Mortgage rates fall to 4-week low, narrowing the cost gap between renting and buying

The average 30-year fixed-rate mortgage fell to 5.85% as of April 16, 2026, its lowest level in four weeks. For a $400,000 home, that translates to a monthly payment of $2,337. In many major U.S. markets, this is still higher than the average monthly rent for a comparable property. Buyers are now weighing whether to rent or buy as the cost difference narrows. The mortgage rate decline is prompting some to delay purchasing decisions. Analysts suggest that the decision to rent or buy depends on whether mortgage rates continue to fall.