The average 30-year fixed mortgage rate rose to 6.69%, its highest in over a year, driven by the 10-year Treasury yield linked to inflation and global risks. The U.S.-Iran conflict disrupted oil shipments, raising crude prices and inflation fears, which pushed rates up. Despite recent easing in oil prices and signs of conflict de-escalation, mortgage rates remain high due to persistent inflation concerns. The 15-year fixed rate slightly dropped, benefiting refinancers, while buyers face higher costs and market hesitation.
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