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Mortgage Interest Rates Forecast

Mortgage rates dipped to 6.09% this week as markets steadied following the Iran ceasefire, with ongoing uncertainty keeping rates in a narrow range.

Kate Wood
Abby Badach Doyle
Jeanette Margle
Updated
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Mortgage rates fell slightly last week, moderating a bit from March highs. As the Iran conflict drags on, markets aren’t reacting as much to every headline (or social media post) anymore. The average rate on a 30-year fixed-rate mortgage fell one basis point to 6.09% APR in the week ending April 29, according to rates provided to NerdWallet by Zillow. A basis point is one one-hundredth of a percentage point.
Though inflation remains elevated, mortgage rates are still lower and less jumpy than they were last month. That gives buyers a window to lock in a more predictable rate during peak homebuying season.
Pro tip: If you want to buy or sell a home this spring, don’t just watch where mortgage rates are going. Watch why they’re moving in the first place. That can give you a clearer sense of what’s driving the housing market so you can manage your expectations for the months ahead.
» MORE: Is it a good time to buy a house?

May mortgage rates forecast

Mortgage rates are likely to remain relatively stable in May. There's no doubt that we'll have daily ups-and-downs, but a major dive is unlikely to happen.
On the plus side, we're also unlikely to see a spike unless there are major negative developments in Iran. While the ceasefire has kept a lid on that conflict for a while, renewed aggression could alarm markets and push up mortgage rates. Unfortunately, we can't count out that possibility.
» MORE: How the Fed affects mortgage rates

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