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Mortgage Interest Rates Forecast

Mortgage rates dipped amid economic uncertainty, with the Fed expected to hold steady into summer.

Kate Wood
Johanna Arnone
Updated
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Mortgage rates dipped slightly this week, but not for the most comforting reasons. The average rate on a 30-year fixed-rate mortgage fell to 6.25% APR in the week ending April 9, according to rates provided to NerdWallet by Zillow. After climbing in March on inflation fears tied to higher oil prices, rates are easing as markets start worrying more about a potential slowdown in the economy.
For home buyers, it’s a mixed bag. Rates are still above 6%, but they’re lower than this time last year, and small day-to-day changes shouldn’t drive big decisions. If you’re ready to buy, it’s okay to move forward without stressing over every rate shift. But if the economic uncertainty is giving you pause, that’s reasonable too. Inventory is starting to improve, which could help, but many buyers may be waiting for things to feel a bit more stable.
» MORE: Is it a good time to buy a house?

Spring mortgage rates forecast

If people and businesses pull back on spending, inflation may cool, but economic growth will also weaken. That leaves the Federal Reserve in a tough spot as it tries to balance both factors. Currently, Fed policymakers are expected to keep rates steady at their April 28-29 meeting — and throughout the summer, too.
» MORE: How the Fed affects mortgage rates

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