Mortgage Rates Reach 9-Month High Amid Bond Market Turmoil

Mortgage rates climbed to about 6.51% for a 30-year fixed—the highest in nine months—driven by bond-market turmoil linked to Middle East tensions and higher oil prices, with inflation worries and lagging wages clouding the housing outlook. A $450,000 loan would cost roughly $2,278 per month, up from about $2,154, illustrating higher borrowing costs. Mortgage applications fell in April while home prices stayed near record highs, signaling a tepid spring market as buyers face higher costs and greater uncertainty.