U.S. Housing and Mortgage Markets

Freddie Mac reports that the average U.S. 30‑year fixed mortgage rate climbed to 6.22% this week, the highest level in more than three months and up from 6.11% last week, reversing a brief dip below 6% seen earlier this month. The 15‑year fixed rate also ticked up to 5.54%, as the 10‑year Treasury yield rose to about 4.27% amid a war‑driven spike in oil prices and renewed inflation concerns. The article links the move to the Iran war’s impact on energy costs and to the Federal Reserve’s decision this week to hold rates steady while signaling it may delay any cuts, both of which are pushing long‑term borrowing costs higher. The jump threatens to further depress an already weak housing market, where existing‑home sales have been stuck near a 4‑million annual pace—far below the historical 5.2‑million norm—and new‑home sales plunged nearly 18% in January from the prior month. Early‑spring data show pending home sales rising modestly month‑over‑month but still below last year, suggesting the key spring buying season is starting under pressure from rising mortgage costs and broader economic uncertainty.