US Mortgage Rates Rise to 6.38%
Analysis based on 13 articles · First reported Mar 19, 2026 · Last updated Mar 27, 2026
The rising mortgage rates in the United States are increasing borrowing costs for homebuyers, leading to a slowdown in the housing market and reduced purchasing power. This situation is exacerbated by inflation concerns stemming from the war with Iran, which may delay interest rate cuts by the United States — Federal Reserve.
The average long-term U.S. mortgage rate has climbed to its highest level in over six months, reaching 6.38% for a 30-year fixed rate. This increase is driven by concerns about high inflation, fueled by skyrocketing oil prices due to the war with Iran, and the United States — Federal Reserve's decision to keep interest rates unchanged. The rising borrowing costs are impacting the United States housing market, leading to a slump in home sales and a significant drop in mortgage applications, as reported by United States — Freddie Mac and the Mortgage Bankers Association. Jerome Powell, Chair of the United States — Federal Reserve, has highlighted the uncertain economic outlook, suggesting a prolonged period of unchanged rates.
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