Mortgage Rates Soar to New High as Oil Prices Skyrocket
Mortgage rates have surged to their highest level in over a year due to rising oil prices and ongoing tensions between Iran and other countries. The national average for a 30-year fixed loan has increased by 0.06 percentage point to 6.87%, according to Mortgage News Daily.
This marks the highest reading since June 2025, with rates now sitting 0.12 percentage points above Thursday's level and over 0.30 percentage points higher than two months ago. The conflict in Iran has caused a surge in oil prices, which has contributed to the rise in mortgage rates.
Mortgage News Daily's chief operating officer, Matthew Graham, noted that while rates are technically at their highest level in more than a year, they haven't exploded with new momentum. Instead, it's been a slow grind fueled by inflation expectations, elevated bond issuance, and economic resilience.