Yes, mortgage interest rates are higher today, but only by a little.
The average interest rate on a 30-year, fixed-rate mortgage rose to 6.46% APR, according to rates provided to NerdWallet by Zillow. This is two basis points higher than Friday and seven basis points higher than a week ago. (See our chart below for more specifics.) A basis point is one one-hundredth of a percentage point.
Since July 2, mortgage rates have consistently remained above June’s monthly average of 6.34%. With just over two weeks to go until the next Federal Reserve meeting on July 28-29, analysts are strikingly divided over whether central bankers will vote to raise or hold overnight borrowing rates. If the wind blows further towards a rate hike, mortgage lenders will likely raise their own rates over the coming days and weeks.
Average mortgage rates, last 30 days
🤓 Kate on Rates: July 9, 2026
📈 What influences mortgage rates?
This week, the Nerds are paying attention to the June Consumer Price Index, which the Bureau of Labor Statistics will release Tuesday. Though this isn’t the Federal Reserve’s preferred measure of inflation, CPI is still an important benchmark. “We’re unlikely to see the same amount of quickening in inflation for June as we did the month prior, but price growth will remain high and may accelerate slightly,” according to NerdWallet Senior Economist Elizabeth Renter.
There are four more Fed meetings through the end of the year, and markets think the chances of central bankers raising rates go up with each meeting.
Refinancing might make sense if today’s rates are at least 0.5 to 0.75 of a percentage point lower than your current rate (and if you plan to stay in your home long enough to break even on closing costs).
With rates where they are right now, you may want to start considering a refi if your current rate is around 6.96% or higher.
🏡 Should I start shopping for a home?
There is no universal “right” time to start shopping — what matters is whether you can comfortably afford a mortgage now at today’s rates.
🔒 Should I lock my rate?
Rate locks protect you from increases while your loan is processed, and with the market forever bouncing around, that peace of mind can be worth it.
🤓 Nerdy Reminder: Rates can change daily, and even hourly. If you’re happy with the deal you have, it’s okay to commit.
🧐 Why is the rate I saw online different from the quote I got?
In addition to market factors outside of your control, your customized quote depends on your:
Even two people with similar credit scores might get different rates, depending on their overall financial profiles.
👀 If I apply now, can I get the rate I saw today?
Maybe — but even personalized rate quotes can change until you lock. That’s because lenders adjust pricing multiple times a day in response to market changes.
About the author
Taylor Getler is a home and mortgages writer for NerdWallet. Her work has been featured in outlets such as MarketWatch, Yahoo Finance, MSN and Nasdaq. Taylor is enthusiastic about financial literacy and helping consumers make smart, informed choices with their money.
