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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?
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.
🏡 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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