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Mortgage Interest Rates Forecast

Mortgage rates rose to 6.25% as inflation accelerated and markets brace for a Fed under new leadership.

Taylor Getler
Johanna Arnone
Updated
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Mortgage rates are inching higher again as inflation concerns grow. The average 30-year fixed rate rose one basis point to 6.25% APR for the week ending May 14, according to Zillow data provided to NerdWallet. After a brief moment of optimism tied to potential peace talks, April inflation and rising energy costs have markets on edge and are pushing borrowing costs higher.
Looking ahead, the Federal Reserve is entering a new chapter under incoming leadership, but don’t expect any quick moves just yet. With inflation and the Iran conflict still putting pressure on prices, policymakers are widely expected to hold rates steady at their June meeting.
» MORE: Is it a good time to buy a house?

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May mortgage rates forecast

Mortgage rates are still expected to stay fairly close to current levels in May, though the recent uptick in inflation could keep upward pressure on borrowing costs. Markets are also watching the Iran conflict closely, since higher energy prices have been a major driver of recent rate volatility.
For now, the Fed is expected to hold steady in June, which could help prevent rates from making any dramatic moves in the near term.

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