Mortgage Rates Today, Tuesday, July 14: A Little Higher
Mortgage rates are higher today as the war in Iran heats up again.
The average interest rate on a 30-year fixed-rate mortgage rose to 6.53% per year, according to rates provided to NerdWallet by Zillow. That’s seven basis points more than yesterday and 11 basis points more than a week ago. (See our table below for more details.) A basis point is one-hundredth of a percentage point.
Around 10 a.m. Monday, President Trump published a post on Truth Social declaring that the U.S. would reimpose a blockade on Iranian ports, as well as levy a 20% fee on all cargo shipped through the Strait of Hormuz, writing that the fee is “for any and all costs necessary to do the job of providing security and protection to this very volatile part of the world.”
Because of this, oil prices have already jumped to their highest point in the last month. Since the start of the war in February, mortgage rates have tended to rise whenever fighting has intensified and oil prices have spiked.
Average mortgage rate, last 30 days
🤓 Kate on prices: July 9, 2026
📈 What affects mortgage rates?
This week geeks are paying attention to the June Consumer Price Index, which the Bureau of Labor Statistics released this morning. Inflation has shown signs of recovering from initial oil price shocks, just as the renewed blockade is pushing prices back up again.
“We’re looking at data for June, and July has already brought a lot of change,” said Elizabeth Renter, senior economist at NerdWallet. “In June, a ceasefire and a final resolution to the conflict in Iran seemed likely. This month, not so much. It’s important to keep in mind the delay in these data when deciphering what this means for the economy and the Fed.”
The good news for mortgage buyers is that analysts dramatically reduced expectations for a Fed rate hike at the end of the month, as this report of lower-than-expected inflation fell. Central bankers are expected to keep rates steady again.
There will be four more Fed meetings before the end of the year, and markets think the chances of the central bank’s leaders raising rates increases with each meeting.
Refinancing might make sense if today’s rates are at least 0.5 to 0.75 percentage points lower than your current rate (and if you plan to stay in your home long enough to cover closing costs).
With rates where they are right now, you might want to start looking at a refi if your current rate is around 7.03% or higher.
🏡 Should I start buying 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?
Locking in rates protects you from increases while your loan is being processed, and with the market constantly bouncing around, that peace of mind can be worth it.
🤓 Nerd reminder: Prices can change daily and even hourly. If you’re happy with the deal you’ve made, it’s okay to commit.
🧐 Why is the price I saw online different from the offer I received?
In addition to market factors beyond your control, your customized offer depends on your:
Even two people with similar credit scores they can 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 prices can be changed until you lock. This is because lenders adjust rates multiple times a day in response to market changes.
