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Mortgage interest rates are higher today on the heels of hot new inflation data.
The average interest rate on a 30-year, fixed-rate mortgage rose to 6.23% APR, according to rates provided to BW by Zillow. This is six basis points higher than yesterday and eight basis points higher than a week ago. (See our chart below for more specifics.) A basis point is one one-hundredth of a percentage point.
While rising rates can be discouraging, it’s not worth it to try and time the market. If you can afford rates where they are today, don’t be afraid to start shopping — you can always refinance later if rates come down.
Average mortgage rates, last 30 days
📉 When will mortgage rates drop?
This could set the stage for a potentially contentious Federal Reserve meeting next month. Incoming chair Kevin Warsh could be confirmed as soon as this week, and he’s made no secret of his rationale for lowering interest rates. But cutting rates in an economy where inflation’s running hot and employment’s doing just fine will be a tough sell, especially with three Fed governors dissenting in April because of their inflation concerns.
If markets begin anticipating that the Fed could raise interest rates, that could put upward pressure on mortgage rates, too.
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 6.73% 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’re happy with the deal you have, it’s okay to commit.
🧐 Why is the rate I saw online different from the quote I got?
Every buyer’s circumstances are unique and may not align with a standard quote.
Factors such as credit scores and overall financial profiles can impact the rates offered, even for individuals with similar credit scores.
👀 Can I secure the rate I saw today if I apply now?
While personalized rate quotes are available, they are subject to change until you lock in the rate. Lenders adjust pricing multiple times a day in response to market fluctuations.