rewrite this title Mortgage Rates Today, Monday, June 8: Down, for Now – NerdWallet

Mortgage interest rates fell today, though this could be a temporary blip.

The average interest rate on a 30-year, fixed-rate mortgage dropped to 6.34% APR, according to rates provided to NerdWallet by Zillow. This is 12 basis points lower than Friday but two 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.

Since the Iran war began 100 days ago, the conflict has had a major influence over mortgage rates. When tensions escalate and investors worry about rising oil prices, mortgage rates tend to rise. Conversely, positive developments towards peace negotiations can send mortgage rates down.

President Trump spoke with NBC News’ “Meet the Press” on Friday, saying that the U.S. and Iran were “very close” to signing agreements that could end the war. This hopeful message could be a contributing factor to mortgage rates falling today.

🤓 From the Nerds: Kate on Rates

Even though the Fed doesn’t set mortgage rates, its decisions have a major influence on rates’ direction. Mortgage lenders often start pricing in expected cuts or hikes from the Federal Reserve well ahead of the actual announcements. Though the central bankers are unlikely to make changes at their meeting later this month, if it begins to look like the Fed is likely to raise, that will probably increase upward pressure on mortgage rates.

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 6.84% 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

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.