Mortgage Rates Today, Wednesday, October 1: Lower Amid Uncertainty

Mortgage rates dropped today, as uncertainty reigns.

The average interest rate on a 30-year, fixed-rate mortgage has decreased to 6.24% APR, according to data from Zillow provided to NerdWallet. This marks a decline of 19 basis points from yesterday and 24 basis points from a week ago. (See our chart below for more specifics.) For context, a basis point is one one-hundredth of a percentage point.

Mortgage interest rates have dipped ahead of the September Federal Reserve meeting, reaching their lowest point just before the

rate cut announcement

. Although this low point didn’t last, today’s mortgage rates remain significantly lower than what we’ve observed throughout most of 2025.

The future trajectory of rates has become less predictable due to the

government shutdown

that commenced at midnight Eastern time. During this shutdown, the official statistics that the Fed, markets, and analysts rely on to assess the economy’s health will not be released.

Mortgage rates are

constantly changing,

as a significant part of

how rates are set

is influenced by reactions to new inflation reports, job numbers, Fed meetings, and global news. Even minor fluctuations in the bond market can impact mortgage pricing.

Typically, analysts are

looking ahead

to significant data releases. However, due to the

government shutdown

, information we anticipated, such as the jobs report scheduled for Oct. 3, is now uncertain. These official statistics are crucial for future projections, as they offer insights into the Federal Reserve’s potential actions.

Adding to the uncertainty, the Federal Reserve’s next meeting is at the end of this month. The central bankers are at a critical juncture, having just

cut rates

in September. For now, we will be closely monitoring the markets, as will the Fed.

There is no one-size-fits-all answer to when to start shopping for a home; what truly matters is whether you can comfortably afford a mortgage at today’s rates.

If you can afford it, don’t stress about potentially missing out on lower rates later; refinancing is always an option down the line. Focus on getting

preapproved

, comparing lender offers, and understanding what monthly payment fits your budget.

NerdWallet’s

affordability calculator

can assist you in estimating your potential monthly payment. If purchasing a new home isn’t feasible right now, consider taking steps to enhance your buyer profile. Use this time to pay down existing debts and build your down payment savings. This will not only improve your cash flow for future mortgage payments but may also secure you a better interest rate when you’re ready to buy.

If you have a quote that you’re satisfied with, consider

locking your mortgage rate

, especially if your lender offers a float-down option. This feature allows you to take advantage of a better rate if the market drops during your lock period.

Rate locks protect you from increases while your loan is processed, and given the market’s volatility, that peace of mind can be invaluable.

Refinancing could be beneficial if today’s rates are at least 0.5 to 0.75 percentage points lower than your current rate, provided you plan to stay in your home long enough to recoup closing costs.

With current rates, you might consider refinancing if your existing rate is around 6.74% or higher.

Also, think about your goals: Are you aiming to lower your monthly payment, shorten your loan term, or access home equity? For instance, you might be more willing to accept a higher rate for a

cash-out refinance

than you would for a rate-and-term refinance, as long as the overall costs are lower than keeping your original mortgage and adding a HELOC or home equity loan.

If you’re seeking a lower rate, utilize NerdWallet’s

refinance calculator

to estimate potential savings and determine how long it would take to break even on refinancing costs.

The rate you see advertised is typically a
sample rate
— usually applicable to a borrower with excellent credit, making a substantial down payment, and paying for

mortgage points

. This may not reflect every buyer’s situation.

In addition to external market factors, your personalized quote is influenced by your:

• Location and property type

Even
two individuals with similar credit scores
may receive different rates based on their overall financial profiles.

Maybe — but even personalized rate quotes
can change until you lock.
Lenders adjust pricing multiple times a day in response to market fluctuations.