Mortgage Rates Inch Higher as Iran War Escalates

Mortgage rates edged higher this week as renewed fighting between the United States and Iran brought inflation concerns back into focus. According to Freddie Mac’s latest mortgage-rate survey, the average 30-year fixed mortgage rose from 6.49% to 6.55%, while the 15-year fixed increased from 5.82% to 5.93%.

The latest escalation has added more uncertainty. Following the collapse of an interim ceasefire, additional U.S. strikes and Iranian missile and drone attacks were reported across the region. Oil prices climbed more than 4% Friday to their highest level in over a month, according to Reuters’ latest conflict update.