Mortgage Rates Today, Monday, May 4: Rates on the Rise

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TL;DR: Mortgage interest rates are on the way up as the situation in the Strait of Hormuz becomes more fraught.

Kate Wood

Senior Writer/Spokesperson

Managing Editor

Published May 4, 2026 Fact Checked How is this page expert verified? NerdWallet's content is fact-checked for accuracy, timeliness and relevance. It undergoes a thorough review process involving writers and editors to ensure the information is as clear and complete as possible. More on our editorial rigor SOME CARD INFO MAY BE OUTDATED

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Average mortgage rates, last 30 days

📉 When will mortgage rates drop?

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• ⛔ From day one of the war, there have been concerns about rising fuel prices due to Iran's importance both as an oil producer and geographically, bordering the critical Strait of Hormuz. The global oil supply is getting throttled, raising energy prices and contributing to inflation.
• 📈 The stock market might be doing great, but inflation fears have been shaking up the bond market. Bonds offer investors a set return known as the yield. Less demand for bonds pushes their prices down, which pushes up bonds' yields — relative to the bond's price, that preset yield is now higher.
• 🏠 Mortgage rates are benchmarked to one specific bond, the 10-year Treasury note. The yield on the 10Y T rose sharply throughout March and only eased up a bit in April, and we've likewise seen the average 30-year fixed rate mortgage APR remain firmly above 6%.

🔁 Should I refinance?

🏡 Should I start shopping for a home?

🔒 Should I lock my rate?

🧐 Why is the rate I saw online different from the quote I got?

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• Credit score
• Debt-to-income ratio
• Employment history
• Down payment
• Type of mortgage
• Location and property type
• Loan amount

👀 If I apply now, can I get the rate I saw today?