Mortgage rates today: April 8, 2026

What's moving rates today

Mortgage rates track the 10-year Treasury yield, which closed yesterday at 4.35% — up slightly and continuing a pattern of pressure that has persisted since late February. The mechanism is straightforward: when Treasury yields rise, mortgage rates follow.

Two forces are keeping yields elevated right now. The first is oil. The Iran conflict has pushed crude prices above $115 a barrel, reigniting inflation concerns that had been fading earlier this year. When investors expect higher inflation, they demand higher yields on long-term bonds to compensate — and that pushes mortgage rates up with them.

The second is the labor market. The March jobs report released last Friday showed 178,000 jobs added — well above the roughly 60,000 the market expected. Strong employment data typically signals a still-running economy, which makes the Federal Reserve less likely to cut rates in the near term. The next FOMC meeting is April 28–29, and markets currently expect the Fed to hold the federal funds rate steady at 3.50%–3.75%.

The net result is a rate environment that has moved from a promising 5.87% in early February to the current 6.45% range in about six weeks. That half-point increase translates directly into higher monthly payments — on a $400,000 loan, the difference is roughly $130 per month compared to February's low.

Should you lock your rate today?

The honest answer depends on your timeline and your tolerance for uncertainty.

The case for locking now is that rates have already moved meaningfully higher and the catalysts keeping them elevated — an active military conflict and sticky inflation — are not resolved. Locking protects you from further increases before your closing date. Most rate locks run 30–60 days, which covers the typical closing timeline for a purchase under contract today.

The case for waiting is that if the Iran situation de-escalates or inflation data comes in softer than expected — the PCE index releases Thursday and CPI releases Friday — rates could dip. When rates dropped half a percentage point earlier this year, refinance applications spiked immediately, which shows how fast buyers respond to even brief windows of improvement.

If you are closing within 30–45 days, locking today makes sense. If you are 60 or more days out, asking your lender about a float-down option — which lets you lock now but capture a lower rate if markets improve before closing — is worth the conversation. Understanding what a rate lock is and what it costs is the right starting point before making that call.

Today's rate in context

Today's 6.45% average is lower than where rates were a year ago (6.64% in April 2025), which means buyers are in a meaningfully better position than they were at this point last spring — even if conditions have pulled back from February's low.

Rates at 6.45% are also still well below the 2023 peak of around 8%, and significantly below the historical long-run average of roughly 7.8% since 1971. That context doesn't make today's rates feel cheap, but it frames what "normal" actually looks like over time.

For buyers with strong credit profiles, a solid down payment, and flexibility on loan type, the current market still offers real opportunity — particularly given that inventory is meaningfully higher than last year and sellers in many markets are more negotiable than they have been in years. The spring 2026 buyer's market dynamic hasn't disappeared because rates ticked up; it has shifted the balance of negotiation slightly, but motivated sellers are still motivated.

What buyers and homeowners should know right now

For buyers actively shopping, rate volatility makes pre-approval more important than ever. Knowing your exact purchasing power before you make an offer — rather than relying on estimates — prevents surprises if rates move between the time you negotiate and the time you close. Better's online pre-approval takes minutes and gives you a real number without affecting your credit score.

For homeowners considering a refinance, today's 30-year refinance average of 6.64% only makes sense if your current rate is meaningfully higher — think 7.5% or above. If you locked in at 7% or higher during the 2023–2024 peak, today's refinance rates may represent a genuine savings opportunity worth modeling. The 15-year refinance average of 6.00% is the more compelling option for homeowners who want to shorten their term and cut total interest, even if the monthly payment is higher.

For anyone tapping home equity, HELOC rates remain variable and closely tied to the federal funds rate. With the Fed holding steady, HELOC rates are unlikely to move dramatically in either direction before the next meeting at the end of the month.

Frequently asked questions

Why are mortgage rates so high right now?

The Iran conflict has pushed oil prices above $115 a barrel, which raises inflation expectations and pushes the 10-year Treasury yield higher. Because mortgage rates track Treasury yields closely, they have risen in tandem — moving from around 5.87% in early February to 6.45% today. The Federal Reserve has held its benchmark rate steady, and markets don't expect a cut at the April 28–29 meeting.

Will mortgage rates go down in 2026?

Most forecasters expect rates to decline gradually through the year if inflation cools and the Fed resumes cutting. Fannie Mae's March forecast projected the 30-year rate near 6% by year-end. But those forecasts were written before the Iran conflict escalated and before the March jobs number came in hot. Near-term volatility is high, and any improvement depends heavily on geopolitical resolution and incoming inflation data.

Is a 6.45% mortgage rate good?

It is lower than the April 2025 average of 6.64% and well below the 2023 peak of around 8%. By historical standards — the long-run average since 1971 is roughly 7.8% — today's rate is below average. Whether it works for your situation depends on the purchase price, your down payment, your income, and what you're buying. A mortgage calculator will give you the clearest picture of what today's rate means for your monthly payment.

What is today's 15-year mortgage rate?

The average 15-year fixed mortgage rate is 5.83% today. The spread between the 30-year and 15-year rate is currently about 0.62 percentage points — meaning buyers who can afford a higher monthly payment on a 15-year loan save substantially in total interest and pay off their mortgage significantly sooner.

Should I lock my mortgage rate now or wait?

If you are closing within 30–45 days, locking today protects you from further rate increases during your closing window. If you are 60 or more days out, there is more room to evaluate — but waiting carries real risk if geopolitical conditions worsen or inflation data disappoints. Asking your lender about a float-down option is a reasonable middle path.

How do I get the lowest mortgage rate available?

Your rate is determined by your credit score, down payment, debt-to-income ratio, loan type, and loan amount. Borrowers with credit scores above 740, down payments of 20% or more, and low DTI ratios consistently see rates at or below the national average. Shopping multiple lenders matters — even a small difference in rate compounds significantly over a 30-year loan. Getting pre-approved at Better takes three minutes and shows you your actual rate without impacting your credit.