Today, mortgage interest rates increased due to a lack of progress in resolving the Iran war. The average interest rate for a 30-year fixed-rate mortgage is now 6.45% APR, up five basis points from yesterday but down two basis points from last week. The situation in the Iran war has been a major factor influencing mortgage rates, pushing them higher. Until a resolution is reached, it is unlikely that rates will decrease significantly.
Please note that we will be closed on Monday for Memorial Day, and markets will also be closed. Additionally, there is no trading or updating of mortgage rates on weekends.
Events in the Iran war have been driving mortgage rates, with rates mostly increasing since the conflict began. Until a resolution is reached, rates are unlikely to decrease significantly.
For more information on mortgage rates in the last 30 days, check out the chart below.
Mortgage rates are constantly changing and are influenced by various factors such as inflation reports, job numbers, Fed meetings, and global news. Even small changes in the bond market can impact mortgage pricing.
The next major data release that could affect mortgage rates is the Personal Consumption Expenditures Price Index scheduled for release on May 28. This report contains the Federal Reserve’s preferred inflation measure and could sway mortgage rates.
Consider refinancing if today’s rates are at least 0.5 to 0.75 of a percentage point lower than your current rate. If your current rate is around 6.95% or higher, it may be a good time to consider a refinance.
If you’re looking for a lower rate, use BW’s refinance calculator to estimate savings and understand how long it would take to break even on the costs of refinancing.
There is no perfect time to start shopping for a home. Focus on getting preapproved, comparing lender offers, and understanding what monthly payment works for your budget.
If you already have a rate quote you’re satisfied with, consider locking in your mortgage rate to protect yourself from potential increases. Rate locks provide peace of mind during the loan processing period.
Keep in mind that rates can change daily, so if you’re happy with your rate, it’s okay to commit. The rate you see advertised is usually a sample rate for borrowers with perfect credit, large down payments, and paying for mortgage points.
When getting a customized quote, factors such as credit scores and overall financial profiles play a significant role. Even individuals with similar credit scores may receive different rates based on their financial situations.
đź‘€ Can I secure the rate I see today if I apply now?
It’s possible, but keep in mind that even personalized rate quotes can fluctuate until you lock them in. Lenders regularly adjust pricing throughout the day in response to market shifts.