Mortgage rates jump sharply higher after Iran strikes, reversing last week's decline
CNBC
Mortgage rates moved decidedly higher Monday, as the U.S. war with Iran pushed oil prices up and treasury yields followed.
After falling below 6%, matching their lowest level in several years, mortgage rates reversed course Monday, hitting their highest point in two weeks.
The average rate on the popular 30-year fixed loan rose 13 basis points to 6.12%, according to Mortgage News Daily. It had fallen to a recent low of 5.99% on Feb. 23 and pretty much sat there all week.
The drop was welcome news as the all-important spring housing market gets underway. Potential buyers have been sidelined by high home prices and concerns over the broader economy. Mortgage rates crossing into the 5% range broke an emotional barrier for some, suggesting buyers might jump at the opportunity.
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