge in demand for memory, a critical piece of computer hardware that’s needed to quickly process information.While that’s good news for memory makers like Micron, Samsung and SK Hynix, it’s bad news for consumers.Chipmakers can’t produce enough memory for both data centers and consumer devices, leading to a shortage that’s driven up prices for products from Apple, Microsoft and Nintendo, among others.And experts say there’s no near-term fix in sight. The shortage is expected to persist until at least 2028 as memory giants work to build new plants. Even then, some analysts don’t expect prices to return to pre-shortage levels.Asha Sharma, CEO of Microsoft’s Xbox division, recently called the memory shortage “the most severe hardware crisis in history” in an email to employees announcing layoffs and structural changes.What’s getting more expensive?The price hikes appear to be hitting game consoles, tablets and laptops the hardest. The PlayStation 5, Nintendo Switch 2, Valve Steam Deck and a slew of Apple products — including iPad and MacBook models — have all gotten more expensive over the last few months. Microsoft said it plans to raise Xbox prices in August.And that’s going to weigh heavily on smartphone and laptop sales, analysts say. Global PC shipments are expected to fall 11.3% in 2026, while the smartphone industry is projected to record its steepest annual decline, according to the International Data Corporation (IDC).But not every tech product is expected to be impacted; devices like smartwatches and wireless earbuds don’t require as much memory.For other bigger-ticket items, there’s a mixed outlook: Prices will continue to rise, but the biggest price hikes may soon be behind us.“That largest bump has happened now,” said Jitesh Ubrani, director of consumer devices research at the IDC. “They’ll continue to rise at a slower pace going forward, but they’re still rising.”What should you do?Some analysts suggest buying now before prices increase further. Even if memory component prices come down, it’ll probably take at least a year for those changes to trickle down to consumers, according to Mike Howard, vice president of memory coverage at research firm TechInsights.But it also depends on the product since many tech companies tend to release new gadgets in the fall ahead of the holiday rush. For example, you wouldn’t want to pay more for an iPad if Apple is about to release a new one.Tech companies tend to launch new devices around the same time every year.Apple products: iPhones in September, iPads and Macs in March or OctoberSamsung Galaxy phones: First quarter of the yearGoogle Pixel phones: AugustLaptops from various companies: January or JuneApple has not raised iPhone prices, but Howard estimates the company would likely have to increase its smartphone prices by about $250 to $300 to maintain its margins.“We should start thinking about a $1,500 iPhone instead of a $1,000 (or) $1,200 iPhone,” he said.Those looking to avoid today’s price hikes could also look at the secondhand market. Amazon, Apple, Samsung and other tech retailers offer certified renewed or refurbished programs, which sell pre-owned products at a discount. The products are inspected and tested before being resold, the companies say on their websites.“These are mostly new items that are returned,” said Gadjo Sevilla, an analyst covering technology and AI for eMarketer. He added that the performance of refurbished gadgets often isn’t much different from new devices.However, consumers should be cautious of buying a pre-owned device that’s several generations old to avoid having to upgrade again in the near term.There are usually plenty of relatively new devices available through refurbished programs since retailers and carriers encourage consumers to trade in their devices for discounts on newer models.Consumers can also consider purchasing more cloud storage or replacing the battery instead of buying a new phone.It’s unclear exactly when the memory shortage will be resolved, largely because getting new fabrication plants up and running is an intricate and nuanced process that takes years.And the industry is already moving as fast as it can, Howard said.“It’s not a simple process, I think everyone kind of sees that now,” he said. “It’s super complicated. This is the most complex manufacturing on the planet.”The-CNN-Wire™ & © 2026 Cable News Network, Inc., a Warner Bros. Discovery Company. All rights reserved.
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