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The stock and bond markets are hanging on to President Trump’s every word. They take a positive turn on hints that the Middle East war is soon to end, only to spiral when he warns of an escalation. As a result, 30-year mortgage rates, after stumbling up and down, ended the week higher for the fifth straight week.

According to Freddie Mac, the 30-year fixed mortgage rate rose eight basis points to 6.46% for the week ending Wednesday, the highest rate since Sept. 4. Meanwhile, the 15-year loan ticked higher by two basis points to 5.77%.

“With spring home buying season in full swing, aspiring buyers should remember to shop around for the best mortgage rate, as they can potentially save thousands of dollars by getting multiple quotes.” Sam Khater, chief economist of Freddie Mac, said in a release.

Also read: Home prices rose in January, before Iran war pushed mortgage rates higher

The Mortgage Bankers Association reported that overall home loan applications fell by more than 10% again this week, led by a steep drop in refinances.

“Refinance application volumes declined sharply again last week, dropping 17%, and are down more than 40% compared to last month,” said Mike Fratantoni, MBA’s chief economist. “Seasonally adjusted purchase application volume also declined over the week, but only by 3%. The headwinds of higher rates are being offset somewhat by the buyer’s market in many parts of the country.”

However, Jake Krimmel, senior economist at Realtor.com, says the real test for home sales will come this month.

"New listings jumped more than 20% from February to March, above the historical seasonal norm, and that's an encouraging sign of seller confidence," Krimmel said in an analysis. "March typically sets the table for the spring season, and last year we saw that momentum collapse almost immediately when economic uncertainty hit.”

Read more: Mortgage lenders with the best rates this week.

Discover the best mortgage refinance lenders

Here are the current mortgage rates, according to the latest Zillow data:

30-year fixed: 6.30%

20-year fixed: 6.34%

15-year fixed: 5.67%

5/1 ARM: 6.26%

7/1 ARM: 6.28%

30-year VA: 5.84%

15-year VA: 5.51%

5/1 VA: 5.46%

Remember, these are the national averages and rounded to the nearest hundredth.

Here are 8 strategies for getting the lowest mortgage rate possible.

Here are today's mortgage refinance interest rates, according to the latest Zillow data:

30-year fixed: 6.42%

20-year fixed: 7.00%

15-year fixed: 5.87%

5/1 ARM: 6.37%

7/1 ARM: 5.94%

30-year VA: 5.81%

15-year VA: 5.42%

5/1 VA: 5.17%

As with mortgage rates for purchase, these are national averages that we've rounded to the nearest hundredth. Refinance rates can be higher than purchase mortgage rates, but that isn't always the case.

Use the mortgage calculator below to see how various mortgage rates will impact your monthly payments.

You can bookmark the Yahoo Finance mortgage payment calculator and keep it handy for future use, as you shop for homes and lenders. Be sure to use the dropdown to include private mortgage insurance costs and HOA dues if they apply to you. These monthly expenses, along with your mortgage principal and interest rate, will give you a realistic idea of what your monthly payment could be.

A mortgage interest rate is the fee charged by a lender for borrowing money, expressed as a percentage. There are two basic types of mortgage rates: fixed and adjustable rates.

A fixed-rate mortgage locks in your rate for the entire life of your loan. For example, if you get a 30-year mortgage with a 6% interest rate, your rate will remain at 6% for the entire 30 years. (Unless you refinance or sell the home.)

An adjustable-rate mortgage keeps your rate the same for the first few years, then changes it periodically. Let’s say you get a 5/1 ARM with an introductory rate of 6%. Your rate would be 6% for the first five years, and then the rate would increase or decrease once per year for the last 25 years of your term. Whether your rate goes up or down depends on several factors, such as the economy and the U.S. housing market.

At the beginning of your mortgage term, most of your monthly payment goes toward interest. As time passes, less of your payment goes toward interest, and more goes toward the mortgage principal or the amount you originally borrowed.

Learn how to choose between an adjustable-rate vs. fixed-rate mortgage.

Two categories determine mortgage rates: those you can control and those you cannot.

What factors can you control? First, you can compare the best mortgage lenders to find the one that gives you the lowest rate and fees.

Second, lenders typically extend lower rates to people with higher credit scores, lower debt-to-income (DTI) ratios, and considerable down payments. If you can save more or pay down debt before securing a mortgage, a lender will probably give you a better interest rate.

What factors can you not control? In short, the economy.

The list of ways the economy impacts mortgage rates is long, but here are the basic details. If the economy — for example, employment rates — is struggling, mortgage rates decrease to encourage borrowing, which helps boost the economy. If the economy is strong, mortgage rates go up to temper spending.

With all other factors being equal, mortgage refinance rates are typically slightly higher than purchase rates. So don't be surprised if your refinance rate is higher than you may have expected.

Two of the most common mortgage terms are 30-year and 15-year fixed-rate mortgages. Both lock in your rate for the entire loan term.

A 30-year mortgage is popular because it has relatively low monthly payments. But it comes with a higher interest rate than shorter terms, and because you’re accumulating interest for three decades, you’ll pay a lot of interest in the long run.

A 15-year mortgage can be a good choice because it has a lower rate than you’ll get with longer terms, so you’ll pay less in interest over the years. You’ll also pay off your mortgage much faster. But your monthly payments will be higher because you’re paying off the same loan amount in half the time.

Basically, 30-year mortgages are more affordable from month to month, while 15-year mortgages are cheaper in the long run.

According to Yahoo Finance's weekly survey of lenders with the lowest rates, some of the banks with the lowest median mortgage rates are Chase and Citibank. However, it's a good idea to shop around for the best rate, not just with banks, but also with credit unions and companies specializing in mortgage lending.

Yes, 2.75% is an amazing mortgage rate. You're unlikely to get a 2.75% rate in today's market unless you take on an assumable mortgage from a seller who locked in this rate in 2020 or 2021, when rates were at all-time lows.

According to Freddie Mac, the lowest-ever 30-year fixed mortgage rate was 2.65%. This was the national average in January 2021. It is extremely unlikely that rates will dip below 3% again anytime soon.

Some experts say it's worth refinancing when you can lock in a rate that's 2% less than your current mortgage rate. Others say 1% is the magic number. It all depends on your financial goals when refinancing, how long you plan to stay in the same house, and on your break-even point after paying the refinance closing costs.

Mortgage rates inched lower this week as an upbeat jobs report bumped the bond market slightly higher.

With mortgage rates hovering around 6%, is now a good time to refinance your loan? Learn about the factors to consider when deciding if you should refinance.

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If you want to refinance your mortgage before the end of 2025, you're in luck. It may be a good time. Learn the steps to take to refi in the next couple of months.

Deciding between a 15-year versus 30-year mortgage will determine your mortgage rate, monthly payment amount, and more. Find out which is best for you.

With today’s high mortgage rates and home prices, it is a good time to get a VA loan. You’ll pay a lower rate with no down payment. Learn about getting a VA loan now.