The national average 30-year fixed mortgage rate has risen for the fourth consecutive week, bringing it to 6.38%, resulting in a 0.4% total increase in March. The average 15-year fix mortgage rate is also up for the third consecutive week at 5.75%. This increase has led to fewer mortgage applications, with week-over-week applications decreasing by 10.5%. Mortgage refinance applications dropping by 15%. The Middle East conflict, which increases oil prices and inflation, also plays a role in the Federal Reserve's decision to cut the federal funds rate. However, Wall Street now anticipates a potential increase in the rate. The CME FedWatch tool currently predicts that the Fed will remain unchanged at every Fed meeting this year.