US mortgage rates climbed to a nine-month high last week, adding fresh pressure on housing affordability as geopolitical tensions in the Middle East kept oil prices elevated and fueled concerns over persistent inflation, according to a report by Reuters. The average rate on a 30-year fixed mortgage rose to 6.65% in the week ended May 22, according to data released by the Mortgage Bankers Association (MBA).
The increase marks the highest mortgage rate level since August 2025, before the Federal Reserve began cutting interest rates in response to signs of weakness in the labor market. Those earlier rate reductions had briefly helped mortgage rates drift closer to the 6% mark. However, renewed inflationary pressures and rising Treasury yields have since reversed that trend.
