Mortgage rates inched up this week, with the average 30-year fixed-rate loan reaching 6.11%, still lower than last years 6.65%. The 15-year fixed-rate average also rose to 5.5%. Despite the increase, homebuying activity remains strong as spring approaches. Rates have dropped significantly from last year, attracting more buyers. Factors influencing rates include the ten-year Treasury yield and geopolitical tensions, particularly the conflict in Iran, which are driving inflation concerns. Domestic economic signals like unemployment and inflation rates are not yet impacting rates.
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