Mortgage rates ticked down Thursday after five consecutive weeks of gains as a tentative two-week ceasefire between the U.S. and Iran went into effect, driving down oil prices and offering markets a welcome reprieve.
The average rate on 30-year fixed home loans fell to 6.37% for the week ending April 9, down 9 basis points from 6.46% the week before, which marked a seven-month high, according to Freddie Mac. For perspective, rates averaged 6.62% during the same period in 2025.
"Mortgage rates ticked down this week, averaging 6.37%," said Sam Khater, Freddie Mac's chief economist. "The decrease in rates represents a positive development for prospective homebuyers and could spark a more favorable spring homebuying season than last year."
President Donald Trump announced Tuesday a ceasefire deal, just hours after setting an 8 p.m. deadline for Iran to reopen the Strait of Hormuz—the strategically important waterway through which 20% of the world’s crude oil passes—and threatening that "an entire civilization will die tonight" if Teheran refused to comply.
On Wednesday, Iran claimed shipping through the strait was halted in retaliation for Israel’s large-scale attack on Lebanon. It comes as peace talks are scheduled to begin in Pakistan this weekend.
Realtor.com® economist Jiayi Xu says that while the fragile truce in the conflict has resulted in the 10-year Treasury yield, which underlies mortgage rates, starting to ease, she warns that any relief may prove short-lived.
"Until a more permanent resolution emerges, the fog of uncertainty is unlikely to fully lift from the housing market," she says.
Mortgage rates are one of the most powerful forces shaping whether the 2026 spring buying season thrives or stalls.
While buyers celebrated rates dipping below 6% earlier this year—a milestone not seen in years—that window of opportunity proved frustratingly brief, as geopolitical tensions in the Middle East quickly reversed the progress as the war roiled financial markets.
"What took almost six months of gradual decline to bring rates from 6.5% down below 6% was unwound in just five weeks—a stark reminder of just how fragile affordability gains are when mortgage rate volatility enters the picture," says Xu.
For buyers who had finally seen a reason to act, this disruption could not have come at a worse time.
"Mortgage rates don't just affect monthly payments," stresses Xu. "They shape buyer confidence, seller motivation, and the entire rhythm of the market, making every uptick a potential reason for hesitation during the season that matters most."
The Realtor.com economist says that if the U.S.-Iran conflict moves toward resolution, rates could resume their downward path as oil prices stabilize and inflation pressures ease—but that timeline remains uncertain.
