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Yes, mortgage interest rates are higher again today.
The average interest rate on a 30-year, fixed-rate mortgage rose to 6.39% APR, according to rates provided to BW by Zillow. This is three basis points higher than Friday and six basis points higher than a week ago. A basis point is one one-hundredth of a percentage point.
If mortgage rates keep moving up this week, we’ll likely see the highest rates of 2026 in the next several days. Why? Check out our analysis below the chart.
Average mortgage rates, last 30 days
🤓 From the Nerds: Kate on Rates
📈 Why are mortgage rates moving upward?
The next major data drop that the Nerds are looking toward is the Personal Consumption Expenditures Price Index (PCE), which the Bureau of Economic Analysis is scheduled to release on May 28. This contains the Federal Reserve’s preferred inflation measure, and will likely sway mortgage rates.
The further inflation rises above the Fed’s target of 2%, the harder it will be for incoming Fed chair Kevin Warsh to push for a rate cut. If inflation grows too high, we might even be looking at the possibility of rate hikes in the fall.
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 6.89% 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?
Market factors and individual financial profiles play a significant role in determining the customized quote you receive. Even individuals with similar credit scores may end up with different rates based on their overall financial situation.
👀 Can I secure the rate I see today if I apply now?
While you may be able to secure the rate you see today, keep in mind that personalized rate quotes can fluctuate until you lock them in. Lenders adjust pricing multiple times a day in response to market changes, so rates can change accordingly.