economy
March 13, 2026
Mortgage rates surge to highest since September, hitting spring housing market
Mortgage rates jumped to a seven-month high Friday as war in Iran pushed bond yields higher.
TL;DR
- Average 30-year fixed mortgage rate reached 6.41% on Friday, the highest since September.
- Rising bond yields, influenced by the war in Iran, are pushing mortgage rates higher.
- The recent surge in rates erases savings from a brief dip to 5.99% two weeks prior.
- A $400,000 home purchase now has a monthly payment approximately $115 higher than two weeks ago.
- The increase in mortgage rates poses a potential threat to the spring housing market.
- Homebuilder Lennar reported disappointing earnings, with their CEO citing high mortgage rates and geopolitical uncertainty as market headwinds.
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