Mortgage rates in the US reached 6.58% for a 30-year fixed loan, the highest level in nearly a year and last seen in August 2026. Freddie Mac data shows the rate rose from 6.55% a week earlier, driven by geopolitical tensions and inflation concerns. The 15-year mortgage rate increased to 5.96% from 5.93%. The 10-year Treasury yield, which mortgage rates track, has risen amid rising US-Iran tensions. Oil prices crossed $100 per barrel for the first time since May, sparking new inflation concerns. The Consumer Price Index reported inflation fell to 3.5%, lower than expectations. Mortgage applications for home purchases climbed 6% week-over-week.
Mortgage rates in the US have hit their highest level in nearly a year, reaching 6.58% for a 30-year fixed-rate loan, the first time since August 2026. According to Freddie Mac data, the average rate rose from 6.55% a week earlier, fueled by geopolitical and inflation concerns.
The 15-year mortgage rate jumped to 5.96% from 5.93%. The 10-year Treasury yield, which mortgage rates closely track, has risen in recent days amid rising tensions between the US and Iran.
Rates have been mostly rising this year as the conflict in Iran has driven crude oil prices sharply higher, stoking expectations of hotter inflation. That has pushed up long-term bond yields relative to where they were before the conflict began in late February, causing mortgage rates to trend higher.
On Thursday, oil prices crossed $100 per barrel for the first time since May, sparking new concerns that inflation may soon accelerate. The inflation battle continues but received a promising update two weeks ago when the latest Consumer Price Index (CPI) report revealed that US inflation has fallen to 3.5%, lower than most expectations.
Although mortgage rates are at their highest since last August, some homebuyers are moving forward. Mortgage applications for home purchases were up 6% through Friday from a week earlier, according to the Mortgage Bankers Association.
