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Mortgage rates rise toward 10-month highs as Iran tensions flare
The average top-tier 30-year fixed rate increased to 6.68%, near the 10-month high of 6.75% set on May 19.
Mortgage News Daily reports that US mortgage rates moved higher over the past two days, with the latest uptick linked to renewed tensions between the United States and Iran and President Trump declaring the ceasefire is over.
The outlet says the bond market drove much of the move on the prior day, while today’s mortgage rate change reflected lenders needing to catch up to intraday bond movements because many set mortgage pricing once per day and adjust only when bonds move enough.
Mortgage News Daily adds that the average top-tier 30-year fixed rate returned to 6.68%, matching the second highest level in more than 10 months, with May 19’s 6.75% remaining the official 10-month high.
The outlet notes that while there may be some sign the underlying market is reaching a supportive ceiling, the direction will depend on how much the conflict re-escalates.