The 30-year fixed-rate mortgage (FRM) rose 15 bps week-over-week to 6.51%, said Freddie Mac on Thursday. That marks the highest rate since August 2025 and the highest weekly growth since April 2025.
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The rate is tied to the 10-year Treasury yield, which has risen 34 bps over the past month on mounting inflation concerns. These concerns have centered around rising oil and gas prices stemming from the closure of the Strait of Hormuz, which handles roughly 20% of global oil flows.
Homebuilder Stocks Stumble amid Rising Mortgage Rates
Homebuilder stocks Lennar (LEN) PulteGroup (PHM) and D.R. Horton ($DHI are trading lower on the news as affordability pressures rise and higher borrowing costs weigh on demand for new homes.
“Higher Treasury yields continued to push mortgage rates higher last week, weighing on affordability and overall application activity,” said Mortgage Bankers Association CEO Bob Broeksmit. Higher inflation could raise yields even further, risking continued growth in mortgage rates.