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Mortgage Rates Hit Highest Level Since March on Inflation Data

The average 30-year fixed mortgage rate climbed to 6.57% Wednesday, reaching its highest point since March. Rates at that time had reversed course due to the start of the war. The increase of 15 basis points from the prior Friday followed a stronger-than-expected Producer Price Index reading that pushed bond yields higher. Rates remain roughly 40 basis points above February levels, though they sit below the 7% mark from a year ago. The uptick comes as spring real estate activity finally gains momentum after stalling in March. Home showings increased 8% year-over-year in April across all four U.S. regions, according to lockbox data. Cooling home prices are driving renewed buyer interest, though inventory remains constrained at 11-12% below historical norms. The rate environment has reduced purchasing power approximately 4% compared to February levels.