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Mortgage Interest Rates Forecast

Mortgage rates rose to about 6.14%, stoked by inflation fears and reduced expectations for Fed cuts.

Taylor Getler
Johanna Arnone
Updated
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Mortgage rates are rising again as the Federal Reserve holds short-term borrowing rates steady and markets react to inflation concerns tied to the ongoing war with Iran, which has pushed oil prices to multi-year highs.
The average 30-year fixed rate rose 16 basis points to 6.14% APR in the week ending March 19, according to rates provided to NerdWallet by Zillow.
Higher energy costs are fueling fears of stubborn inflation, driving up Treasury yields and, in turn, mortgage rates while also dimming hopes for multiple cuts to the federal funds rate this year.
For borrowers, the outlook depends on how the conflict unfolds: If oil prices ease, mortgage rates could follow. But if the war drags on, borrowing costs may stay elevated, making it more important than ever to shop around and lock in a rate offer that works for you.
» MORE: How the Fed affects mortgage rates

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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