Mortgage Rates Today, Thursday, March 12: A Little Higher

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 5.99% APR, according to rates provided to NerdWallet by Zillow. This is eight basis points higher than yesterday and 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.

If you’re watching this space closely waiting for mortgage rates to fall, 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, today’s rates are down more than 60 basis points from this time last year: During the second week of March 2025, 30-year APRs averaged 6.62%. If you’re comfortable with today’s rates near 6%, it’s a good time to buy or refinance.

Average mortgage rates, last 30 days

📉 When will mortgage rates drop?

Mortgage rates are constantly changing, since a major part of how rates are set depends on reactions to new inflation reports, job numbers, Fed meetings, global news … you name it. For example, even tiny changes in the bond market can shift mortgage pricing.

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’re getting two major inflation reports — the Consumer Price Index (CPI), released yesterday, and Personal Consumption Expenditures (PCE), coming tomorrow. The CPI didn’t deliver any surprises and showed that inflation remained steady in February.

While central bankers will certainly be taking inflation data under consideration, it’s already out of date.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, such as higher energy prices, aren’t reflected in this data 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.

Also consider your goals: Are you trying to lower your monthly payment, shorten your loan term or turn home equity into cash? For example, you might be more comfortable with paying a higher rate for a cash-out refinance than you would for a rate-and-term refinance, so long as the overall costs are lower than if you kept your original mortgage and added a HELOC or home equity loan.

If you’re looking for a lower rate, use NerdWallet’s refinance calculator to estimate savings and understand how long it would take to break even on the costs of refinancing.

🏡 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.

If the answer is yes, don’t get too hung up on whether you could be missing out on lower rates later; you can refinance down the road. Focus on getting preapproved, comparing lender offers, and understanding what monthly payment works for your budget.

NerdWallet’s affordability calculator can help you estimate your potential monthly payment. If a new home isn’t in the cards right now, there are still things you can do to strengthen your buyer profile. Take this time to pay down existing debts and build your down payment savings. Not only will this free up more cash flow for a future mortgage payment, it can also get you a better interest rate when you’re ready to buy.

🔒 Should I lock my rate?

If you already have a quote you’re happy with, you should consider locking your mortgage rate, especially if your lender offers a float-down option. A float-down lets you take advantage of a better rate if the market drops during your lock period.

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?

The rate you see advertised is a sample rate — usually for a borrower with perfect credit, making a big down payment, and paying for mortgage points. That won’t match every buyer’s circumstances.

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.

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