US Home Loan Interest Rates Rise to 6.19%, Marking Largest Increase Since September

US Mortgage Rates See Sharpest Rise Since September

Mortgage rates in the United States climbed last week at their fastest pace since September, interrupting a period of declining borrowing costs that had benefited the housing market earlier this year.

According to data from the Mortgage Bankers Association released on Wednesday, the average rate for a 30-year fixed mortgage increased by 10 basis points to 6.19% for the week ending March 6. This jump follows two consecutive weeks where rates had reached their lowest levels since 2022.

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This uptick in mortgage rates occurred alongside a notable increase in the 10-year US Treasury yield, which often moves in tandem with mortgage rates. The rise was driven by disruptions in oil supply due to conflict with Iran, heightening inflation worries.

Recent weeks of lower mortgage rates, combined with anxiety over potential future increases, may have prompted more buyers to enter the market. The Mortgage Bankers Association reported that applications for home purchases jumped 7.8%—the largest gain since early January. Refinancing activity also edged up and has grown in all but two weeks so far this year.

The housing market had started to show signs of renewed activity as affordability improved. Data released Tuesday indicated that contract signings for previously owned homes rose in February. However, if borrowing costs continue to climb, it could dampen demand as the important spring selling season approaches.

The MBA’s weekly survey, which has been conducted since 1990, gathers responses from mortgage lenders, commercial banks, and thrifts, covering over 75% of all US retail residential mortgage applications.

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