Mortgage Rates Today, Tuesday, March 10: A Little Lower

It’s not a big enough dip to really make a difference, but mortgage interest rates are lower today.

The average interest rate on a 30-year, fixed-rate mortgage ticked down to 5.99% APR, according to rates provided to NerdWallet by Zillow. This is seven basis points lower than yesterday but eight 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.

Though this wasn’t much of a move, if you’re shopping for a home or thinking about refinancing, this might be a sign to start following rates a bit more closely. Even if rates aren’t necessarily going down each day, you might feel more ready to make your move if the overall trend is downward.

The Bureau of Labor Statistics released the February jobs report on March 6, 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,” says Elizabeth Renter, NerdWallet 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. This 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this isn’t likely — while central bankers will certainly be taking inflation data under consideration, it’s already out of date.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 of this 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 6.49% or higher.

There is no universal “right” time to start shopping — what matters is whether you can comfortably afford a mortgage now at today’s rates.

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.

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.

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.