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yesterday

U.S. Mortgage Rate Hits 6.22%, 2026 High, as Applications Drop

Rising oil prices tied to the Iran conflict have pushed Treasury yields higher, driving the latest increase in borrowing costs.

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Last month, the average 30-year fixed mortgage rate fell to 5.98%. Some housing market experts believed the move below 6% could revive the housing market. Since then, war with Iran has sent mortgage rates higher.

Overview

  • Freddie Mac’s 30-year fixed average rose to 6.22%, the highest since early December and the peak of 2026 so far.
  • Mortgage Bankers Association data show total application volume fell 10.9% week over week, with the refinance index down about 19% and purchase applications up 1%.
  • The MBA’s average contract rate for 30-year conforming loans climbed to roughly 6.30% from 6.19% for the week ended March 13.
  • Economists, including the MBA’s Joel Kan, attribute the rise to the Iran conflict lifting oil prices and Treasury yields, heightening inflation concerns.
  • Rates remain below the 6.67% average a year ago as the Fed keeps policy steady, though analysts warn continued volatility could sap spring housing momentum.