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Mortgage rates are basically the same as where they were on Friday, but they’re much lower than where they were just two weeks ago.
The average interest rate on a 30-year, fixed-rate mortgage ticked down to 6.16% APR, according to rates provided to BW by Zillow. This is one basis point lower than yesterday, seven basis points lower than a week ago and nearly 30 basis points lower than at the end of March. (See our chart below for more specifics.) A basis point is one one-hundredth of a percentage point.
Mortgage rates have been affected by the war in Iran, bobbing up and down according to whether the news is “good” (like a ceasefire) or “bad” (like increased attacks). You can’t time the market or the war, but if you can afford today’s rate, lock it in — it could all change tomorrow.
Average mortgage rates, last 30 days
📉 When will mortgage rates drop?
The Federal Reserve is much less reactive, and while the Fed doesn’t set mortgage rates, anticipations of a rate cut or hike from the central bankers can get mortgage rates moving. “For now, this jump in the inflation rate can be seen as something the Fed could, in theory, ‘look through,'” says Elizabeth Renter, BW senior economist. “Not only does Fed interest rate policy have a limited impact on supply shocks such as this, the initial shock alone won’t drive persistent inflation, or faster price growth. It could eventually stoke an inflationary problem — as these higher prices seep into other parts of the economy and consumers and businesses modify their expectations and behaviors — but we aren’t there right now.”
Refinancing might make sense if today’s rates are at least 0.5 to 0.75 of a percentage point lower than your current rate (and if you plan to stay in your home long enough to break even on closing costs).
With rates where they are right now, you may want to start considering a refi if your current rate is around 6.66% or higher.
🏡 Should I start shopping for a home?
There is no universal “right” time to start shopping — what matters is whether you can comfortably afford a mortgage now at today’s rates.
🔒 Should I lock my rate?
Rate locks protect you from increases while your loan is processed, and with the market forever bouncing around, that peace of mind can be worth it.
🤓 Nerdy Reminder: Rates can change daily, and even hourly.
If you are satisfied with the offer you have received, feel free to proceed with commitment.
The rate you may have seen online is typically a sample rate, designed for borrowers with excellent credit scores, large down payments, and who are willing to pay mortgage points. This rate may not necessarily apply to every individual’s specific financial situation. Your personalized quote will be determined by a variety of factors, including your credit score, financial history, and other personal details.
Even if you apply for a mortgage now, there is a possibility that the rate you saw today may change until you lock it in. Lenders regularly adjust their pricing throughout the day in response to market fluctuations.
About the author:
Taylor Getler is a home and mortgages writer for BW, with her work being featured in various financial outlets. She is passionate about promoting financial literacy and helping consumers make informed decisions with their money.