Overview
- ICE Mortgage Technology, which released its report Monday, said a roughly 40‑basis‑point rise since early March cut buying power by about 4% and reduced refinance candidates by roughly 60% even as 99 of 100 major markets still show better affordability than a year ago.
- Current averages vary by source, with 30‑year purchase rates around 6.41% to 6.50% Monday and 30‑year refinance offers near 6.70% to 6.84%.
- Mortgage rates track the 10‑year Treasury, which climbed above 4.3% after late‑February lows as the Iran conflict and higher oil prices fed inflation worries that lifted bond yields.
- Higher rates have raised typical monthly payments by about $115 versus four weeks ago and slowed applications, prompting lenders to urge buyers to lock rates, get preapproved, and set budgets that work at today’s costs.
- Forecasts diverge for the rest of 2026, with Fannie Mae projecting sub‑6% rates and the Mortgage Bankers Association expecting higher averages, while inventory is rebuilding unevenly with deeper shortages persisting in parts of the Northeast.