US EditionAverage US long-term mortgage rate rises to 6.11%, back to where it was 5 weeks ago
Geopolitical tensions in Iran have driven 10-year Treasury yields to 4.25%, pushing Freddie Mac's 30-year mortgage rate up to 6.11%, the highest since early February.
- On Thursday, Freddie Mac reported the benchmark 30-year fixed-rate mortgage ticked up to 6.11% from 6% last week, returning to its level from five weeks ago.
- Rising oil prices and investor risk sentiment lifted Treasury yields recently, pushing average mortgage rates higher amid bond-market jitters tied to the war with Iran.
- Borrowing costs on 15-year fixed-rate mortgages rose to 5.5% from 5.43% last week, adding pressure for homeowners refinancing, while Hannah Jones, senior economist research analyst at Realtor.com said Middle East news is overriding soft hiring and stable inflation readings.
- Prospective home shoppers face tougher affordability as rates hover around 6% during the spring homebuying season, while U.S. housing market sales remain near a 4-million annual pace, well short of the 5.2-million historical norm.
- Higher oil prices could keep the Federal Reserve from cutting rates, as bond investors react to inflation risk that affects 10-year Treasury yields and mortgage pricing.
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Market analysts believe that, if tensions continue in the Middle East, it could slow down activity in the sector for the spring season
InsideNoVA.com
Global Tensions Push Up Weekly Mortgage Rates
As the Iran war continues into its second week, markets remain unsettled by uncertainty over oil prices and inflation — two forces that ripple through the economy to affect mortgage rates.The average rate on a 30-year fixed-rate mortgage rose seven…
Mortgage rates in the United States rose this week as investors fear the economic impact of President Donald Trump's war against Iran, reversing some of the welcome progress in housing affordability.
Why soaring mortgage rates 'hinge on the price of oil'
After briefly dipping below 6 percent a few weeks ago, mortgage rates have gone back up, currently reaching 6.11 percent. According to experts, the rise is a direct result of Trump’s war with Iran. This spike represents the largest increase since April last year, when Trump’s so-called “Liberation Day” tariffs instigated a similar rate hike. Now, Trump’s actions on the world stage have once again impacted prices at home. Mortgage rates are linke…
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