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Mortgage Interest Rates Forecast

Mortgage rates rose to 6.46% as inflation and oil prices keep pressure on borrowers.

Abby Badach Doyle
Johanna Arnone
Updated
Mortgage rates are still inching higher as inflation pressures continue to build. The average rate on a 30-year fixed-rate mortgage rose four basis points to 6.46% APR in the week ending May 28, according to Zillow data provided to NerdWallet.
While the increase was relatively small, markets remain on edge as the Iran war keeps oil prices elevated and bond markets volatile. New inflation data showed consumer prices rising at their fastest annual pace in nearly three years, adding more pressure to already-stretched household budgets.
» MORE: How much house can I afford?

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Summer mortgage rates forecast

Looking ahead, all eyes are on the Federal Reserve’s June 16-17 meeting. With inflation running hotter than expected, the Fed may have to consider keeping borrowing costs higher for longer — or even raising rates again if prices continue climbing. Although the Fed doesn’t set mortgage rates, lenders tend to shift rates up or down in anticipation of Fed policy changes.
That could make mortgages even more expensive for buyers already dealing with high home prices, grocery bills and gas costs. For anyone shopping for a home this summer, comparing multiple lenders may matter more than ever.
» MORE: How to choose a mortgage lender

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