Mortgage interest rates are dropping again, but could they fall back to 3%? Here's what to consider this March.

The current average mortgage rate on a 30-year fixed mortgage is 6.30%, according to the Mortgage Research Center. The average rate on a 15-year mortgage is 5.50%, while the average rate on a 30-year jumbo mortgage is 6.

There were some encouraging economic developments this week that millions of Americans likely warmly welcomed. The unemployment rate in January, for example, declined to 4.3% as employers added more than 100,000 jobs, a Wednesday report revealed.

Will recent declines in the mortgage interest rate climate continue this March? Here's what experts are expecting.

The rate on a 30-year fixed refinance fell to 6.31% today, according to the Mortgage Research Center. Rates averaged 5.43% for a 15-year financed mortgage and 6.24% for a 20-year financed mortgage.  Related: Compare Current Refinance Rates 30-Year Refinance Rates Climb 0.

In a similar fashion, investors have actively deliberated in recent weeks on how much — and when — the Fed will cut interest rates this year. On Aug. 29, rate traders signaled a 65.5% probability that the Fed would lower rates by 25 basis points,

The Fed is widely expected to hold interest rates steady this week. But its new forecast will hint at where savings and CD yields may be headed later this year.

American interest rates in the 2020s have been defined by extraordinary volatility, swinging from record lows during the COVID-19 pandemic era of 2020 and 2021 to the massive surge of 2022 and 2023 in response to subsequent high inflation,