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Mortgage interest rates declined for the second day in a row, after having spiked to their highest point in 2026 on Monday.
The average interest rate on a 30-year, fixed-rate mortgage ticked down to 6.07% APR, according to rates provided to BW by Zillow. This is six basis points lower than yesterday but eight basis points higher than a week ago. (See our chart below for more specifics.) A basis point is one one-hundredth of a percentage point.
Mortgage rates are pretty volatile right now, due to economic turbulence sparked by the Iran war and high oil prices. If you can afford today’s rates, don’t feel like you should try to time the market for a rate drop.
Average mortgage rates, last 30 days
📉 When will mortgage rates drop?
This week, all eyes are on the Federal Reserve. Central bankers at the Fed will announce the results of their meeting this afternoon, when they’re widely expected to keep the federal funds rate as-is in the face of economic uncertainty. (The federal funds rate indirectly influences mortgage rates.) The Fed is tasked with balancing inflation with the employment situation, which looks weaker than expected: February’s jobs report showed the U.S. lost 92,000 jobs last month, compared to a projected gain of 50,000.
Meanwhile, we got two major inflation reports last week. The Consumer Price Index (CPI) showed that inflation remained steady in February at 2.4%. The Personal Consumption Expenditures (CPE) — the Fed’s preferred measure — showed core inflation at 2.8% and signs of weaker consumer spending in January.
After attacks on ships in the Strait of Hormuz, a key oil shipping route, nervous markets have already sent oil prices surging. When oil supply drops, unemployment and inflation can go up — rippling through the economy to disrupt those steady near-6% mortgage rates we’d all gotten accustomed to since January.
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 6.57% 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?
Not every buyer’s circumstances will align with the customized quote you receive, as there are market factors beyond your control and individual financial profiles to consider. Even two people with similar credit scores may end up with different rates based on their overall financial situations.
If you’re wondering if the rate you see today will still apply if you apply now, there’s a chance it could change until you lock it in. Lenders adjust pricing multiple times a day in response to market fluctuations.
Please note that the information provided above has been sourced from reliable sources and is fact-checked for accuracy, timeliness, and relevance.
About the author:
Taylor Getler is a home and mortgages writer for BW, with her work featured in reputable outlets like MarketWatch, Yahoo Finance, MSN, and Nasdaq. She is passionate about financial literacy and guiding consumers to make informed decisions about their finances.