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

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

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

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    The average interest rate on a 30-year, fixed-rate mortgage ticked up 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 details.) A basis point is one-hundredth of a percentage point.

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

    And as for the big trends, today’s rates are down more than 50 basis points from this time last year: During the second week of March 2025, 30-year APRs averaged 6.62%. If you’re happy with today’s rates at just over 6%, it’s a good time to buy or refinance.

    Average mortgage rate, last 30 days

    📉 When will mortgage rates go down?

    There are mortgage rates. constantly changing, Since a large part of How are rates determined? Depending on the reaction to new inflation reports, job numbers, Fed meetings, global news… you name it. For example, even small changes in the bond market can change mortgage rates.

    The Bureau of Labor Statistics released its February jobs report on March 6, with the number of headlines falling well short of expectations. The U.S. lost 92,000 jobs last month, compared with an expected gain of 50,000.

    “This jobs report changes the calculus of the Fed meeting in a few weeks — the labor market is on uncertain footing,” says Elizabeth Renter, senior economist at NerdWallet. Central bankers at the Fed are scheduled to meet on March 17-18.

    They will be tasked with balancing the employment situation with inflation. This week we will receive two major inflation reports – the Consumer Price Index (CPI) and the Personal Consumption Expenditure (PCE).

    If the inflation numbers are coming down, that could strengthen the case for the Fed to cut rates again to support the job market. However, this is unlikely – while central bankers will certainly be taking inflation data into account, it is already out of date. The US has since entered a new (potentially expensive) war in the Middle East, and no impact on inflation will yet be recorded. The Fed is more likely to keep rates on hold until more information is available.

    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 break even on closing costs).

    With rates where they are now, if your current rate is 6.49% or higher you may want to start considering a refinance.

    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 may be more comfortable paying a higher rate for a Cash Out Refinance More than you would for a rate and term refinance, as long as the total cost is 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. Refinance Calculator To estimate the savings and understand how long it will take to break even the refinancing costs.

    🏡 Should I start home shopping?

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

    If the answer is yes, don’t wait too long to see if you can miss out on lower rates later. You can refinance down the road. Focus on getting. Pre-approvedComparing lender offers, and figuring out what monthly payment works for your budget.
    of NerdWallet Affordability Calculator Can help estimate your potential monthly payment. If a new home isn’t in the cards just yet, there are still things you can do to strengthen your buyer profile. Take this time to pay off existing debts and increase your down payment savings. Not only will this free up more cash flow for future mortgage payments, but 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 it. Locking in your mortgage rateEspecially if your lender offers a float-down option. A floatdown allows you to take advantage of a better rate if the market falls during your lock-in period.

    Rate locks protect you from hikes during your loan process, and with the market forever bouncing around, the peace of mind can be worth it.

    🤓 Nerdy reminder: Prices can change daily and even hourly. If you’re happy with your contract, it’s okay to commit.

    🧐 Why is the rate I see online different from the rate I get?

    The rate you see advertised is a Sample rate – Usually for a borrower with perfect credit, make a large down payment, and pay off Mortgage points. It won’t match every buyer’s situation.

    In addition to market factors beyond your control, the quote you want depends on you:

    Even Two people with the same credit score Depending on their overall financial profiles, different rates may be available.

    👀 If I apply now, can I get the rate I saw today?

    Maybe – but even personalized rates Can be changed until you lock. This is because lenders adjust prices several times a day in response to market changes.

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