rewrite this title Mortgage Rates Today, Thursday, July 30: Stable for Now – NerdWallet

We’re not seeing much movement from mortgage rates today.

The average interest rate on a 30-year, fixed-rate mortgage remained at 6.61% APR, according to rates provided to NerdWallet by Zillow. This is unchanged from yesterday and 14 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.

True stability like this — where day over day you see the exact same numbers — isn’t likely to last long. But sometimes mortgage interest rates will trend relatively flat. It’s not as thrilling as a rate drop, but rate stability isn’t a bad thing. When rates are less of a moving target, you can feel more confident about your homebuying budget.

Today we’re looking at the Personal Consumption Expenditures Price Index (PCE Report), which the Bureau of Economic Analysis released this morning. This report is the Federal Reserve’s preferred measure of inflation, and showed that inflation fell from 4.1% in May to 3.7% in June.

Since the Fed decided to hold overnight borrowing rates steady yesterday, this report probably would not have made a difference if central bankers had been able to access it prior to their meeting.

This report also feels less consequential than it typically would, even with its exciting headline numbers. June’s PCE reflects a calmer period before the Iran ceasefire collapsed in early July, before oil prices resumed their volatile yo-yoing. With global oil benchmark prices surging past $100 a barrel last week, June’s inflation picture is already looking dated.

Next week, the Nerds are looking to the July jobs report. If the data shows that hiring slowed this month, the Fed could be in a pickle come September.

While most analysts have speculated that central bankers will raise rates at that next meeting, doing so would likely send the unemployment rate further up. On the other hand, if employment seems manageable, it will further cement the likelihood that higher rates are coming in September.

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 7.11% 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.

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.