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The average rate on a 30-year fixed mortgage rose to 6.49% this week, up slightly from 6.47% last week, according to Freddie Mac's latest survey Source: Fox Business. The rate remains near the 6.5% level where it has hovered for six weeks Source: AP News.
The 30-year rate is down from 6.77% a year ago, while the 15-year fixed-rate mortgage averaged 5.84%, up from 5.81% last week but below 5.89% a year ago Source: Fox Business.
Mortgage rates have been trending higher since the conflict between the U.S. and Iran began in late February, disrupting oil supplies and pushing inflation up Source: AP News. The 10-year Treasury yield, which guides mortgage pricing, was around 4.4% Source: Fox Business. The Federal Reserve held its benchmark rate steady at 3.5%-3.75% at its latest meeting, with policymakers signaling a possible rate hike this year amid elevated inflation Source: Fox Business. The Fed's preferred inflation gauge, the PCE index, showed headline inflation at 4.1% and core at 3.4% Source: Fox Business.
“"Rates have remained relatively stable over the last six weeks. Meanwhile, purchase activity eased modestly and eased modestly and refinance activity has continued to pick up recently, reflecting borrowers' responsiveness to current rate levels."”
“"The average rate on a 30-year fixed mortgage rose to 6.49% from last week's reading of 6.47% and 6.52% the week before last."”
“"The average long-term U.S. mortgage rate edged higher this week, staying close to 6.5%, where it’s been the last six weeks."”
“"Rates have been mostly trending higher since the conflict between the U.S. and Iran began in late February, disrupting the flow of crude oil from the Persian Gulf to customers worldwide."”
US mortgage rates jump to 6.55%, highest in nearly a year