Mortgage Rates Today, Thursday, July 16: A Little Higher
Yes, mortgage interest rates are higher today, but only slightly.
The average interest rate on a 30-year, fixed-rate mortgage has risen to 6.49% APR, according to rates provided by Zillow’s NerdWallet. This is four basis points higher than yesterday and three basis points higher than a week ago. (See our chart below for more specifics.) A basis point is one hundredth of a percentage point.
Currently, mortgage rates are higher in July than in June. Rates have been higher than the June average (6.34%) for the past 15 days in a row.
Average mortgage payments, past 30 days
🤓 Kate at Rate: July 9, 2026
📈 What influences mortgage rates?
There aren’t any major economic reports scheduled to drop in the coming days, and the main thing the Nerds are watching is the news about the war in Iran.
Crude oil prices have risen 10% in the past five days, as renewed fighting in the region threatens to push up inflation again.
When the price of oil rises, it becomes more expensive to produce and ship products, which increases inflation. When mortgage lenders suspect that the value of the dollar will weaken, they protect their investments by raising mortgage rates.
Mortgage rates hit their highest point since May on Wednesday, after the US continued its blockade of Iranian ports the previous day.
Despite these new inflation concerns, futures traders do not expect the Fed to raise the federal funds rate (which also typically raises mortgage rates) at its July meeting. However, the reported odds of a rate hike are currently above 50% for September.
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 6.99% 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.
