Overview
- Average 30-year rates have risen to the mid‑6% range, with Mortgage News Daily at 6.56% and HousingWire’s index at 6.44%, up from roughly 6.3% last week.
- Markets have been reacting to the Iran conflict and higher oil costs, which lift inflation expectations and push up bond yields that home loans track.
- The Federal Reserve kept its policy rate unchanged at the April meeting, and Jerome Powell said he will remain a governor, a move that some analysts said cooled hopes for quicker cuts.
- Mortgage spreads, the gap between 30-year loan rates and the 10-year Treasury yield, remain relatively tight as lenders cut margins, leaving little room for rates to fall if yields rise.
- Loan officers report using longer 45‑ to 60‑day locks because sharp swings can raise a borrower’s payment fast, and many say the CPI report could swing rates either way.