rewrite this title Mortgage Rates Today, Monday, July 20: A Little Lower – NerdWallet

It’s not a big enough dip to really make a difference, but mortgage interest rates are lower today. July’s rates have remained elevated beyond what we saw in June, trending above last month’s average (6.34%) for 18 days straight.

The average interest rate on a 30-year, fixed-rate mortgage ticked down to 6.49% APR, according to rates provided to NerdWallet by Zillow. This is two basis points lower than yesterday but four 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.

Though this wasn’t much of a move, if you’re shopping for a home or thinking about refinancing, this might be a sign to start following rates a bit more closely.

🤓 Kate on Rates: July 16, 2026

There aren’t any more major economic reports scheduled to drop in the coming days, and the main thing that Nerds are watching is news about the war in Iran.

Crude oil prices rose 10% last week, as renewed fighting in the region threatens to push inflation up again.

When oil prices go up, it becomes more expensive to produce and ship products, which can drive inflation. When mortgage lenders suspect that the value of the dollar is going to weaken, they protect their investments by raising mortgage rates.

Mortgage rates hit their highest point since May last Wednesday, after the U.S. resumed its blockade of Iranian ports the day before.

Even with these new inflation concerns, futures traders don’t expect the Fed to raise the federal funds rate (which also typically drives up mortgage rates) at its July meeting. However, odds of a rate hike are currently over 50% for September, according to CME FedWatch.

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 6.99% 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.

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About the author

Abby Badach Doyle has been writing about homeownership and mortgages for NerdWallet since 2022. Her work has been featured in outlets including The Associated Press, The Washington Post and The Seattle Times. From interactive tools to practical advice, Abby is passionate about making the homebuying journey less stressful — especially for first-time buyers.

As a reporter, she is interested in writing about innovative housing solutions (like co-living) and personal stories about how homeownership builds community and a sense of belonging.

Abby is also a musician, songwriter and producer who knows the challenge of balancing creative fulfillment with financial stability. In 2024, she produced a special episode of NerdWallet’s “Smart Money” podcast on how to navigate income swings in a creative career.

Abby is based in Pittsburgh, a city defined by working-class grit and neighborly spirit. When she’s not writing about personal finance, she’s at her urban homestead: playing fiddle, raising chickens and preserving the bounty from her garden.