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Mortgage interest rates fell slightly today, though they remain higher than where they started this year.
The average interest rate on a 30-year, fixed-rate mortgage fell to 6.31% APR, according to rates provided to NerdWallet by Zillow. This is three basis points lower than yesterday and 14 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.
Mortgage rates change every day, and right now, they’re especially volatile thanks to oil price instability. It’s not worthwhile to try and time the market for a dramatic rate drop. What matters is if you can afford today’s rate. If you can, don’t be afraid to lock it in — you can always refinance later if rates fall.
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?
“This labor market data is not showing any impact of the war in Iran, yet. Should the conflict continue, we will likely begin to see those effects on the labor market around May or June,” says Elizabeth Renter, NerdWallet Senior Economist.
“So this and the next jobs report will probably look like many of those in the recent past: mediocre — neither alarming nor impressive.”
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 6.81% 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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