USA: 30-Year Mortgage Rate Climbs Further.

The average rate on a 30-year fixed mortgage rose to 6.38% as of March 26th after trending near its lowest levels of the year in previous weeks according to data from Freddie Mac. The uptick tracked a climb in Treasury yields as investors weighed heightened inflation concerns fueled by the ongoing war in Iran and a pause in interest rate cuts by the Federal Reserve. “The 30-year fixed-rate mortgage averaged 6.38% this week but remains lower than last year when rates averaged 6.65%. The housing market continues to show gradual improvements compared to a year ago amid recent rate volatility with purchase and refinance applications up year-over-year,” said Sam Khater, Freddie Mac’s chief economist.