How Often Do Mortgage Rates Change?

Why do mortgage rates change?

In order to understand how often mortgage rates change, you must first understand why they change.

Your mortgage rate is largely dependent on the type of loan and its terms. Other factors that can affect your rate include your credit score, debt-to-income ratio, the amount of your down payment and whether you buy mortgage points.

There are several economic factors at play, too.

Economic factors affecting mortgage rates

Set by the Federal Reserve (Fed), the federal funds rate is the benchmark interest rate that banks use for overnight lending amongst themselves. When the Federal Reserve is expected to raise the federal funds rate, mortgage rates typically increase in response. While this alone does not determine mortgage rates, it still has a significant impact, although change is never guaranteed.

Other economic factors that influence mortgage rates include:

• Mortgage-backed securities (MBS): Mortgage-backed securities (MBS) are another factor that greatly influences how often mortgage rates change. These are bonds that are traded on financial markets, similar to stocks. A high MBS demand often leads to lower mortgage rates and vice versa.
• 10-year Treasury note: These represent the cost for the U.S. government to borrow money and act as the benchmark for most lending product interest rates.
• Inflation: The inflation rate can impact a buyer’s willingness — and ability — to purchase a new home, directly affecting consumer buying power. The higher the inflation rate, the higher mortgage rates typically climb.
• Major events: Global events, such as natural disasters, wars, elections or changes in government policy, can significantly impact the housing market and its corresponding interest rates.

Also affecting rates are other economic factors, including fiscal policy and economic growth. Mortgage rates depend heavily on indicators like gross domestic product (GDP) and the employment rate, which stimulate consumer spending and drive higher demand. This, in turn, can cause interest rates to rise.

How often and where are mortgage rates updated?

How often mortgage rates are updated depends on the service.

For example, Freddie Mac typically updates mortgage rates once a week, whereas other services, such as Bankrate, update rates daily. Most mortgage lenders, on the other hand, update their rates multiple times each day as the markets fluctuate.

Lenders typically publish mortgage rates Monday through Friday between 8:30 a.m. and 10:30 a.m. Eastern Standard Time (EST). However, these rates can change at any time, including throughout the day. Mortgage rates typically don’t change over the weekend.

“In my practice, rates will change several times throughout the day to the various factors of Treasury yields, reports on inflation and risk adjustments from lenders,” shares Ryan McCallister, F5 Mortgage president and founder. “Slight changes in rates that are seen in the wholesale market may affect the ultimate rate for the borrower.”

Mortgage rates can also change several times throughout the day. Lenders typically update rates between 8 a.m. and 10 a.m. local time.

“Most lenders will adjust a single time in the morning, near the open of the bond market,” explains Christopher Migliaccio, estate planning attorney and founder of Warren and Migliaccio L.L.P. “However, if the market moves so much that lenders cannot get accurate rates published, they may adjust in the middle of the day.”

In that case, prices are typically adjusted again at noon and 3 p.m. to reflect significant market movements.

“Mortgage rates change frequently, often multiple times per day in real-time,” says Prof. Chad D. Cummings, Esq., CPA and CEO of Cummings & Cummings Law. “It is common to see lenders reprice rates two to four times daily during volatile periods.”

Freddie Mac is an excellent tool for gaining a better understanding of national trends. Meanwhile, mortgage lenders can provide you with more specific rates for your area.

However, given how quickly interest rates change, it’s important to note that the rate you see online may actually change by the time your application is processed.

When do mortgage rates change during the week?

A recent report by The Mortgage Report and MBSQuoteline breaks down how often mortgage rates change based on the day of the week. Each basis point is generally equivalent to a 0.125% change in mortgage rates.

Monday proved to be the most stable in the study. This is because Mondays tend to be slow after the weekend, but Wednesday and Friday have shown the most volatility historically.

“Fridays are particularly dangerous for rate spikes, as lenders hedge risk ahead of weekend uncertainty,” warns Cummings.

Events throughout the week can also create volatility. For example, the Federal Reserve adjourns on Wednesdays, and the monthly employment report from the Bureau of Labor Statistics (BLS) is released on Fridays. Both events have been known to create immediate fluctuations in the market.

“During inflation readings or a Fed meeting, rate sheets could potentially adjust several times in a matter of hours,” notes Migliaccio.

Therefore, more risk-averse borrowers should stick to Mondays, while those comfortable with greater volatility may benefit from rate checks on Wednesday or Friday.

Historical and seasonal trends affecting mortgage rates

Mortgage rates have exhibited distinct trends over the years, influenced by both seasonal fluctuations and historical events.

Studying both historical and seasonal trends in mortgage rate changes can help you better determine the best time to buy your new property.

Seasonal mortgage rate trends

Mortgage rate changes aren’t directly tied to the season, but homebuyer habits and local climate affect the house market, which in turn affects mortgage rates.

Spring has long been known as the unofficial homebuying season, serving as the ideal time for homebuyers to hit the market and find their new home. The weather is more favorable, and families are better able to accommodate a move as they head into summer break.

However, rates tend to be lower in winter months as lenders decrease rates to attract homebuyers during slower business times.

Historical mortgage rate trends

Despite historical events, future market performance is extremely hard to predict, so it is critical that homebuyers are able to time their mortgage so they can benefit from the best interest rates. Some key events over the years have especially affected how mortgage rates change.

• 1981: Record highs. 1981 marked the highest mortgage rates on record, reaching a peak of 18.63% in October.
• 2008: Mortgage subprime crisis. Rates were as low as 6.03%, fueled by the stock market crash of that year.
• 2016: Record lows. Mortgage rates reached their lowest up until that point, dropping to 3.65 percent.
• 2020: COVID. The COVID-19 pandemic caused markets to plummet, with interest rates changing often during the most volatile periods. In response, interest rates fell below 3% by 2021.
• 2022: Inflation surge. Plagued by sharp increases, inflation rose to record highs, with rates skyrocketing from 3.22% to 7.08% between just January and October.
• 2025: Fed cuts. In September, the Federal Reserve finally made its first cuts after a prolonged period of high interest rates, helping to finally deliver relief to the homebuying market.

This is a look at mortgage rate changes since 1971, when Freddie Mac began recording data.

When to lock: timing your mortgage rate lock for the best deal

Given how often mortgage rates change, it is critical that you act quickly when you receive a favorable rate quote. This is when a rate lock can help.

A mortgage rate lock allows you to secure a guaranteed interest rate from a lender. This way, if interest rates change, you can be assured that your rate will not change. It works for new home purchases and refinances, providing greater security to both aspiring and current homeowners.

A rate lock lasts for a set period, generally lasting 30 days after origination. However, longer rate locks generally carry higher interest rates than the standard 30-day lock, sometimes adding 0.10% to 0.50% to your interest rate, as well as extra fees.

It is generally recommended that you choose a 30-day lock if your closing is in less than 30 days. If your closing is 45 to 60 days away, a longer rate lock will be more appropriate, but keep in mind that you will likely incur additional fees.

“For purchases, it’s wise to lock once you’re under contract and have cleared inspection contingencies,” recommends Travis Egan, VA mortgage officer at Loan Factory. “If rates are on the rise, secure your rate promptly. If delays mean you have more than 45 days until closing, a float-down option can offer some flexibility.”

Some lenders may also offer a float-down option, allowing you to lower your rate if rates drop within your rate lock period. This may add an additional 0.25% to 0.50% fee, but it could end up saving you thousands of dollars in interest.

“If the market dynamics are showing some potential for ease, sometimes a short float can be justified,” says Migliaccio.

When you receive a rate quote, ensure your offer includes a rate lock. Some lenders may automatically include it, while others may require that you submit a formal request.

“Locking the rate is not about timing the bottom,” explains Cummings. “Borrowers who chase the lowest possible rate often miss it. I advise clients to lock once they can comfortably afford the monthly payment and the rate supports the overall return on the property. Floating too long introduces market exposure with no guaranteed upside.”

If you do agree to a rate lock, be sure to receive the terms in writing. Review the details carefully, noting the expiration date and all applicable fees, as well as the extension policy, if one applies.