Overview
- Thirty-year fixed mortgages are hovering around 6.4% to 6.5% this week, with best‑execution quotes little changed after a sharp March run‑up.
- Rates moved higher as the 10‑year Treasury yield climbed from about 3.97% in late February to above 4.3% in early April, and mortgage pricing tends to follow that benchmark.
- ICE reported that roughly a 40‑basis‑point jump since early March has cut buyer purchasing power by about 4% and lifted the average monthly payment by around $88.
- Applications have cooled as refinancing options shrank and lenders pulled many competitive deals, with UK data showing a 0.5% house‑price drop in March and fewer products on offer.
- Outlooks diverge, with Fannie Mae projecting sub‑6% rates later in 2026 and the Mortgage Bankers Association lifting its forecast, as inventory improves unevenly and affordability remains tight.