Mortgage Rates Today, Wednesday, July 15: A Little Lower
Mortgage interest rates are lower today, after the better-than-expected Consumer Price Index report yesterday showed that inflation fell in June.
The average interest rate on a 30-year, fixed-rate mortgage rates up to 6.45% APR, according to rates provided by Zillow’s NerdWallet. This is eight basis points lower than yesterday but one basis point higher than a week ago. (See our chart below for more specifics.) A basis point is one hundredth of a percentage point.
Falling inflation is good for mortgage borrowers because it makes the Fed less likely to raise overnight borrowing rates – which makes lenders less likely to raise their own rates.
Average mortgage payments, past 30 days
🤓 Kate at Rate: July 9, 2026
📈 What influences mortgage rates?
This week, the Nerds are paying attention to the June Consumer Price Index, which was released by the Bureau of Labor Statistics yesterday. Inflation is showing signs of recovering from the initial oil price shock, as a new US blockade is pushing prices back up.
“We looked at June data and July has already brought a lot of change,” said Elizabeth Renter, senior economist at NerdWallet. “In June, a ceasefire and final resolution to the Iran conflict seemed likely. This month, not so much. It’s important to keep in mind the lag of this data when interpreting what it means for the economy and the Fed.”
Although traders do not expect central bankers to raise rates this month, there are three consecutive Fed meetings until the end of the year. Markets think the chances of central bankers raising rates increases with each meeting.
Refinancing may make sense if current rates are at least 0.5 to 0.75 percentage points lower than your current rate (and if you plan to keep your home long enough to break even on closing costs).
With rates where they are now, you may want to start considering a refi if your current rate is around 6.95% 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 pay off a mortgage now at today’s prices.
🔒 Do I need to lock my rate?
Rate locks protect you from increases while your loan is being processed, and with the market in perpetual flux, that peace of mind may be worth it.
🤓 Nerdy Note: Prices 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 see online different from the quote I got?
In addition to market factors outside of your control, your customized quote depends on your:
Although two people with similar credit scores can get different rates, depending on their overall financial profiles.
👀 If I apply now, will I get the rate I see now?
Maybe – but even personal rate quotes can be changed until locked. That’s because lenders adjust the price several times a day in response to changes in the market.
