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Bankrate’s survey of the country’s largest lenders put the average even higher, at 6.56% for purchases and 6.78% for refinances– the highest levels taped given that September 2025.
The speed of the reversal has actually been jarring. In late February, falling rates and careful optimism had actually begun to stimulate a spring real estate market that frantically required it. The window closed rapidly. By mid-March, with the Iran war driving oil greater, Treasury yields climbing and inflation information coming in worse than expected, that optimism had actually given way to something closer to alarm.
Freddie Mac’s weekly study, published last Thursday, validated the pattern: the 30-year fixed-rate home mortgage averaged 6.38% for the week ending March 26, up from 6.22% the week previously. Purchase and refinance applications are up year-over-year, Freddie Mac noted– but that comparison shows simply how depressed the marketplace remained in early 2025, when rates sat above 7%.
Glen Weinberg, a mortgage executive with Fairview Loaning, informed Mortgage Professional America the war in Iran would almost certainly hit the spring housing market.
“The spring selling season is immensely affected for 3 reasons: higher rate of interest due to inflationary pressure, consumer economic unpredictability due to greater costs, stress over the economy and lower stock costs, and organization uncertainty,” he said. “Service are keeping back on employing, which is likewise impacting the spring selling season.”