US mortgage interest rates, which had been on the downswing since a near-term peak in October 2023, have climbed to a 7-month high. Global economic worries, persistent inflation, and other factors have helped push the 30-year fixed rate mortgage average up from a multi-year low. Mortgage rates were just under 6% at the outset of March and are now close to 6.4%. Rising mortgage rates can slow down housing activity, which could have a magnified economic effect during the peak spring housing season.
Source: FRED, as of April 1, 2026.