01.04.202611:09:47UTC+00US Mortgage Rates Highest Since August: MBA

The average US 30-year fixed mortgage rate for conforming loans of $806,500 or less rose for a fourth straight week, reaching 6.57% in the week ending March 27, 2026, up from 6.43% the prior week and marking its highest level since the final week of August. Mortgage rates moved higher alongside Treasury yields, which climbed amid escalating geopolitical tensions stemming from the ongoing war with Iran. That conflict has pushed oil prices to their highest levels since 2022, driving up energy costs and fueling inflation expectations, thereby strengthening the case for elevated borrowing costs.

In response to the rate spike, overall mortgage applications sank 10.4%, following a 10.5% decline the week before. Refinance applications, which are particularly sensitive to weekly interest rate changes, plunged 17.3%, while applications to purchase a home fell 2.5%. “The shocks of the jump in rates and the increase in overall economic uncertainty are likely having an impact on buyer confidence,” said Mike Fratantoni, the Mortgage Bankers Association’s chief economist.