The average 30-year fixed rate mortgage was 6.5% yesterday, an increase of 0.02% since the day before. The 15-year fixed mortgage rate stood at 5.69%, up by 0.02%. The 30-year FHA mortgage averaged 5.84% yesterday, having risen by 0.03. Meanwhile, the 30-year jumbo mortgage rate was 6.86%, reflecting an increase of 0.04%.
The bigger picture
Our hearts sank as we tracked markets in Asia and Europe early on Monday. If Wall Street followed those, it would likely be another bad day for mortgage rates.
However, the president released a statement soon after midnight that morning, saying the U.S. and Iran had conducted fruitful negotiations over the weekend that allowed him to postpone threatened attacks, due to begin on Monday, on Iranian power stations for five days. The talks, he said, were continuing.
Markets seized on the hope that statement provided and swiftly reversed direction. ICanBuy recorded only a small rise in mortgage rates yesterday, and Mortgage News Daily reckoned they fell modestly.
Both good and bad news have had limited lifespans since the war started. So, we'll repeat what we wrote yesterday:
"Markets hate uncertainty. They rise or fall, often sharply, with each new war announcement or even passing comment. So, expect a volatile week for mortgage rates. Recently, they have often tracked oil prices, so keep an eye on those, too."
Scroll on down for information about today's economic reports, including their possible impact on mortgage rates.
Mortgage Rate Trends: Past 90 Days
Purchase Rates
| Loan Type | Rate | APR | Daily Change | Monthly Change |
|---|---|---|---|---|
| 30-Year Fixed | 6.5% | 6.53% | +0.02% | +0.48% |
| 15-Year Fixed | 5.69% | 5.74% | +0.02% | +0.39% |
| 30-Year Fixed FHA | 5.84% | 7.04% | +0.03% | +0.33% |
| 30-Year Fixed VA | 5.96% | 6.11% | +0.02% | +0.34% |
| 30-Year Fixed USDA | 5.85% | 6% | +0.08% | +0.26% |
| 30-Year Fixed Jumbo | 6.86% | 6.87% | +0.04% | +0.37% |
| 5/6 Year ARM | 6.05% | 6.09% | +0.03% | +0.13% |
Refinance Rates
| Loan Type | Rate | APR | Daily Change | Monthly Change |
|---|---|---|---|---|
| 30-Year Fixed | 6.56% | 6.58% | +0.03% | +0.5% |
| 15-Year Fixed | 5.65% | 5.69% | +0.03% | +0.39% |
| 30-Year Fixed FHA | 5.82% | 7.02% | +0.04% | +0.35% |
| 30-Year Fixed VA | 5.96% | 6.1% | +0.02% | +0.31% |
| 5/6 Year ARM | 6.1% | 6.14% | +0.01% | +0.18% |
What's coming up?
Although economic reports are usually the main drivers of changes to mortgage rates, they're not the only ones. The general mood in markets and economically consequential news can also affect those rates. News items concerning the war, employment, inflation, tariffs, and deficit funding are especially influential at the moment.
Comerica Bank's preview of the week ahead
In an e-newsletter on Monday, Comerica Bank's economics team provided its regular preview for this week:
"Surveys out this week will provide an early read on the reaction from businesses and consumers to the war with Iran. For businesses, the preliminary releases of S&P Global’s purchasing managers indexes (PMIs) are the first major data on sentiment since the outbreak of hostilities. They will likely report faster increases in input costs as prices for diesel, jet fuel, fertilizer, and other petroleum products spike. Business order books will receive more attention than usual.
"For consumers, the final release of the University of Michigan’s consumer sentiment indicator will give a clearer read on reactions to rising gas prices and tumultuous headlines. The indicator likely closed the month lower than in its preliminary release as expectations for personal finances weakened, and as inflation expectations rose. Consumers’ views of their current financial situation may have held up better, since income tax refunds are up 12% on the year so far this tax season."
Comerica's predictions of reports' data often vary from market expectations because the latter are drawn from a wider pool of economists' forecasts.
Mortgage rates today
There are three economic reports on today's MarketWatch economic calendar. Whether they have any impact may partly depend on whether they are drowned out by war news.
The three reports include two preliminary purchasing managers' indices (PMIs), which can be useful because they measure activity in organizations' procurement departments, and so can predict future economic activity. However, there are no market expectations published for today's PMIs, which are from S&P Global and cover March.
The other is a scheduled revision of productivity in the fourth quarter of 2025. Markets expect growth to be 1.8% that quarter, slower than the previous estimate of 2.8%.
Mortgage rates typically rise when important reports deliver better-than-expected economic news, and fall when that news is worse than expected. Outcomes close to expectations tend not to affect mortgage rates.
