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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.
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77 Articles
Average US long-term mortgage rate leaps to 6.38%, the highest level in more than 6 months - The Morning Sun
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. The benchmark 30-year fixed rate mortgage rate rose to 6.38% from 6.22% last week, mortgage buyer Freddie Mac said Thursday. One year ago, the rate averaged 6.65%. The last time the average rate was higher was Sept. 4, when it was at 6…
US fixed 30-year mortgage rate jumps to 6-month high as Iran war drags on
WASHINGTON — The average rate on the popular U.S. 30-year fixed-rate mortgage has jumped to a six-month high as rising oil prices from the dragging Middle East war fanned inflation worries, which could weigh on home sales during the typically busy spring season. The 30-year fixed mortgage rate averaged 6.38%, its highest since early September and up from 6.22% last week, mortgage finance agency Freddie Mac said Thursday. The rate has now increas…
Mortgage rates hit highest level since September: Freddie Mac
Mortgage rates are climbing amid the ongoing conflict in Iran, with the 30-year fixed-rate mortgage hitting 6.38 percent, according to a Thursday report from Freddie Mac. The 15-year fixed-rate mortgage rate was up to 5.75 percent on Thursday. These rates have steadily increased over the past month, as the conflict in the Middle East sends…
Average US Long-Term Mortgage Rate Jumps to 6.38 Percent
The average rate on the 30-year fixed mortgage climbed to 6.38 percent, according to a survey by Freddie Mac published on March 26. The rate jumped from 6.22 percent the previous week and now stands at its highest level in more than six months. The 15-year fixed-rate mortgage rose to 5.75 percent from 5.54 percent. Freddie Mac chief economist Sam Khater said: “The housing market continues to show gradual improvements compared to a year ago amid …
US Mortgage Rates Hit Six-Month High As Iran War Stokes Inflation Fears - Federal Home Loan (OTC:FMCC), Federal National Mortgage (OTC:FNMA)
U.S. 30-year mortgage rates climb to six-month highs as Iran conflict and rising inflation push borrowing costs higher.
Why mortgage costs are climbing again in the U.S.
U.S. long‑term mortgage rates have been rising and that is making it more expensive to borrow money for a home. The national average interest rate for a 30‑year fixed mortgage climbed to about 6.38%, its highest level in more than six months. The increase comes after several weeks of steady rises.
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