Rates are still doing the cha-cha
Mortgage buyers got another little slap from the market this week: Freddie Mac says the average 30-year fixed mortgage rate jumped to 6.51%, up from 6.36% a week ago. Not exactly the kind of move that makes house hunters say, “Sure, let’s stretch the budget.”
Why this matters for your wallet
Higher mortgage rates don’t just make monthly payments fatter — they can also slow down home sales, cool refinancing activity, and keep would-be sellers parked on the sidelines. When borrowing costs stay sticky, the housing market can start feeling like it’s running in sneakers through wet cement.
Inflation + geopolitics = not helping
This week’s move is being pinned on a familiar villain combo: inflation fears and the ongoing Iran war, both of which can rattle bond markets and push rates higher. And since mortgage rates tend to shadow Treasury yields, investors don’t need a fancy spreadsheet to see the connection.
Big picture
For buyers, this is another reminder that the “wait for rates to drop” strategy can be a long, frustrating game. For everyone else, it’s one more sign that housing affordability is still getting squeezed from the financial and geopolitical sides at the same time.