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2026-05-22 00:32:48
[US Mortgage Rates Rise to Highest Level Since August; War Fuels Inflation] US mortgage rates jumped this week to their highest level since August, threatening the nascent spring home-selling season. Freddie Mac reported on Thursday that the average rate on a 30-year fixed-rate mortgage jumped to 6.51% from 6.36%, the largest weekly increase since the end of March. The housing market has been constrained by geopolitical tensions, with the war in Iran pushing up oil prices, inflation, and bond yields. The 10-year US Treasury yield is hovering near a one-year high, while the 30-year Treasury yield is not far from its highest level since 2007. Analysts who previously expected a Federal Reserve rate cut are now weighing the possibility of a rate hike. Even so, the market has been more resilient than expected. The National Association of Realtors said Tuesday that pending home sales rose for the third consecutive month in April. Data from Realtor.com shows that both new listings and pending sales are at their highest levels since 2022. Compared to the sluggish performance last spring, homebuyers are at least not facing the average mortgage rate of 6.86% a year ago.
