The average 30-year fixed mortgage rate jumped from 6.38% to 6.50%, the highest since March 30, as markets reacted to possible prolonged disruption in the Strait of Hormuz.
Bond yields and oil prices surged after a White House official confirmed overnight reports and the Fed revealed internal dissent over its policy statement, with three voters urging more caution on future rate direction.
This follows earlier rate increases driven by Iran-related tensions and U.S. naval actions, with mortgage applications previously surging as market volatility continues to impact borrowing costs and energy prices.
Iran tensions are raising mortgage rates. Is the housing market's surprising strength about to break?
Why are home purchase applications rising even as mortgage rates surge to a new high?
With oil prices soaring and rates climbing, are we witnessing the return of stagflation?
The Fed is holding steady, but will a global energy crisis force it to change course?
Can the US economy stay stable while a blockade threatens 20% of the world's oil?
Homeowners have record equity. Will this 'equity floor' prevent a housing market crash?