U.S. mortgage rates have reached their highest point since September, driven by rising bond yields and ongoing conflict in Iran.
The average rate for a 30-year fixed loan reached 6.41%, as reported by Mortgage News Daily. This rate represents the highest level observed since the first week of September, though it remains below the 6.78% recorded during the same period in the previous year.
Mortgage rates generally align with the yield on the 10-year U.S. Treasury, which also saw an increase.
Matthew Graham, chief operating officer at Mortgage News Daily, indicated that while bonds are often perceived as safe havens during periods of uncertainty, the direct impact of war on inflation expectations can negate this perceived benefit.