Mortgage interest rates jumped according to Bankrate data. Rates for 30-year fixed, 5/1 ARMs and jumbo loans rose.

The Federal Open Market Committee (FOMC) voted to hold its overnight rate at the latest meeting on March 17 and 18. With the war in Iran and the rising price of oil, inflation is rearing its ugly head again. As inflation rises, the chances of another Fed rate cut coming soon grow more unlikely.

The Fed has an impact on mortgage rates, but it’s not as direct as the yield on the 10-year Treasury Bond. This yield has risen recently due to rising oil prices and concerns over U.S. stability. Between that yield and the rate charged, there’s what’s called a “spread” of typically around an additional 2%. This spread changes as lenders assess risk.

 

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