Mortgage rates hit six‑month high
The average 30‑year fixed mortgage rose to 6.43% as of March 25, the highest in six months, while 15‑year fixed sits at about 5.78% and 5/1 ARMs average 5.75% — a tougher backdrop for homebuyers. At the same time, high‑yield savings accounts are offering up to roughly 4% APY, creating a short‑term savings tradeoff. (forbes.com) (finance.yahoo.com)
MBA’s weekly survey for the week ending March 20 reported a 10.5% drop in mortgage applications, with the refinance index down 15% and the seasonally adjusted purchase index falling about 5%. (mba.org) (mba.org) The Mortgage Bankers Association also noted the contract 30‑year rate moved noticeably higher this week — a 13‑basis‑point jump from the prior week, signaling rising lender pricing and weaker application volumes. (bloomberg.com) (bloomberg.com) Freddie Mac’s Primary Mortgage Market Survey showed a different weekly average — a 30‑year fixed rate of 6.22% as of March 19 — underscoring that Freddie Mac, MBA and lender‑level indices can diverge because they use different samples and timing. (freddiemac.com) (freddiemac.com) Markets pushed long‑term yields higher this month: the U.S. 10‑year Treasury yield was about 4.33% on March 25 after a month of upward pressure tied to higher oil and inflation expectations amid the Middle East conflict. (tradingeconomics.com) (tradingeconomics.com) Energy‑market shocks helped drive those yields: global benchmarks for Brent and analyst reports showed oil trading around and above $100 a barrel in March as disruptions related to the Iran conflict tightened supply expectations. (iea.org) (iea.org) The Federal Reserve left the federal‑funds target range at 3.50%–3.75% at its March 17–18 meeting, a policy stance that the Fed said it would reassess as incoming data and risks evolve. (federalreserve.gov) (federalreserve.gov) Economists and mortgage analysts note that fixed mortgage pricing tracks long‑term Treasury and mortgage‑backed‑securities markets rather than the Fed’s overnight rate, so a Fed pause or cut does not automatically translate into lower mortgage offers for borrowers. (kiplinger.com) (kiplinger.com) Top online savings lists published this week show advertised high‑yield savings APYs ranging from about 4.2% (Bankrate’s highest picks) up to aggregate advertised offers near 5.0% in some trackers, creating the short‑term tradeoff between locking a mortgage and parking cash. (bankrate.com) (bankrate.com)
