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Mortgage interest rates grew today to their highest point in over a week.
The average interest rate on a 30-year, fixed-rate mortgage jumped to 6.36% APR, according to rates provided to NerdWallet by Zillow. This is eight basis points higher than yesterday and 13 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. We calculate our weekly average using daily APRs recorded over the past five business days.
Rising mortgage rates can be discouraging, but if you can afford to buy or refi at today’s rate, lock it in — you can always refinance down the line if rates fall.
One more thing: while the economy never sleeps, markets are closed on the weekends. The rates you see Friday are unlikely to change much (if at all) until Monday.
Average mortgage rates, last 30 days
🤓 From the Nerds: Kate on Rates
📉 When will mortgage rates drop?
The next major data drop that the Nerds are looking towards is the Personal Consumption Expenditures Price Index (PCE report), which the Bureau of Labor Statistics is scheduled to release on May 28. This contains the Federal Reserve’s preferred inflation measure, and will likely sway mortgage rates.
The further that inflation moves away from the Fed’s target of 2%, the harder it will be for incoming Fed chair Kevin Warsh to push for a rate cut. If inflation grows too high, we might even be looking at the possibility of rate hikes in the fall.
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 6.86% 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?
In addition to market factors outside of your control, your customized quote depends on your:
Even two people with similar credit scores might get different rates, depending on their overall financial profiles.
👀 If I apply now, can I get the rate I saw today?
Maybe — but even personalized rate quotes can change until you lock. That’s because lenders adjust pricing multiple times a day in response to market changes.
