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Average US long-term mortgage rate leaps to 6.38%, the highest level in more than 6 months
Mortgage rates rose to 6.38% as inflation fears and oil prices surged amid Iran conflict, causing a 10.5% drop in mortgage applications, Mortgage Bankers Association reported.
- Freddie Mac reported the benchmark 30-year fixed-rate mortgage rose to 6.38% from 6.22% last week, marking the highest level in over six months.
- Rising oil prices due to the war with Iran have increased inflation expectations, pushing 10-year Treasury yields to 4.39% from around 4.26% last week.
- Mortgage applications fell 10.5% last week, according to the Mortgage Bankers Association, with MBA CEO Bob Broeksmit stating that affordability pressures and economic uncertainty are prompting buyers to delay decisions.
- The Federal Reserve decided to hold interest rates steady last week, as Chair Jerome Powell highlighted an increasingly uncertain economic outlook following the Iran war.
- Sales of previously occupied homes remain stuck at a 30-year low despite current mortgage rates averaging 6.38%, below the 6.65% recorded one year ago.
38 Articles
38 Articles
Mortgage rates hit highest since October as war lifts bond yields | Honolulu Star-Advertiser
The interest rate on the most popular U.S. home loan surged by the most in 11 months last week to the highest since October as rising oil prices from the war in Iran fanned inflation fears, forcing up yields on the Treasury bonds most influential to mortgage rates.
Mortgage rates jump as Iran conflict hits housing market
Mortgage rates spiked this week as the conflict in Iran continues to weigh on markets, mortgage buyer Freddie Mac said Thursday.Freddie Mac's latest Primary Mortgage Market Survey, released Thursday, showed the average rate on the benchmark 30-year fixed mortgage rose to 6.38% from last week's reading of 6.22%. The average rate on a 30-year loan was 6.65% a year ago."The housing market continues to show gradual improvements compared to a year ag…
Average U.S. long-term mortgage rate leaps to 6.38%, the highest level in more than 6 months
The average long-term U.S. mortgage rate climbed this week to its highest level in more than six months, driving up borrowing costs during what’s typically the busiest time of the year for prospective home buyers.
Rising Oil Prices Drive U.S. Mortgage Rates to Six-Month High
The average U.S. 30-year fixed-rate mortgage has surged to a six-month high due to rising oil prices and Middle East tensions. This increase is impacting home sales during the spring season and highlighting housing affordability as a key political issue ahead of the November midterm elections.
Associated Press News
Average US long-term mortgage rate leaps to 6.38%, the highest level in more than 6 months
The average long-term U.S. mortgage rate climbed this week to its highest level in more than six months, driving up borrowing costs for prospective homebuyers during what’s supposed to be the busiest time of the year for the housing market.
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