rewrite this title Mortgage Rates Today, Tuesday, August 4: A Little Higher – NerdWallet

Mortgage rates are slightly higher today, though they haven’t quite hit the highs we saw last week.

The average interest rate on a 30-year, fixed-rate mortgage ticked up to 6.7% APR, according to rates provided to NerdWallet by Zillow (but don’t say that number out loud in front of your kids).

This is three basis points higher than yesterday and three 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.

We seem to be back to where we were in early spring, when mortgage rates bobbed up and down according to which way the wind blew in regards to Iran. Murmurs of peace negotiations that sort-of-could-maybe happen? That’s a good day to buy a home. Conversely, if it seems like the war is going to drag on for the foreseeable future, it can be much harder to score a good deal on your APR.

These already feel like old news, and, frankly, seemed dated before they even happened. June’s PCE reflected a calmer period before the Iran ceasefire collapsed in early July, before oil prices resumed their volatile yo-yoing.

This week, the Nerds are looking to the July jobs report, which the Bureau of Labor Statistics is scheduled to drop on Friday. This is a little more exciting, since it will capture employers’ initial reactions to the war restarting — and with it, a renewed possibility of rising inflation on the horizon.

If the data shows that hiring slowed this month, the Fed could be in a pickle come September.

While most analysts have speculated that central bankers will raise rates at their Sept. 15-16 meeting, doing so could send the unemployment rate up. On the other hand, if employment seems manageable, it will further cement the likelihood that higher rates are coming in September.

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 7.2% or higher.

There is no universal “right” time to start shopping — what matters is whether you can comfortably afford a mortgage now at today’s rates.

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.

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.

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.

About the author

Taylor Getler is a home and mortgages writer for NerdWallet. Her work has been featured in outlets such as MarketWatch, Yahoo Finance, MSN and Nasdaq. Taylor is enthusiastic about financial literacy and helping consumers make smart, informed choices with their money.