Average 30-Year Mortgage Rate Climbs to 6.83%, Highest Since February

The average 30-year fixed-rate mortgage in the U.S. rose to 6.83% as of April 17, up from 6.62% the previous week, marking its highest level in eight weeks, but it has stayed below the key 7% threshold for 13 consecutive weeks. The 15-year fixed-rate mortgage also increased to 6.03%. Despite the recent rise, mortgage rates remain lower than one year ago, when the 30-year rate averaged 7.1%. Home purchase application demand is 13% higher than last year, suggesting a stronger spring homebuying season. The increase in rates is influenced by factors such as persistent inflation concerns, volatility in bond and equity markets, and shifting expectations around Federal Reserve policy. The spike in the 10-year Treasury yield, in particular, has contributed to the upward movement in mortgage rates.