Today’s average interest rate on a 30-year purchase mortgage is 6.296%, according to Zillow data provided to U.S. News. That’s lower compared with Friday, when rates were 6.355%. For refinancing mortgages, today’s 30-year rate is 6.414%, and the current 15-year rate is 5.437%.

Interest rates on home loans have risen since the beginning of the U.S. war in Iran. The Middle East conflict has put upward pressure on oil prices, which can make other items more expensive to manufacture and transport. The March consumer price index report found that inflation rose 3.3% year over year, which is the fastest pace since April 2024. Put simply, higher oil prices mean higher inflation – and higher inflation means higher interest rates.