The U.S. mortgage rates climbed this week to their highest level in nine months as turbulence in the bond market and fears of inflation linked to the Iran conflict pushed borrowing costs higher, according to CNN and Freddie Mac.
The average 30-year fixed mortgage rate rose to 6.51%, the highest level since August last year. Mortgage rates typically follow movements in the 10-year Treasury yield, which surged as investors reacted to rising oil prices and concerns about persistent inflation.
Mortgage rates climb to highest level in nine months, threatening to make buying a home even more expensive. https://t.co/tqEU5guKo7 pic.twitter.com/J3sZOooFHr
— CNN (@CNN) May 21, 2026
The report said consumer prices increased 3.8% in April, while wage growth failed to outpace inflation for the first time in three years. Analysts warned the uncertainty is beginning to weaken the housing market during the traditionally busy spring season.
According to the National Association of Realtors, existing home sales rose just 0.2% between March and April following a previous monthly decline.
Economists told CNN that high mortgage rates and broader economic uncertainty are discouraging many Americans from making major homebuying decisions.
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