After spiking Monday to their highest in more than a month, average lender rates fell as reports said the US and Iran were close to signing a one-page peace memo.
Oil prices and bond yields dropped at their fastest pace since mid-April, easing pressure on borrowing costs as markets reacted to prospects of an end to the war.
Mortgage rates usually track US Treasury yields, though moves can differ because home loans are priced off separate mortgage-market bonds.
With a peace deal near, will mortgage rates finally drop below the 6% threshold predicted for 2026?
Can a one-page memo truly end decades of U.S.-Iran hostility, or is this just a temporary market truce?
What concessions are powerful enough to halt a war and reverse global market trends overnight?