Overview
- Freddie Mac’s survey released Thursday put the 30-year average at 6.36%, even as daily and lender trackers showed five‑week highs near the mid‑6% range.
- Mortgage applications rose 1.7% in the week ending May 8, with purchase loans up 4% and about 7% above a year ago, while refinances slipped 1% and fell to a 40.8% share.
- Following Tuesday’s hotter Consumer Price Index and Wednesday’s strong Producer Price Index, Treasury yields climbed and several rate gauges jumped in response to the inflation shock.
- Improved mortgage spreads—the gap between mortgage rates and the 10‑year Treasury yield—have narrowed this year, which has helped keep most 30‑year offers under 7% even as yields rose.
- Rates briefly dipped below 6% in late February before the Iran war and higher oil prices pushed the 10‑year into the mid‑4% range, leaving borrowers facing volatile costs but showing signs of adapting.