Mortgage Rates Tick Up Slightly, But Big Drops Unlikely Soon Amid High Inflation

Mortgage rates increased slightly today but likely won't see significant drops anytime soon.

Inflation rose higher than expected in March, reducing the chances the Fed will lower rates.

The 30-year fixed mortgage rate averages 6.88%, up from 6.82% last week.

Your credit score, debt-to-income ratio, and down payment impact the mortgage rate you can get.

30-year mortgages have lower monthly payments but you pay more interest overall than with a 15-year mortgage.