rewrite this title Mortgage Rates Today, Friday, April 17: A Little Lower

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It’s not a big enough dip to really make a difference, but mortgage interest rates are lower today.

The average interest rate on a 30-year, fixed-rate mortgage ticked down to 6.04% APR, according to rates provided to NerdWallet by Zillow. This is five basis points lower than yesterday and 12 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.

Lenders adjust their advertised rates throughout the day, so mortgage rates’ reaction to any news — good or bad — is fast. If you can afford today’s rate, lock it in — you can always refinance down the line if rates come down.

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?

Mortgage rates are constantly changing, since a major part of how rates are set depends on reactions to new inflation reports, job numbers, Fed meetings, global news … you name it. For example, even tiny changes in the bond market can shift mortgage pricing.

Over the past month-and-a-half, mortgage rates have been responding to news of the war in Iran. When tensions seem to abate — like when the ceasefire was announced last week — rates tend to ease a little. If news breaks that sparks fears the conflict will worsen or drag on, mortgage rates tend to rise.

We’re already seeing the negative effects of the war on the housing market. According to the National Association of Realtors (NAR), sales of existing homes dropped 3.6% in March, with sales falling month-over-month across the country.

Lawrence Yun, chief economist at the NAR, points to “lower consumer confidence and softer job growth” as the culprits keeping buyers away.

Kate Wood, NerdWallet’s lending expert, has a similar take: “Prospective home buyers planning to begin their searches in spring may be rethinking those plans given the current geopolitical climate, let alone the interest rate climate. We’ve seen consumer confidence slide as the Iran conflict drags on, and that could have both buyers and sellers choosing to sit out the spring homebuying season.”

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 6.54% or higher.

Also consider your goals: Are you trying to lower your monthly payment, shorten your loan term or turn home equity into cash? For example, you might be more comfortable with paying a higher rate for a cash-out refinance than you would for a rate-and-term refinance, so long as the overall costs are lower than if you kept your original mortgage and added a HELOC or home equity loan.

If you’re looking for a lower rate, use NerdWallet’s refinance calculator to estimate savings and understand how long it would take to break even on the costs of refinancing.

🏡 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.

If the answer is yes, don’t get too hung up on whether you could be missing out on lower rates later; you can refinance down the road. Focus on getting preapproved, comparing lender offers, and understanding what monthly payment works for your budget.

NerdWallet’s affordability calculator can help you estimate your potential monthly payment. If a new home isn’t in the cards right now, there are still things you can do to strengthen your buyer profile. Take this time to pay down existing debts and build your down payment savings. Not only will this free up more cash flow for a future mortgage payment, it can also get you a better interest rate when you’re ready to buy.

🔒 Should I lock my rate?

If you already have a quote you’re happy with, you should consider locking your mortgage rate, especially if your lender offers a float-down option. A float-down lets you take advantage of a better rate if the market drops during your lock period.

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?

The rate you see advertised is a sample rate — usually for a borrower with perfect credit, making a big down payment, and paying for mortgage points. That won’t match every buyer’s circumstances.

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.

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.

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