US fixed 30-year mortgage rate hits three-month high amid Iran war

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March 19, 2026 12:34 PM EDT

FILE PHOTO: A drone view shows a construction worker performing tasks on a multi-home residential project by Shea Homes in Encinitas, California, U.S. July 21, 2025. REUTERS/Mike Blake/File Photo

WASHINGTON, March ‌19 (Reuters) - The ​average ​rate on the popular U.S. 30-year fixed-rate mortgage surged to ‌a three-month high this week as ⁠war in the Middle East stoked inflation ‌fears, dealing a ‌blow to the Trump administration's efforts to make housing more affordable.

The 30-year ​fixed mortgage rate averaged 6.22%, highest since early December, up from ⁠6.11% last week, mortgage finance agency Freddie Mac ​said on Thursday. Rising mortgage rates, if sustained, could hamper home ​sales during the typically ‌busy spring season.

The benchmark rate fell to 5.98% on ⁠the eve of the U.S.-Israeli war with Iran after President Donald Trump ordered ⁠Freddie Mac and Fannie Mae to expand purchases ​of mortgage-backed securities.

It reversed course as the conflict drove up oil prices and U.S. ‌Treasury yields. Mortgage rates track the benchmark 10-year Treasury yield. ‌Housing affordability has become an ⁠increasingly potent political ‌issue ahead of ​the November midterm elections.

(Reporting by Lucia Mutikani; editing by David ‌Gaffen)


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