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US fixed 30-year mortgage rate jumps to six-month high as Iran war drags on

BY Reuters | ECONOMIC | 03/26/26 12:13 PM EDT

WASHINGTON, March 26 (Reuters) - The average rate on the popular U.S. 30-year fixed-rate mortgage has jumped to a six-month high as rising oil prices from the dragging Middle East war fanned inflation worries, which could weigh on home sales during the typically busy spring season.

The 30-year fixed mortgage rate averaged 6.38%, its highest since early September and up from 6.22% last week, mortgage finance agency Freddie Mac said on Thursday. The rate has now increased for four straight weeks, undercutting efforts by the Trump administration to make housing more affordable.

It dropped to 5.98% on the eve of the Iran war after U.S. President Donald Trump ordered Freddie Mac and Fannie Mae to expand purchases of mortgage-backed securities. Oil prices have increased more than 30% since the conflict started at the end of February, boosting U.S. Treasury yields.

Mortgage rates track the benchmark 10-year Treasury yield. Housing affordability has become ?an increasingly potent political issue ahead of the November midterm elections. (Reporting by Lucia Mutikani; Editing by Alexander Smith)

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In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.

Lower-quality debt securities generally offer higher yields, but also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Any fixed income security sold or redeemed prior to maturity may be subject to loss.

Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.

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