Yes, mortgage interest rates are slightly higher today.
The average interest rate on a 30-year, fixed-rate mortgage is now at 6.53% APR, according to rates provided to BW by Zillow. This is a small increase of two basis points from yesterday but still two basis points lower than a week ago. (See our chart below for more details.) A basis point is equivalent to one one-hundredth of a percentage point.
While the economy operates 24/7, markets are closed over the weekends. Therefore, the rates you see on Friday are unlikely to change significantly (if at all) until Monday.
Average mortgage rates, last 30 days
🤓 Kate on Rates: August 27, 2026
📈 What influences mortgage rates?
Next week, the Nerds will closely analyze the August jobs report in conjunction with this week’s inflation report. The inflation report (known as the Personal Consumption Expenditures Price Index, or PCE) indicated a slightly higher than expected inflation trend in July.
Although the inflation report is crucial for the Federal Reserve in setting monetary policy, analysts do not anticipate it to have a significant impact. According to CME FedWatch, the probability of central bankers maintaining borrowing rates at their mid-September meeting is still above 50%.
The upcoming jobs report on Friday will provide the most recent insights into the current employment scenario for central bankers and futures traders. The forecast suggests that the private sector may have added 59,000 jobs, but the overall picture remains uncertain. Investors will be monitoring whether the previous month’s net loss extended into August or if it was a temporary setback.
If there is another net loss, it could raise the likelihood of the Fed keeping borrowing rates stable in September. Alternatively, raising borrowing rates, which typically impacts employment negatively, is the main alternative.
Consider refinancing 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 offset closing costs).
Given the current rates, it may be worth considering refinancing if your current rate is around 7.03% or higher.
🏡 Should I start shopping for a home?
There isn’t a universal “ideal” time to begin house hunting — it depends on whether you can comfortably afford a mortgage at today’s rates.
🔒 Should I lock my rate?
Rate locks shield you from rate increases while your loan is being processed, offering peace of mind amidst the market’s volatility.
🤓 Nerdy Reminder: Rates can fluctuate daily, even hourly. If you are content with your current deal, feel confident in committing to it.
🧐 Why is the rate I saw online different from the quote I received?
Rewritten sentence: “Around the house, the mouse was chased by the cat.”