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Average US long-term mortgage rate rises to 6.11%, back to where it was 5 weeks ago
The increase to 6.11% reflects rising Treasury yields linked to geopolitical tensions with Iran, despite recent weak U.S. hiring and stable inflation data, Freddie Mac said.
- On Thursday, Freddie Mac reported the benchmark 30-year fixed-rate mortgage ticked up to 6.11% from 6% last week, returning to its level from five weeks ago.
- Rising oil prices and investor risk sentiment lifted Treasury yields recently, pushing average mortgage rates higher amid bond-market jitters tied to the war with Iran.
- Borrowing costs on 15-year fixed-rate mortgages rose to 5.5% from 5.43% last week, adding pressure for homeowners refinancing, while Hannah Jones, senior economist research analyst at Realtor.com said Middle East news is overriding soft hiring and stable inflation readings.
- Prospective home shoppers face tougher affordability as rates hover around 6% during the spring homebuying season, while U.S. housing market sales remain near a 4-million annual pace, well short of the 5.2-million historical norm.
- Higher oil prices could keep the Federal Reserve from cutting rates, as bond investors react to inflation risk that affects 10-year Treasury yields and mortgage pricing.
19 Articles
19 Articles
Why soaring mortgage rates 'hinge on the price of oil'
After briefly dipping below 6 percent a few weeks ago, mortgage rates have gone back up, currently reaching 6.11 percent. According to experts, the rise is a direct result of Trump’s war with Iran. This spike represents the largest increase since April last year, when Trump’s so-called “Liberation Day” tariffs instigated a similar rate hike. Now, Trump’s actions on the world stage have once again impacted prices at home. Mortgage rates are linke…
Mortgage rates rise to highest level in over a month
Mortgage rates climbed this week, 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 6.11% from last week's reading of 6%. The average rate on a 30-year loan was 6.65% a year ago.TEXAS CAPITAL'S HOUSEHOLD GROWTH SURGES, FAR OUTPACING NATIONAL RATE"Despite the modest uptick, buyers are responding to rates in this r…
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