RPT-Key US mortgage rate hits 9-month high, Freddie Mac says

The yield ​on the 10-year U.S. Treasury note, used ⁠as a benchmark for setting consumer mortgage costs, has risen from around ⁠4% ​in late February before the U.S. and Israel launched air strikes on Iran, to more ⁠than 4.60% now.

The ​interest rate on the most popular U.S. home loan shot to ‌its highest since August this week as yields on the government bonds most influential in setting residential borrowing ‌costs have climbed on concern about the inflation being ‌aggravated by the war with Iran.

Home financing giant Freddie Mac on Thursday said the rate on the 30-year fixed-rate ⁠mortgage ​climbed to ⁠an average of 6.51% as of Thursday from 6.36% last week. ⁠The 15-basis-point jump was the largest in eight weeks. The yield ​on the 10-year U.S. Treasury note, used ⁠as a benchmark for setting consumer mortgage costs, has risen from around ⁠4% ​in late February before the U.S. and Israel launched air strikes on Iran, to more ⁠than 4.60% now. That has pulled the 30-year mortgage rate ⁠from ⁠just below 6% before the conflict began - then the lowest since September 2022 - ‌to the ‌latest level above 6.50%. (Reporting By ​Dan Burns)