Mortgage rates climb to highest level in over a year: What homebuyers need to know
A "Sold" sign outside a home in Daly City, California, US, on Monday, March 23, 2026.Photographer: David Paul Morris/Bloomberg via Getty Images
Mortgage rates edged higher this week, according to mortgage buyer Freddie Mac.
By the numbers:
Freddie Mac's latest Primary Mortgage Market Survey, released Thursday, showed the average rate on the benchmark 30-year fixed mortgage rose to 6.69%, up from 6.66% last week. A year ago, the average rate on a 30-year loan was 6.63%.
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What they're saying:
"While mortgage rates continue to influence affordability, the housing market is showing signs of adjustment, with listing prices modestly below year-ago levels and for-sale inventory improving from the limited supply seen in recent years," said Sam Khater, Freddie Mac's chief economist.
Meanwhile, the average rate on a 15-year fixed mortgage dipped to 6.01% from 6.04% the previous week.
Why you should care:
Mortgage rates are influenced by a range of factors, including Federal Reserve policy and geopolitical developments. While the Fed does not directly set mortgage rates, they tend to closely follow movements in the 10-year Treasury yield, which hovered around 4.67% Thursday afternoon.
"The upward move comes despite a choppy week in the bond market: The 10-year Treasury yield hit an 18-month high above 4.7% in late July before pulling back several basis points this week on hopes that the U.S. and Iran are nearing a deal to reopen the Strait of Hormuz," said Danielle Hale, Realtor.com's chief economist.
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"Mortgage rates have been slow to follow that pullback, and Friday’s jobs report, next week's inflation report and how the Hormuz talks resolve, will determine whether that gap closes in the coming weeks.
"Recent mortgage rate volatility makes it a challenging time for homebuyers to navigate the market, especially as this volatility is coming at the upper end of the mortgage rate range we’ve seen over the last year," Hale added.
The Source: FOX Business contributed to this report. The information in this story comes from Freddie Mac’s latest Primary Mortgage Market Survey, including comments from Freddie Mac chief economist Sam Khater. This story was reported from Los Angeles.Â
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