US Mortgage Rates Stay Stuck in the High-6% Range

US mortgage rates remain stubbornly elevated, hovering in the high-6% range for the average 30-year fixed loan, with rates edging marginally higher again this week. The persistence reflects renewed weakness in the bond market, where yields on Treasuries that guide mortgage pricing have drifted up amid the resurgence of the Middle East conflict and its impact on energy prices and inflation expectations. A brief window of relief earlier in the summer, when hopes grew that the war might be winding down, has largely faded, leaving borrowers with little improvement in affordability. With the Federal Reserve holding its benchmark rate steady and signaling that its next move could be an increase rather than a cut, forecasters see limited scope for a meaningful decline in home-loan rates in the near term. Elevated financing costs continue to weigh on affordability, keeping many would-be buyers on the sidelines and dampening both purchase demand and refinancing activity. For homeowners and prospective buyers alike, the message is that the era of sharply cheaper mortgages remains on hold while inflation risks persist.