Overview
- Freddie Mac, which reported the move Thursday, said the 30-year average rose to 6.38% for a fourth straight week in what Realtor.com called the biggest one-week jump since April 2025.
- The Iran war has lifted oil prices and, in turn, the 10-year Treasury yield to about 4.4%, a chain that makes new home loans pricier because mortgage rates track that bond benchmark.
- Borrowing demand weakened as Mortgage Bankers Association data showed applications fell 10.5% last week, with lenders citing higher costs and jittery buyers delaying decisions.
- For a $500,000 mortgage, the rebound from 6.0% in early March to 6.38% adds roughly $123 to the monthly payment, which can strain budgets and narrow what buyers can afford.
- The Federal Reserve kept its policy rate unchanged in March and projected one cut this year, yet higher energy costs could slow that path, even as today’s rates remain below the 6.65% average a year ago.