- U.S. mortgage rates hit 6.58%, the highest in nearly a year, per Freddie Mac data.
- Geopolitical tensions, particularly the conflict in Iran, have pushed crude oil above $100, fueling inflation fears.
- The 10-year Treasury yield has risen as long-term bond yields climb amid Iran tensions.
- Inflation cooled to 3.5% in the latest CPI report, though concerns persist.
- Mortgage applications for home purchases rose 6% last week despite elevated rates, MBA data shows.
Mortgage rates in the United States have surged to 6.58% this week, the highest level in nearly a year, as rising geopolitical tensions and inflation pressures continue to impact markets. According to Freddie Mac, the average 30-year fixed-rate mortgage rose from 6.55% a week earlier, with fifteen-year rates jumping to 5.96% from 5.93%.
The 10-year Treasury yield, which mortgage rates closely track, has risen in recent days amid escalating tensions between the U.S. and Iran. The worsening conflict in Iran has driven crude oil prices sharply higher, stoking expectations of hotter inflation.
On Thursday, oil prices crossed $100 per barrel for the first time since May, sparking new concerns that inflation may soon accelerate. However, the battle against inflation recently received a promising update, as the latest Consumer Price Index (CPI) report showed U.S. inflation fell to 3.5%, lower than most expectations.
Despite mortgage rates sitting at their highest level since last August, some homebuyers are moving forward. Mortgage applications for home purchases increased 6% through Friday from a week earlier, according to the Mortgage Bankers Association.
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