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Mortgage rates went up today after failed ceasefire talks between the United States and Iran over the weekend.
The average interest rate on a 30-year, fixed-rate mortgage jumped to 6.1% APR, according to rates provided to BW by Zillow. This is 10 basis points higher than Friday but four basis points lower than a week ago. (See our chart below for more specifics.) A basis point is one one-hundredth of a percentage point.
Keep in mind that mortgage rates are always on the move, and that if you’re tracking rates day-to-day, you’re going to see a lot of volatility. Mortgage rates’ movements over March and April have been primarily driven by U.S. markets’ reactions to what’s going on in Iran. For more on how that works, keep reading below the chart.
Average mortgage rates, last 30 days
📉 When will mortgage rates drop?
Inflation fears are what’s been messing with the bond market, since when the dollar’s value erodes, so do bonds’ set returns. Ironically though, if it looks like inflation’s really setting in, that could end up good for mortgage rates — though not so good for everything else.
In that environment, we’d be more likely to see lower mortgage rates, as Federal Reserve policy would likely shift to rate cutting to encourage spending. But all of that would be a hefty price to pay for lower mortgage interest rates.
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 could start considering a refi if your current rate is around 6.6% 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.
When you free up more cash flow for a future mortgage payment, not only can you secure a better interest rate when you’re ready to buy.
If you have a quote that you’re satisfied with, it’s advisable to lock your mortgage rate, especially if your lender offers a float-down option. This allows you to take advantage of a better rate if the market drops during your lock period. Rate locks provide protection against increases while your loan is being processed, offering peace of mind amidst the fluctuating market.
It’s important to note that the rate you see advertised online is usually a sample rate for a borrower with perfect credit, a large down payment, and paying for mortgage points. Your personalized quote will depend on various factors, including your credit score, financial profile, and other individual circumstances.
Even if you apply now, the rate you saw today may change until you lock it in. Lenders adjust pricing multiple times a day in response to market changes, so personalized rate quotes can fluctuate.
About the author
Abby Badach Doyle has been writing about homeownership and mortgages for BW since 2022. Her work has been featured in various outlets, including The Associated Press, The Washington Post, and The Seattle Times. Abby is dedicated to making the homebuying journey less stressful, especially for first-time buyers, through interactive tools and practical advice. She is also interested in innovative housing solutions and personal stories about how homeownership fosters community and belonging. Abby, who is based in Pittsburgh, is not only a writer but also a musician, songwriter, and producer. In 2024, she produced a special episode of BW’s “Smart Money” podcast on navigating income fluctuations in a creative career. When she’s not writing about personal finance, Abby can be found at her urban homestead, playing the fiddle, raising chickens, and preserving the harvest from her garden.