Mortgage Rates Jump Back Above 6% As Iran Strikes Stoke Fresh Inflation Fears

Mortgage rates rose Monday after US-Israeli strikes on Iran pushed oil prices higher and reignited inflation concerns. The average 30-year mortgage rate climbed 13 basis points to 6.12% as investors moved away from Treasury bonds and yields increased. Rising oil prices and fears of inflation drove the shift, with the 10-year Treasury yield jumping to about 4.05%. While geopolitical conflicts often cause an initial spike in rates and volatility, mortgage rates have historically moved lower over time once markets stabilize.