rewrite this title Mortgage Rates Today, Thursday, April 16: Flat, for Now – NerdWallet

Mortgage rates are flat from yesterday, following President Trump’s appearance on Fox Business where he said that the Iran war was “very close to being over.”

The average interest rate on a 30-year, fixed-rate mortgage remained at 6.09% APR, according to rates provided to NerdWallet by Zillow. This is the same as yesterday and eight 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.

On Monday, the U.S. began a blockade of Iranian ports in the Strait of Hormuz, attempting to damage the country’s economy by disrupting its ability to export oil. This move sent oil prices rising once again, and could potentially lead to a renewed upward trend for mortgage rates.

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 6.59% 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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