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Mortgage Interest Rates Forecast

Mortgage rates ticked up to 5.98% as rising oil prices tied to the Iran conflict add new uncertainty ahead of the Fed’s March meeting.

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Mortgage rates are inching back toward 6% as global uncertainty rattles markets. The average 30-year fixed rate rose seven basis points to 5.98% APR for the week ending March 12, according to rates provided to NerdWallet by Zillow. While that’s still well below where rates were a year ago, the uptick comes as the war in Iran pushes oil prices higher, stoking concerns about inflation.
February’s inflation data showed prices holding steady at 2.4%, but that snapshot predates the latest geopolitical tensions. The Federal Reserve meets March 17-18 and is expected to hold rates steady as it weighs a cooling labor market against emerging price pressures. If inflation remains contained, mortgage rates could hover near current levels — though markets remain sensitive to new developments.
» MORE: How the Fed affects mortgage rates

Spring mortgage rates forecast

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

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