Every major mortgage type got more expensive last week. All six of them.

The 30-year fixed rate - the benchmark for most home purchases - now sits at 6.494%. That's up from 6.356% just seven days ago.

Rates Went Up Across the Board

It wasn't just conventional loans feeling the pressure. USDA-backed mortgages saw the biggest weekly jump - climbing 15 basis points to 6.182%. VA loans weren't far behind, rising 12 basis points to 6.121%.

Even FHA loans - the type built for borrowers with weaker credit - ticked up 7 basis points to 6.233%.

The only bright spot, if you can call it that: 15-year fixed rates barely moved. They're sitting at 5.775%, basically flat from a week ago.

Buyers Are Pulling Back

On a $300,000 loan at today's 30-year rate, a buyer would end up paying about $382,000 in total interest before the mortgage is paid off. That's more than the house itself.

Borrowers are doing the math - and many are walking away. Total mortgage applications fell 10.5% in a single week, according to the Mortgage Bankers Association. Refinance activity dropped even harder, falling 15%.

Oil prices are part of the problem. Higher energy costs have been keeping bond yields high, and mortgage rates tend to follow bond yields up.

What to Watch

The Fed didn't move its benchmark rate at the March meeting - it's still parked at 3.50% to 3.75%. The next meeting isn't until April 28-29, so oil prices and bond market swings will steer mortgage rates day to day until then.

Mortgage rates bottomed out at 2.65% in January 2021. That was a crisis-era move, and there's no sign anything like it is coming back.

For investors watching the housing market, the signal is clear: rates are trending the wrong direction, and buyers are already flinching.