Yes, mortgage interest rates are slightly higher today.
The average interest rate on a 30-year, fixed-rate mortgage is now 6.58% APR, which is four basis points higher than Friday but nine basis points lower than a week ago. A basis point is one one-hundredth of a percentage point. (See our chart below for more details.)
Currently, mortgage rates are being influenced by a tug-of-war between stubborn inflation and a weakening job market. Read on below the chart for more on how these opposing forces are impacting rates.
Average mortgage rates, last 30 days
📈 What influences mortgage rates?
Last week focused on jobs, while this week is all about inflation, which are the two components of the Federal Reserve’s dual mandate. The Fed aims to achieve maximum employment and a 2% inflation rate to maintain a stable economy.
During your lock period, if the market drops, a float-down option allows you to secure a better rate. Rate locks offer protection against rate increases while your loan is being processed, providing peace of mind in a fluctuating market. It’s important to remember that rates can change daily and even hourly, so committing to a deal you’re happy with is a good decision. The rate you see advertised online is typically a sample rate for a borrower with excellent credit, a substantial down payment, and paying for mortgage points. following sentence:
The quick brown fox jumps over the lazy dog.
The lazy dog is jumped over by the quick brown fox.