Weekly Mortgage Market Update

Mortgage rates edged higher this week as markets reacted to rising oil prices and increased geopolitical tensions in the Middle East.

Recent comments from Iran regarding the Strait of Hormuz — a critical global oil shipping route — pushed oil prices higher. When energy costs rise, investors often become concerned about future inflation, which can put upward pressure on mortgage rates.

A few important takeaways:

• ✅ Rates are higher than they were earlier this week.
• ✅ Rates are not at the highest levels of the year despite some media headlines.
• ✅ Global events, inflation expectations, and bond market activity continue to drive mortgage pricing.

What this means for buyers and sellers: mortgage rates don't move solely because of Federal Reserve meetings or housing news — sometimes events happening halfway around the world can impact borrowing costs here at home. For buyers, focusing on affordability and a long-term strategy is often more productive than trying to predict daily rate movements.

Realtor Talking Point

"A lot of buyers think mortgage rates only move when the Fed speaks. In reality, things like oil prices, inflation concerns, and global events can move rates just as much. That's exactly what we're seeing this week."

Quick Video Update

A quick walkthrough of this week's rate move and what it means for your clients.

Interest Rate Update

*National averages based on a 740 credit score. Fixed rates, subject to change and based on credit approval. Your client's actual rate may vary.

"The 30-year fixed-rate mortgage averaged 6.55% this week. Purchase application demand has weakened recently, but housing affordability is more favorable and housing inventory continues to rise, thus the backdrop for prospective homebuyers is modestly improving." — Sam Khater, Freddie Mac's Chief Economist

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