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Mortgage Interest Rates Forecast

Mortgage rates held near 6.37% this week as inflation risks point to continued elevated borrowing costs

Taylor Getler
Johanna Arnone
Updated
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Mortgage rates are taking a breather after several weeks of increases, but they’re still hovering near recent highs. The average 30-year fixed rate dipped just one basis point to 6.37% APR for the week ending April 3, according to Zillow data provided to NerdWallet. Daily rates have been flirting with 6.5% — a level we haven’t seen since last fall — a sign borrowing costs are still running high.
Looking ahead, don’t expect much relief from the Federal Reserve anytime soon. With inflation risks tied to the ongoing Iran war and oil price volatility, policymakers are widely expected to hold rates steady at their next meeting. A solid (but uneven) jobs report also gives the Fed less urgency to act. If inflation heats up in upcoming reports, mortgage rates could climb further — and without Fed cuts on the horizon, borrowers may need to come to grips with higher borrowing costs for now.
» MORE: Is it a good time to buy a house?

Spring mortgage rates forecast

Rates are likely to keep drifting higher as inflation concerns tied to the Iran conflict continue to pressure bond markets. That is pushing yields and mortgage rates upward. A meaningful drop would likely require easing inflation or a broader economic slowdown.

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