US 30-Year Mortgage Rate Falls to 6.48% as Iran War Keeps Yields Elevated

3 articles · Updated · The Associated Press · Jun 4

Freddie Mac’s average 30-year fixed mortgage rate slipped to 6.48% this week from 6.53%, easing from last week’s nine-month high but staying well above the sub-6% level seen in late February.
Oil-driven inflation fears tied to the Iran war have kept borrowing costs high: the 10-year Treasury yield stood at 4.47% Thursday, up from 3.97% before the conflict began.
Housing demand is still strained. Mortgage applications fell 2.5% last week for a third straight decline, while existing-home sales were essentially flat in April after year-over-year drops in the prior three months.
Refinancers got some relief too, with the 15-year fixed rate dropping to 5.79% from 5.87%, though many owners are still waiting for lower rates.
Buyers who remain active are seeing friendlier conditions, including more homes on the market and a 2.4% annual drop in median listing prices last month—the steepest decline in Realtor.com data since 2017.