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Mortgage rates rise to new long-term highs as oil-driven yields climb

The average top-tier 30-year fixed rate reached 6.89%, the highest level since June 2025, even as today’s increase was modest versus recent moves.

Reported · Written up by our desk · Mortgages

Mortgage rates moved higher again, with an average top-tier 30-year fixed rate rising to 6.89%, the highest level since June 2025, according to Mortgage News Daily.

The outlet links the move to fighting intensifying between the U.S. and Iran, which pushed oil prices higher and was followed by bond yields.

Mortgage News Daily notes that the pattern during the Iran war has typically been oil higher, inflation expectations rising, and yields or rates moving up as a result.

Yesterday’s average top-tier 30-year fixed rate was the highest since June 2025, at 6.97%, and today’s increase was described as modest in the broader picture.

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