Overview
- The average 30-year mortgage rate is 6.41% for purchases, and the 30-year refinance average is 6.84%, with 15-year refis near 5.84%.
- Recent tariff announcements and tensions tied to Iran have pushed up 10-year Treasury yields, which many lenders use to set mortgage rates.
- Lenders say buyers who find a home that fits their budget should lock a rate for 30 to 90 days and get preapproved to compete in the busy spring market.
- Experts warn that waiting for a big drop could backfire, and the Mortgage Bankers Association expects rates to remain above 6% well past 2026.
- Borrowers can lower costs by shopping multiple lenders or buying points, and they can refinance later if rates fall based on how long they plan to stay in the home.