Mortgage rates climb to 6.11% as Iran war roils markets | CNN Business
US mortgage rates climbed this week as investors fret the economic impact of President Donald Trumpâs war on Iran, undoing some of the welcomed progress in housing affordability. The average rate of a standard, 30-year fixed mortgage was 6.11% in the week ending March 12, according to a survey of lenders by Freddie Mac released Thursday. That was biggest weekly increase since April, when Trumpâs âLiberation Dayâ tariffs caused bond yields to spike. Just two weeks ago, the average rate slipped below 6% for the first time since 2022, crossing a key psychological threshold that generally makes people feel more confident about buying a home. The yield on the 10-year US Treasury note, which mortgage rates follow, has risen sharply since Trump and Israel launched attacks on Iran earlier this month, sending global energy prices skyrocketing and making it difficult for the Federal Reserve to deliver rate cuts anytime soon. On Thursday, the 10-year yield rose to 4.25%, its highest level since early February. Trump on Thursday afternoon called on Fed Chair Jerome Powell to lower interest rates, a frequent demand from the president: âWhere is the Federal Reserve Chairman, Jerome â
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