ORLANDO, Fla. — If you’re thinking about buying a home, borrowing money is getting more expensive.
The average rate for a 30-year fixed mortgage has climbed above 6.7%, according to Freddie Mac, marking the highest mortgage rate seen so far this year.
The increase comes as investors sell off bonds in global markets, pushing yields higher.
Mortgage rates typically move in the same general direction as the 10-year Treasury yield.
One of the factors weighing on investors is concern over rising energy prices tied to the war in Iran.
Higher energy costs can fuel inflation fears, which can put additional pressure on interest rates.
For prospective homebuyers, the jump means higher monthly payments and increased borrowing costs.
The latest move is another setback for buyers who had been hoping for lower mortgage rates to make homeownership more affordable.
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