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Mortgage rates touched 6.87% amid Iran conflict escalation

HousingWire points to a mix of higher oil prices and rising yields, with mortgage rates needing inflation and jobs data to move unfavorably for a break above 7% this week.

Reported · Written up by our desk · Mortgages

Mortgage rates rose to 6.87% on Monday, moving to yearly highs after escalation in the Iran conflict lifted oil prices and pushed yields higher, according to HousingWire.

HousingWire said the outlook for whether rates can break above 7% hinges on three key variables, including whether inflation risks increase and whether jobs data stays firm, with unemployment already near 4.1%.

The outlet also flagged that “jobs week” could be decisive, citing a full slate of labor reports to watch, including Jobs Friday, and noting that upside labor surprises could keep upward pressure on yields.

HousingWire linked added uncertainty to trade war risks and said the Federal Reserve and bond market reaction to tariffs matters for mortgage spreads, even as the conflict duration is also viewed as a factor by markets.

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