Mortgage Rates Edge Down Amid Ongoing Iran Tensions
Mortgage rates dipped slightly to 6.67% for the week ending August 13, as markets await signs of a resolution to the Iran war and normalization of global oil prices.
The average rate on 30-year fixed home loans dropped by 2 basis points from 6.69% the previous week, according to Freddie Mac. However, rates remain above their year-ago level after crossing that key threshold last week for the first time in 2026.
Mortgage rates have closely followed oil prices in recent months, amid concerns that soaring energy costs could drive a sustained increase in inflation.
The reprieve was short-lived as hopes for a deal fell apart, with Tehran pushing for 'service fees' to transit the critical Straight of Hormuz. President Donald Trump insisted the U.S. has 'total control' over the Strait, while Iran disputed this claim.