US Long-Term Mortgage Rates Surge to 6.38%, Highest in Over 6 Months

The average 30-year fixed mortgage rate rose sharply this week to 6.38%, up from 6.22% a week earlier. Freddie Mac reported the rise on Thursday, marking the highest reading in over six months. The 15-year fixed rate climbed as well, reaching 5.75% from 5.54%.

What pushed rates higher

Rising Treasury yields helped push mortgage costs up. The 10-year Treasury yield was about 4.39% at midday Thursday, versus roughly 4.26% a week earlier. Higher oil prices tied to the war with Iran increased inflation expectations and pressured bond markets.

Those forces contributed to the recent jump in mortgage costs. Realtor.com noted this was the largest one-week increase since April 2025. It was also the biggest three-week rise since October 2024.

Policy backdrop

The Federal Reserve chose not to cut interest rates at its meeting last week. Fed Chair Jerome Powell signaled an uncertain outlook for growth and inflation amid the Middle East conflict. While the Fed does not set mortgage rates directly, its policy and guidance influence Treasury yields and lending costs.

Market and buyer impact

Higher rates can add hundreds of dollars to monthly mortgage payments. That reduces the price range many buyers can afford. Only a month ago, the average 30-year rate had fallen to just under 6% for the first time since late 2022.

Applications for mortgages fell sharply as borrowing costs rose. The Mortgage Bankers Association reported a 10.5% week-over-week decline in applications. Both purchase and refinance requests fell, suggesting some buyers are delaying decisions.

Voices from the industry

Realtor.com senior economist Joel Berner said rising rates are curbing what would normally be a strong spring buying season. MBA CEO Bob Broeksmit pointed to higher borrowing costs and economic uncertainty as reasons some prospective buyers are pausing.

Housing market context

The U.S. market has been under pressure since 2022, after mortgage rates began climbing from pandemic lows. Sales of previously occupied homes were essentially flat last year, sitting near a 30-year low. Early-year data show sales were lower in January and February compared with a year earlier.

Still, the current 30-year average remains below the level from a year ago, when it averaged 6.65%. That offers some relief to buyers who can manage today’s rates. In many metro areas, price growth has slowed and inventory is higher than a year ago.

Filmogaz.com will continue to monitor developments as markets react to inflation signals, oil price swings, and central bank decisions. US Long-Term Mortgage Rates Surge to 6.38%, Highest in Over 6 Months is reshaping affordability for would-be buyers this spring.