Mortgage rates spike
Average U.S. long‑term mortgage rates jumped to 6.38% — the highest in more than six months — pushing a $1M loan’s payment to roughly $6,242/month versus $5,983 a month a month ago. That move is already squeezing affordability: ATTOM says homes remained unaffordable for most buyers in Q1 2026. (pottsmerc.com) (hindustantimes.com) (prnewswire.com)
Freddie Mac’s weekly Primary Mortgage Market Survey included a comment from Chief Economist Sam Khater that “the housing market continues to show gradual improvements compared to a year ago amid recent rate volatility.” (freddiemac.com) ATTOM’s Q1 2026 Home Affordability Report found homes were less affordable than historical averages in 97% of U.S. counties with sufficient data. (attomdata.com) ATTOM also reported the national median single‑family and condo price rose 8% to $360,000 since Q1 2024 while typical wages increased about 6.4%, and 69.1% of counties had monthly home expenses exceeding 28% of typical wages. (nationaltoday.com) The Mortgage Bankers Association’s weekly survey showed overall mortgage application volume fell 10.5% in the week ending March 20, 2026, with refinance applications down roughly 14.6% and purchase applications sliding about 5.4% in that period. (mba.org) The benchmark 10‑year Treasury yield moved into the mid‑4% range late this week (about 4.33% on March 25), a jump analysts tied to higher oil prices and geopolitical tensions stemming from the Iran conflict that pushed longer‑term borrowing costs higher. (fred.stlouisfed.org) Freddie Mac’s PMMS noted the 15‑year fixed mortgage averaged 5.54% this week and emphasized that the 30‑year average remains below last year’s roughly 6.65% level. (freddiemac.com) Bloomberg and Realtor.com reported this latest weekly rise represented a fourth consecutive weekly increase, a pattern market watchers said is already cooling spring buying momentum as purchase indexes decline. (bloomberg.com)
