US fixed 30-year mortgage rate jumps to six-month high as Iran war drags on

Core Viewpoint - The average rate on the U.S. 30-year fixed-rate mortgage has reached a six-month high, driven by rising oil prices due to the ongoing Middle East conflict, raising concerns about inflation and potentially impacting home sales during the spring season [1]. Group 1: Mortgage Rate Trends - The 30-year fixed mortgage rate averaged 6.38%, the highest since early September, and increased from 6.22% the previous week, marking four consecutive weeks of rising rates [2]. - The rate had dropped to 5.98% prior to the Iran war, influenced by actions from the Trump administration to expand purchases of mortgage-backed securities [3]. Group 2: Economic Influences - Oil prices have surged over 30% since the conflict began at the end of February, contributing to higher U.S. Treasury yields, which in turn affect mortgage rates [3]. - The rising mortgage rates are complicating efforts to make housing more affordable, a significant political issue as the November midterm elections approach [3].