The average long-term U.S. mortgage rate edged lower after rising during the previous two weeks. Freddie Mac said the benchmark 30-year fixed mortgage rate fell to 6.36% from 6.37% last week.
A year earlier, the 30-year rate averaged 6.81%. Borrowing costs also eased for 15-year fixed-rate mortgages, which are popular among homeowners refinancing existing loans.
The average 15-year rate slipped to 5.71% from 5.72% last week. One year ago, it stood at 5.92%, according to Freddie Mac.
Mortgage rates move with several forces, including Federal Reserve rate policy, bond market expectations, inflation views, and the broader economy. The average 30-year mortgage rate briefly slipped below 6% for the first time since late 2022.
It has not moved below that level since. Rates have mostly trended higher since the war with Iran began.
The closure of the Strait of Hormuz has disrupted energy markets and pushed crude oil prices higher. Oil remains a major inflation driver, and higher inflation expectations have lifted the yield on the U.S. 10-year Treasury note.
Lenders use the 10-year Treasury yield as a benchmark for pricing home loans. The yield was 4.44% in midday bond trading, compared with 3.97% in late February before the war began.
Long-term mortgage rates remain lower than they were at this time last year. Their recent increase has still weighed on the spring homebuying season.
Joel Berner, senior economist at Realtor.com, said higher rates are part of the reason home sales have stayed stagnant in 2026. He said activity has posted only marginal gains from the 30-year low reached in the 2025 housing market.
Sales of previously occupied U.S. homes were almost flat last month.
They had declined year-on-year during the first three months of 2026, extending a housing slump that began in 2022 as mortgage rates climbed from pandemic-era lows.
Weak sales continue, but some buyers appear to be adjusting to current borrowing costs. Mortgage applications rose 1.7% last week from the prior week, even as mortgage rates moved higher, according to the Mortgage Bankers Association.
Applications for purchase loans and refinancing are both higher than a year ago. Buyers still active in the market may find better conditions in some areas, with more homes listed than last year.
Home listing prices have also started falling in many metro areas. The declines are more visible in parts of the South and Midwest, where inventory has improved faster.
