US Mortgage Rates Hit Six-Month High As Iran War Stokes Inflation Fears

The average 30-year fixed-rate mortgage climbed to a six-month high this week, adding fresh pressure to an already strained housing market as the ongoing conflict in the Middle East pushes oil prices higher and reignites inflation concerns.
Freddie Mac (OTC:FMCC) reported Thursday that its Primary Mortgage Market Survey showed the 30-year fixed-rate mortgage averaged 6.38%, up from 6.22% the prior week and the highest reading since early September. Rates have now risen for four consecutive weeks.
The jump is tied directly to energy prices. Oil has surged more than 30% since the Iran conflict began in late February, lifting U.S. Treasury yields. Since mortgage rates track the 10-year Treasury, borrowing costs have followed.
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