Overview
- Freddie Mac’s survey shows the average 30-year fixed rate rose to 6.11% for the week ending March 12, the biggest weekly increase since April, according to CNN’s read of the data.
- The 10-year U.S. Treasury yield moved up to roughly 4.24%–4.25% on Thursday, its highest level since early February, a shift closely tied to mortgage pricing.
- Zillow’s same-day snapshots put the average 30-year purchase mortgage at 6.00% and the average 30-year refinance rate at 6.53% on March 12.
- The average 15-year fixed mortgage rate increased to 5.5% this week, up from 5.43% a week earlier, Freddie Mac reported.
- Rates had briefly fallen below 6% two weeks ago—the lowest in about three and a half years—but economists now warn that prolonged tensions with Iran and higher oil prices could keep yields and mortgage costs elevated into the spring homebuying season, with next week’s Federal Reserve meeting also in focus.