Summary
With the Middle East war persisting and energy markets facing disruption, the average U.S. 30-year fixed mortgage rate has jumped to a six-month high. Mortgage finance agency Freddie Mac reported that the rate averaged 6.38% in the last week of March, up from 6.22% the previous week and the highest since early September?250644659411005†L195-L203?. The rate has risen for four consecutive weeks. Rising oil prices, which have climbed more than 30% since the conflict began, have pushed U.S. Treasury yields higher?250644659411005†L210-L213?, and mortgage rates typically track the benchmark 10-year Treasury yield?250644659411005†L215-L216?. That combination of energy-driven inflation and higher borrowing costs threatens to slow home sales during the important spring selling season?250644659411005†L195-L198?. Home buyers considering a purchase should budget carefully and compare fixed-rate and adjustable-rate mortgages. Locking in a rate now could help protect against future increases, but waiting may be prudent if geopolitical tensions ease and energy costs retreat. Borrowers should also focus on improving credit scores and minimizing debt to qualify for better loan terms. Housing affordability is becoming a central issue, and staying informed about market and policy changes will help consumers make wiser decisions.
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