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Mortgage Rates Jump to 6.5%, Then Trim to 6.45%

5/1/2026

43 7 Full Breakdown

Summary

Story summary

On April 29, U.S. mortgage rates for 30-year fixed loans rose to 6.50%, the highest level since March 30, after reports of a possible Strait of Hormuz blockade.
A White House official reiterated the blockade threat, prompting oil prices, 10-year Treasury yields, and a Fed statement noting voters warned against implying cuts to lift rates.
On April 30, after bond yields and oil prices fell early, many lenders trimmed rates to about 6.45%.

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Story summary

On April 29, U.S. mortgage rates for 30-year fixed loans rose to 6.50%, the highest level since March 30, after reports of a possible Strait of Hormuz blockade.
A White House official reiterated the blockade threat, prompting oil prices, 10-year Treasury yields, and a Fed statement noting voters warned against implying cuts to lift rates.
On April 30, after bond yields and oil prices fell early, many lenders trimmed rates to about 6.45%.