US Mortgage Rates Climb to 6.19% in Biggest Gain Since September

US mortgage rates increased last week by the most since September, a setback for a housing market that had been enjoying easing financing costs this year.

The contract rate on a 30-year mortgage rose 10 basis points to 6.19% in the week ended March 6, according to Mortgage Bankers Association data released Wednesday. That followed back-to-back weeks of the lowest rates since 2022.

The increase in borrowing costs coincides with a sharp rise in the 10-year US Treasury yield, which is correlated with mortgage rates, as war with Iran disrupted oil flows and sparked concerns about inflation.

Weeks of ...