The average mortgage rate for a 30-year fixed-rate mortgage with a conforming loan balance of $832,750 or less was 6.35%, according to Mortgage News Daily. This is due to high oil prices, which have exacerbated mortgage rates. Lawrence Yun, chief economist for the National Association of Realtors, said high oil price volatility is not good for mortgage rates, particularly due to constraints on the world's oil flow following the Iran-U.S. and Israel's military strikes against Iran. While affordability has improved, there are also indications of improved home affordability. Buyers may be able to "lock in" an interest rate once they sign a purchase agreement, meaning they are guaranteed that rate for 30 or 60 days before closing on their home. However, there is a risk of missing out on the better rate you could have locked in if rates rise. Some lenders may offer a "float down" provision, allowing the buyer to negotiate an improved rate if rates drop by a set amount before the purchase is completed at settlement. Stephen Rinaldi, president and founder of the RinalDi Group, a mortgage broker based near Philadelphia, anticipates rates to be around 6.5% if the conflict in the Middle East is prolonged or oil prices remain high.