6.56% top-tier 30-year fixed mortgage rates at average lenders matched the highest level since March 27 after jumping from 6.42% over the first two days of this week.
Oil-driven bond yields pushed borrowing costs higher as Trump said the U.S. is not in a hurry to end the Iran war, reinforcing expectations of a longer conflict.
Rates had fallen more than 0.30 percentage point by mid-April when peace prospects improved, but turned higher again in late April and moved back toward 6.5%.
The latest rebound shows mortgage costs remain tightly tied to war-related swings in oil and Treasury markets, quickly reversing earlier relief for home borrowers.
Could the upcoming U.S.-China summit defuse the Iran conflict and bring down soaring mortgage rates?
Is the U.S. losing the economic war with Iran as high oil prices destabilize global markets?
As war-fueled inflation hits home, what financial relief beyond a gas tax cut might the government provide American families?