- Mortgage rates hit a six-week high at 6.57% on Thursday, according to Mortgage News Daily.
- Freddie Mac still reported a small drop to 6.36%, down from 6.37% from the previous week.
- Zions Bank's Jeremy Holmgren advises exploring rate buydowns and consulting bankers for guidance.
SALT LAKE CITY — Mortgage rates just hit a six-week high, according to a daily tracker.
The rate for a 30-year, fixed-rate mortgage in the U.S. reached 6.57% as of midday Thursday, a 0.01% increase over the previous day's daily index, Mortgage News Daily reported. The hike came after rates "rose somewhat sharply" Wednesday, the site noted.
The economic impacts of the war in Iran, launched in late February by the U.S. and Israel, drove up mortgage rates that had just dropped below 6% for the first time since 2022. By March 27, the site showed the rate had surged to 6.64% rate, the highest seen since August 2025.
But by mid-April, a posting on the site pointed out rates had dropped more than 0.30 percentage points amid improved peace prospects. Last week, the rate "either held steady or moved lower on 5 out of 5 days," the site noted.
Now, the rate is heading up again as new reports show inflation surging. Prices on consumer goods and services jumped 3.8% in April, the Department of Labor reported this week, the highest rate since May 2023. Wholesale prices are also rising fast.
The weekly average rate for a 30-year, fixed-rate mortgage in the United States did drop slightly for the week that ended Thursday, to 6.36% from 6.37% the prior week, according to the Federal Home Loan Mortgage Corporation, better known as Freddie Mac.
"While purchase demand is softening, it remains above this time last year. Recent data also shows existing-home sales modestly edging up," the Freddie Mac site posted about the change, adding that a year ago, the average rate was at 6.81%.
Jeremy Holmgren, Zions Bank Mortgage senior vice president, offered some advice for would-be homebuyers.
"It's important to maintain perspective in today's interest rate environment," Holmgren told the Deseret News. "While rates have moved higher in recent months, they remain below where they were at this time last year."
He also pointed out that for qualified buyers, there are both temporary and permanent rate buydown options available that will lower the mortgage rate.
"In many cases, sellers are willing to contribute toward these costs as an incentive, creating opportunities for buyers to secure a more favorable rate," Holmgren said. He said bankers can be a big help.
"So, if you're in the market to buy a home, it's important to have a banker in your corner," Holmgren said, "who can help guide you in the current interest environment and the buying process."
