Overview
- Mortgage demand fell sharply last week as the Mortgage Bankers Association said total applications dropped 10.5% and refinance activity fell 15%.
- Average 30-year fixed rates are back in the mid-6% range, with Mortgage News Daily at 6.49%, the MBA’s contract rate at 6.43%, and Zillow showing recent quotes near 6.25% to 6.37%.
- Rising oil prices linked to the Iran conflict pushed the 10-year Treasury yield higher, and mortgage rates followed because lenders price home loans off that benchmark.
- The rate jump raised monthly costs for buyers, with CBS calculations showing about $195 more per month on a $600,000 30-year loan than in mid-February.
- Coverage diverged on causes and stakes, with CNBC and CBS highlighting affordability and application data while the Washington Examiner stressed geopolitics, a higher 10-year yield, and the limits of President Trump’s $200 billion mortgage-bond plan.