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Mortgage rates pull back after oil price recovery, still near highs

The 30-year fixed rate index fell 0.04% to 6.81% after reaching 6.85%, but it remains the highest level in more than a year.

Reported · Written up by our desk · Mortgages

Mortgage News Daily reported that mortgage rates eased modestly after a sharp prior move, with its index for the 30-year fixed rate dropping to 6.81%. The index had climbed to 6.85% during the prior session, the highest 30-year fixed rate in over a year.

The outlet said mortgage rate momentum has been closely tied to oil and gas price momentum, and the latest decline followed oil prices recovering from recent highs. It noted that while the move is a step down, 6.81% still sits at the highest level in more than a year apart from the day’s spike.

Mortgage News Daily also flagged that oil price volatility is likely to stay a key factor until the war ends and, importantly, until volatility cools with prices trending significantly lower.

Looking ahead, the outlet pointed to next week’s Fed announcement as a potential catalyst for the rate market, saying the Fed is not likely to hike rates but that confirmation could still matter to how markets price future moves.

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