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Average US long-term mortgage rate rises to 6.52%, just below its high for the year
Borrowing costs remain elevated as the 30-year fixed rate stays below its 2025 peak, Freddie Mac said.
- On Thursday, Freddie Mac reported the benchmark 30-year fixed mortgage rate rose to 6.52% from 6.48% last week, though borrowing costs remain below the 6.84% average recorded one year ago.
- Ongoing conflict between the U.S. and Iran has disrupted Persian Gulf oil flows since late February, driving up inflation and keeping long-term Treasury yields elevated, which directly impacts mortgage pricing.
- According to the Mortgage Bankers Association, mortgage applications jumped 10.8% last week; Sam Khater, chief economist at Freddie Mac, noted that stronger employment momentum helped existing home sales reach a five-month high.
- Despite rate volatility, homebuyers are signaling renewed confidence by entering the market actively; however, Realtor.com economist Jiayi Xu warned that global tensions have prompted speculation the Federal Reserve might consider rate increases.
- Future housing demand hinges on whether inflation continues to outpace wage growth, pressuring household budgets; if so, elevated mortgage rates could pose a meaningful drag on housing demand heading into summer.
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Mortgage rates tick higher, but buyers show signs of confidence
Mortgage rates jumped this week, mortgage buyer Freddie Mac said Thursday.Freddie Mac's latest Primary Mortgage Market Survey, released Thursday, showed the average rate on the benchmark 30-year fixed mortgage climbed to 6.52% from last week's reading of 6.48%.The average rate on a 30-year loan was 6.84% a year ago.MORTGAGE RATES JUMP AS INFLATION FEARS, IRAN WAR WEIGH"The 30-year fixed-rate mortgage averaged 6.52% this week," Sam Khater, chief …
·United States
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Associated Press News+6 Reposted by 6 other sources
Average US long-term mortgage rate rises to 6.52%, just below its high for the year
The average long-term U.S. mortgage rate ticked up this week to just below its high for the year, the latest sign that borrowing costs on home loans remain elevated relative to where they were before the war with Iran started.
·New York, United States
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Coverage Details
Total News Sources12
Leaning Left4Leaning Right1Center4Last UpdatedBias Distribution45% Left, 44% Center
Bias Distribution
- 45% of the sources lean Left, 44% of the sources are Center
45% Left
L 45%
C 44%
11%
Factuality
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