Mortgage Interest Rates Forecast

Kate Wood
By Kate Wood 
Updated
Edited by Mary Makarushka

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Mortgage rates this week

Mortgage rates jumped the week ending April 11, with the 30-year fixed rate flirting with 7%. With the release of new inflation numbers, the prospect of lower interest rates seemed to grow more distant.

  • The 30-year fixed-rate mortgage averaged 6.94% APR, up 19 basis points from the previous week's average, according to rates provided to NerdWallet by Zillow. A basis point is one one-hundredth of a percentage point.

  • The 15-year fixed-rate mortgage averaged 6.19% APR, up 19 basis points from the previous week's average.

  • The 5-year adjustable-rate mortgage averaged 7.86% APR, up 15 basis points from the previous week's average.

Mortgage rates have climbed this month, and the latest economic data diminished the prospect of them falling any time soon. On April 10, the Bureau of Labor Statistics released the latest consumer price index. CPI is a key measure of the rate of inflation, and taming inflation is one of the Federal Reserve's core goals. The Fed raised interest rates and is now holding them steady to try to slow inflation.

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Mortgage loans from our partners

Next Door Lending LLC - PURCHASE logo
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on Next Door Lending LLC

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Next Door Lending LLC - PURCHASE logo

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580

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on Next Door Lending LLC

Rocket Mortgage - PURCHASE logo
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