Mortgage Interest Rates Today: Rates Rise to 6.30% as Inflation Threat Returns

Mortgage rates ticked back up this week after new signs of inflation led the Federal Reserve to hold interest rates steady, with some policymakers signaling the possibility of a rate hike in the future.

The average rate on 30-year fixed home loans edged up to 6.30% for the week ending April 30, up 7 basis points from 6.23% the week before, according to Freddie Mac. For perspective, rates averaged 6.76% during the same period in 2025.

"The 30-year fixed-rate mortgage averaged 6.30% this week," says Sam Khater, Freddie Mac's chief economist. "As rates had modestly declined the last few weeks, purchase demand has accelerated with purchase applications rising to over 20 percent above a year ago. It is clear that purchase demand continues to hold up as prospective buyers react to both modestly lower rates and more inventory to choose from than the last few years."

It comes as the latest data release by the Commerce Department Thursday showed that core Personal Consumption Expenditures Price (PCE) Index, which strips out energy and food prices, increased at an annual rate of 3.2%, the highest in nearly three years. This metric is the Fed's preferred inflation gauge used to assess the progress toward its 2% annual target. 

Following three straight weeks of declines, mortgage rates reversed course this week as all eyes turned to the Federal Open Market Committee (FOMC) meeting, likely the last to be presided over by Fed Chair Jerome Powell, which concluded with a 8-4 vote in favor of maintaining the federal funds rate at 3.5%-3.75%.

While this outcome was widely anticipated, Realtor.com® economist Jiayi Xu says the dissent among the FOMC voters stirs up further uncertainty surrounding the future course of monetary policy.

"Despite the key decisions and upcoming leadership transition for the Fed, geopolitics is likely to be the bigger driver of mortgage rates in the near term," forecasts Xu.

With the U.S.–Iran peace talks hitting an impasse this week, the 10-year Treasury bond rose above 4.3% and passed the 4.4% threshold after the Fed put rates on pause and expressed concerns about the overall uncertainty tied to the unresolved conflict in the Middle East.

Notably, the 10-year Treasury yield serves as a key economic benchmark, and mortgage rates tend to follow it.

"Recent volatility in mortgage rates has undoubtedly created hurdles for prospective homebuyers," says Xu. "However, borrowers have more control over their mortgage rate than they might think.

A previous Realtor.com study found that shopping around is the single biggest rate-reducer: choosing the right lender in a high-rate environment can save up to 0.55 percentage points—equivalent to more than $40,000 over the life of a 30-year loan.

Meanwhile, while still-elevated rates have kept many would-be homeowners on the sidelines, remaining in the rental market presents an opportunity to save for a larger down payment—particularly for those in markets like Austin, TX; Seattle; and Phoenix.

"Reaching the 20% down payment threshold is a key milestone, as it can more than double the rate discount compared to smaller down payment increments, while also eliminating the cost of private mortgage insurance," adds the economist.

How mortgage rates are calculated

Mortgage rates are determined by a delicate calculus that factors in the state of the economy and an individual’s financial health. They are most closely linked to the 10-year Treasury bond yield, which reflects broader market trends like economic growth and inflation expectations. Lenders reference this benchmark before adding their own margin to cover operational costs, risks, and profit.

When the economy flashes warning signs of rising inflation, Treasury yields typically increase, prompting mortgage rates to increase. Conversely, signs of falling inflation or weakness in the labor market usually send Treasury yields lower, causing mortgage rates to fall.

The mortgage rates you’re offered by a lender, however, go beyond these benchmarks and take some of your personal factors into account.

Your lender will closely scrutinize your financial health—including your credit score, loan amount, property type, size of down payment, and loan term—to determine your risk. Those with stronger financial profiles are deemed as lower risk and typically receive lower rates, while borrowers perceived as higher risk get higher rates.

How your credit score affects your mortgage

Your credit score plays a role when you apply for a mortgage. A credit score will determine whether you qualify for a mortgage and the interest rate you'll receive. The higher the credit score, the lower the interest rate you'll qualify for.

The credit score you need will vary depending on the type of loan. A score of 620 is a "fair" rating. However, people applying for a Federal Housing Administration loan might be able to get approved with a credit score of 500, which is considered a low score.

Homebuyers with credit scores of 740 or higher are typically considered to be in very good standing and can usually qualify for better rates, which can reduce monthly payments.

Different types of mortgage loan programs have their own minimum credit score requirements. Some lenders have stricter criteria when evaluating whether to approve a loan. Ultimately, they want to make sure you're able to pay back the loan.