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Mortgage Interest Rates Forecast

Mortgage rates climbed to 6.34% as inflation fears and global tensions rise, but increased inventory may create new opportunities for spring home buyers.

Kate Wood
Johanna Arnone
Updated
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Mortgage rates are on the move again, and not in a good way. As inflation worries heat up—fueled in part by the ongoing war in Iran and rising oil prices—markets are reacting, and borrowers are feeling it.
The average 30-year fixed rate jumped to 6.34% APR in the week ending March 26, according to rates provided to NerdWallet by Zillow. When energy costs climb, inflation tends to stick around longer, which pushes Treasury yields higher and drags mortgage rates up with them. It also dampens expectations that the Fed will be able to cut rates as much as hoped this year.
What happens next really hinges on how things play out globally. If oil prices cool, mortgage rates could ease, but if the conflict drags on, borrowing costs may stay high. In the meantime, buyers are already feeling the squeeze with rising everyday costs. The silver lining? More homes could hit the market, giving ready-to-go buyers a little more room to breathe.
» MORE: Is it a good time to buy a house?

Spring mortgage rates forecast

Rates are likely to remain close to current levels in the near term. Still, with markets reacting quickly to global and economic headlines, some modest swings wouldn’t be surprising.

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