US mortgage rates rose for a fourth straight week to 6.57%, the highest since
August, weighing on housing demand. Rates have jumped nearly 50 basis points in
four weeks, the biggest increase since 2024. Home purchase applications declined
for a second week, while refinancing plunged 17.3%. Higher rates—tracking
Treasury yields—reflect inflation concerns linked to the Iran war, erasing
earlier support from lower borrowing costs for the housing market.
