Mortgage rates barely nudged upward this week, but today's inflation report suggests borrowers shouldn't expect rates to fall much anytime soon. With inflation accelerating at its highest level since April 2023, this data reinforces expectations that borrowing costs will remain elevated.
The average rate on a 30-year fixed-rate mortgage rose two basis points to 6.33% APR in the week ending June 25, according to rates provided to NerdWallet by Zillow. (A basis point is one one-hundredth of a percentage point.) We calculate our weekly average using daily APRs recorded over the past five business days.
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