The 15-year fixed-rate mortgage — a common vehicle for homeowners looking to refinance — moved in tandem, rising to 5.72% from 5.64% a week earlier. A year ago, it averaged 5.89%.
Rates inch back toward spring highs
The two-week rise has reversed most of the improvement that slowly accumulated since late February, when the 30-year average briefly dipped below 6% for the first time since late 2022.
Mortgage rates climbed for five straight weeks after the Iran war began, before pulling back modestly.
The renewed upward pressure this week tracks closely with movements in the 10-year US Treasury yield, which was sitting at approximately 4.37% as of Thursday, reflecting investor attention on the latest developments in the Middle East and their implications for inflation and Federal Reserve policy.