FX.co ★ US 30-Year Mortgage Rate Climbs Further

The average rate on a 30-year fixed mortgage climbed to 6.38% as of March 26, after hovering near its lowest levels of the year in prior weeks, according to Freddie Mac data. The increase followed a rise in Treasury yields as investors reacted to mounting inflation concerns driven by the ongoing war in Iran and the Federal Reserve’s decision to pause interest rate cuts. “The 30-year fixed-rate mortgage averaged 6.38% this week but remains lower than a year ago, when rates averaged 6.65%. Despite recent rate volatility, the housing market continues to show gradual improvement compared with last year, with both purchase and refinance applications up on a year-over-year basis,” said Sam Khater, Freddie Mac’s chief economist.