Overview
- Freddie Mac reported Thursday that the average 30-year fixed rate rose to 6.46%, marking a fifth straight weekly increase and a seven-month high.
- The Mortgage Bankers Association, which said Wednesday its 30-year contract rate hit 6.57% for the week ended March 27, reported total applications down 10.4% with refinances off 17% and more than 40% lower than a month earlier.
- The rise tracks a move in the 10-year Treasury yield to about 4.3% after oil prices jumped during the Iran war, raising inflation fears that push lenders to price mortgages higher.
- For many buyers, today’s rates add roughly $100 to $115 per month versus a month ago on a typical purchase, which is leading some shoppers to pause even as spring listings increase.
- Other gauges vary by timing and method, with Zillow’s daily average near 6.25% on April 2–3, yet all point to a volatile, upward trend that clouds the spring housing outlook and the timing of any Fed relief.