US 30-Year Mortgage Rate Rises Further

The average rate on a 30-year fixed mortgage rose to 6.22% as of March 19th after trending near its lowest levels of the year in previous weeks according to data from Freddie Mac. The uptick tracked a climb in Treasury yields as investors weighed heightened inflation concerns fueled by the ongoing war in Iran and a pause in interest rate cuts by the Federal Reserve. “The 30-year fixed-rate mortgage edged up this week to 6.22% but remains nearly half a 1% point lower than the same time last year. Potential homebuyers are poised for a more affordable spring homebuying season than last with the market experiencing improvements in purchase applications and pending home sales,” said Sam Khater Freddie Mac’s chief economist.

The average rate on a 30-year fixed mortgage rose to 6.11% as of March 12th, from the softest levels since September 2022 in the previous weeks, according to data from Freddie Mac. The rise tracked rising Trasury yields amid heightened inflation concerns fueled by the ongoing war in Iran triggered the largest weekly increase in nearly a year. “The 30-year fixed-rate mortgage returned to last month’s level of 6.11%. Despite the modest uptick, buyers are responding to rates in this range, with existing-home sales increasing 1.7% in February. Purchase applications also increased this week, a welcome sign as buyers enter spring homebuying season with rates down more than half a percentage point compared to the same time last year,” said Sam Khater, Freddie Mac’s chief economist.

The average rate on a 30-year fixed mortgage edged higher to 6% as of March 5th, from the softest level since September 2022 of 5.98% in the previous week, according to data from Freddie Mac. “Mortgage rates held steady at 6% this week, hovering near their lowest level since 2022. In fact, rates are down nearly a full percentage point from this time in 2024, spurring activity from buyers, sellers and owners. As a result, refinance activity is up, and purchase applications are ahead of last year’s pace,” said Sam Khater, Freddie Mac’s chief economist.