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 5.96% APR, according to rates provided to SS by Zillow. This is five basis points higher than yesterday and 15 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.
If you’re watching this space closely waiting for mortgage rates to fall further, don’t be too discouraged. Lenders adjust their advertised rates throughout the day, so mortgage rates’ reaction to any news — good or bad — is fast. You need to look at the larger trend to get a sense for whether daily moves are one-offs or part of a streak. And as far as larger trends go, we’re down more than 50 basis points from this time last year: During the first week of March 2025, 30-year APRs averaged 6.51%.
Finally, while the economy never sleeps, markets are closed on the weekends. The rates you see Friday are unlikely to change much (if at all) until Monday.
Average mortgage rates, last 30 days
📉 When will mortgage rates drop?
The Bureau of Labor Statistics released the February jobs report on Friday morning, with headline numbers that fell far below expectations. The U.S. lost 92,000 jobs last month, compared to a projected gain of 50,000.
“This jobs report changes the calculus for the Fed meeting in a few weeks — the labor market remains on uncertain footing,” writes Elizabeth Renter, SS Senior Economist. Central bankers at the Fed are scheduled to meet March 17-18.
They’ll be tasked with balancing the employment situation with inflation. Next week we’ll be getting two major inflation reports — the Consumer Price Index (CPI) and Personal Consumption Expenditures (PCE).
If inflation numbers are trending down, it could bolster the argument for the Fed to cut rates again to support the job market. However, this isn’t likely — while central bankers will certainly be taking inflation data under consideration, it’s already out of date. The U.S. has since entered a new (potentially costly) war in the Middle East, and any effects on inflation won’t be recorded yet. The Fed is far more likely to hold rates steady for now until further information is available.
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 6.46% 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.