The rate for long-term mortgages reached 6.46% this week, up from 6.38% the week before and hitting a new high for at least the last six months.
The last time the average rate was higher came in September of 2025, when it sat at 6.5%. The current rate is down year over year, from 6.64%.
Earlier this year, rates were at their lowest point since 2022. But economic disruptions from the war in Iran have boosted oil prices, raised concerns over inflation, and contributed to the new climb in lending rates.
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Rates can also be sensitive to the performance of the 10-year Treasury yield, which has climbed from 3.97% in February to 4.3% on Thursday as oil prices spiked.
The climbing interest rate could add new stress for homebuyers, potentially adding hundreds of dollars per month to mortgage costs. The Mortgage Bankers Association says new applications for mortgages are down more than 10% week over week.
“Looking ahead, stability in the mortgage rate environment will be key to bringing buyers back into the market,” said MBA CEO Bob Broeksmit.
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