Treasury yields and oil prices lock mortgage rates above 6%

The average 30-year fixed mortgage rate rose one basis point to 6.16%. This movement follows a rise in the 10-year Treasury yield to 4.33%. The Federal Reserve maintained the federal funds rate between 3.50% and 3.75% during its March meeting. This caution stems from inflation, which rose 3.3% in March compared to the previous year. Underlying this inflation are higher costs for shipping and fuel driven by Middle East conflict, which pushed oil prices above $100 per barrel.