Mortgage rates have moved up fast from their recent multi-year low point, and that matters if you are actively shopping for a home right now. Freddie Mac’s average 30-year fixed rate fell to 5.98% on February 26, which Reuters said was the first time below 6% in 3.5 years. By March 26, that same Freddie Mac average had climbed back to 6.38%. Rates are still slightly better than a year ago, when Freddie Mac’s average was 6.65%, but the recent move higher is real and meaningful for affordability.

One important detail a lot of people miss is that Freddie Mac’s PMMS number is not a live minute-by-minute quote. Freddie Mac says the survey is based on mortgage applications collected from the prior Thursday through Wednesday and published on Thursday. So when the market is moving quickly, that average can trail what lenders are seeing in real time by a day or two.

So what caused the spike? The biggest story has been turmoil in the bond market tied to the war involving Iran. Reuters reported that oil prices surged and the 10-year Treasury yield rose from 3.96% to 4.39% after the conflict began. Mortgage rates do not move directly off the Fed. They tend to follow bond yields and inflation expectations much more closely. Reuters also reported the MBA’s average 30-year contract rate rose to 6.43% for the week ended March 20, the highest since October, while mortgage applications fell 10.5%.

Stocks have been shaky too, which adds to the feeling that the market changed quickly. Reuters reported the Nasdaq officially entered correction territory, the Russell 2000 had already confirmed a correction, and the major indexes hit their lowest levels in more than six months. That kind of volatility tends to keep buyers, sellers, and agents on edge.

Here is the practical takeaway: if you got preapproved several weeks ago, or your clients did, rerun the numbers now. Do not let an old preapproval bite you in the butt if the right house pops up today. A rate move like this can change monthly payment, debt ratio, cash to close, and overall buying power faster than people expect.

Moving forward, shop with a payment cushion instead of stretching only to the top end of the approval range. If the home is the right fit, focus on strategy. Ask about seller credits, temporary buydowns, and whether it makes more sense to use lender credits versus paying points. In a market like this, smart structure matters just as much as rate.

If you need help reviewing numbers for yourself or a client, book a call and let’s build the payment strategy before the house shows up.