Mortgage rates

Market wonderment over inflation data and a possible halt to the Iran conflict resulted in what some trackers found to be a sideways week for mortgage rates.

All-cash home purchases hit a six-year March low of 28.9%, as a buyer-friendly market reduced the need to use cash to stand out, with sellers outnumbering buyers by a record-near margin, Redfin found.

The contract rate on a 30-year mortgage rose 9 basis points to 6.65% in the week ended May 22, according to Mortgage Bankers Association data released Wednesday.

Crude oil futures dropped sharply Sunday, triggering bullish Treasury gaps. The head of correspondent business development at AD Mortgage writes about what it means for yields.

With the 10-year Treasury yield at levels not seen in 52 weeks, the 30-year fixed rate mortgage rose 15 basis points over last Thursday, Freddie Mac said.

An index of home-purchase applications fell 4.1%, the most since the week ended March 20.

Economic uncertainty and higher rates in April contributed to the first decline in applications for new homes on an annual basis since October.

Inflation and a possible Fed move impacting rates are concerns that product innovation and housing policy can help with, leaders said at an industry meeting.

Secondary market experts are split on whether the Fed's next move will be a rate decrease in 2027 or an increase, as more observers are now thinking.

The government-sponsored enterprise sees current rate levels likely to stick for longer compared to past forecasts, with the Iran War looming in the background.

While Freddie Mac's weekly data found the 30-year average inching lower, 10-year Treasurys swung in the other direction after this week's economic release.

The MBA's Market Composite Index found mortgage applications rose 1.7% on a seasonally-adjusted basis from one week prior for the period ending May 8.

Rate-and-term refinances dropped sharply in the short run but the overall number's comparison to a year ago is a different story, according to Optimal Blue.

Prices rose 0.32% last month on a seasonally adjusted basis, equal to a 3.9% annualized rate, according to ICE Mortgage Technology's mortgage monitor report.

The 30-year fixed spiked earlier in the week, but fell as Middle East news helped to drive the 10-year Treasury yield lower by 9 basis points by Wednesday.

Freddie Mac was more aggressive than its counterpart for much of the past year but March activity establishes that there's a different trend at play in 2026.

The Treasury anticipates keeping nominal note and bond sale sizes unchanged "for at least the next several quarters," the department said in a quarterly statement on debt policy Wednesday.

The promotion offers rate cuts as much as 25 basis points on new-home purchases as well as rate-and-term and cash-out refinance loans from May 4 through May 17.

The benchmark 10-year Treasury yield topped 4.4% on April 29 — its highest level since late March — as investor anxiety mounted.

Check out the next set of names in the 28th edition of National Mortgage News' Top Producers survey, including on how they approach purchase business.