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The average interest rate on a 30-year, fixed-rate mortgage jumped to 6.2% APR, according to rates provided to NerdWallet by Zillow. This is 11 basis points higher than yesterday and 10 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.
Average rates reached the highest point we’ve seen so far in 2026 on Monday, at 6.22% — just two basis points above where rates are today.
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
📉 When will mortgage rates drop?
Investors have raised alarm bells about inflation fallout from the Iran war, which has sent oil prices surging. This makes it more expensive to produce and move goods, which can cause prices to rise. Central bankers need to wait to see exactly how inflation is moving before deciding when to shift the overnight borrowing rate.
The next major report that the Nerds are watching will be the March jobs report, which will be released on April 3. February’s employment numbers were weaker than expected — the U.S. lost 92,000 jobs last month, compared to a projected gain of 50,000. If employment falls in March while inflation grows, the Fed’s job will become very tricky to navigate. Those who prioritize lifting up the job market could advocate for a rate cut, but this would threaten to push inflation further up. Right now, analysts largely believe that central bankers will leave rates unchanged again at their April 28-29 meeting, but another jobs report that comes in below the forecast could shift sentiments.
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 6.7% 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.
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