Mortgage rates hit highest level since September: Freddie Mac

Mortgage rates reached their highest level since September, with the 30-year fixed-rate mortgage climbing to 6.38 percent and the 15-year fixed-rate mortgage rising to 5.75 percent, according to Freddie Mac data released Thursday. The steady increase over the past month reflects broader market concerns tied to geopolitical tensions in the Middle East, particularly ongoing conflict in Iran, which typically drive investors toward safer assets and push up borrowing costs. Higher mortgage rates directly reduce purchasing power for homebuyers and make refinancing existing loans more expensive, potentially cooling an already-strained housing market. The escalation in rates compounds affordability challenges that have persisted since rates climbed from historic lows in 2021-2022, pricing out many potential buyers.