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Story summary
- The average U.S. 30-year fixed mortgage rate rose to 6.22%, the highest in three months, due to inflation fears tied to the ongoing war in Iran.
- The rate rise from 6.11% last week could slow spring sales.
- Mortgage applications fell 11% last week as buyers hesitated.
- The 10-year Treasury yield rose to 4.26% from 3.96%.
- The Federal Reserve has held rates steady but faces rising inflation expectations.
