Check out CNET Money's weekly mortgage rate forecast for a more in-depth look at what’s next for Fed rate cuts, labor data and inflation. While average 30-year fixed mortgage rates have remained close to 7%,

Mortgage rates today are steady, but loan demand fell 10% after recent rate increases. See what’s driving today’s trends.

Historic mortgage rate trends. During the last three years, mortgage rates have been on the rise. In early 2022, the average 30-year fixed rate was 4.72% and the 15-year fixed rate was 3.91%.

Since mortgage rates are highly sensitive to fiscal policy and supply chain shocks, a global trade war could impact their direction. For example, if the official inflation rate does increase due to tariff-induced price hikes, the Fed could further postpone rate cuts, and mortgage rates could increase.

Since it's impossible to know for certain if interest rates will rise or fall while you're closing on your home, here's when it makes sense to lock in your mortgage rate.

Historic mortgage rate trends. During the last three years, mortgage rates have been on the rise. In early 2022, the average 30-year fixed rate was 4.72% and the 15-year fixed rate was 3.91%.

After a historical rate plunge in August 2021, mortgage rates skyrocketed in the first half of 2022. Indeed, the 30-year average's mid-June peak of 6.38% was almost 3.5 percentage points above its ...