Top-tier 30-year fixed mortgage rates rose 0.04% on average Tuesday, with lenders reacting to a fresh jump in oil prices.
U.S. moves to withdraw authorization for Iran to export oil followed recent Iranian attacks on cargo vessels, adding to concerns that traffic through the Strait of Hormuz is being disrupted.
Higher oil prices feed inflation expectations, which in turn push bond yields and mortgage rates higher even if the immediate move remains modest.
Many lenders had not yet fully repriced by publication time, leaving room for additional late-day rate increases if energy markets stay under pressure.