Mortgage Rates Rise to 6.11% As War With Iran Pushes Yields Higher
Average 30-year mortgage rose to 6.11% as the 10-year Treasury yield hit about 4.25% amid the war with Iran and higher oil prices.
CNBCAs Iran war heightens affordability issues, don't expect the Fed to 'ride in and save the day,' analyst says
AlterNetWhy soaring mortgage rates 'hinge on the price of oil'
Fox BusinessMortgage rates rise to highest level in over a month
ABC NewsAverage US long-term mortgage rate rises to 6.11%, back to where it was 5 weeks ago
CNNMortgage rates climb to 6.11% as Iran war roils markets | CNN Business
Overview
In the week ending March 12, the average 30-year fixed mortgage rate rose to 6.11%, Freddie Mac said.
The 10-year Treasury yield climbed to 4.25% as oil prices and energy costs jumped amid the war with Iran, pushing borrowing costs higher.
Analysts say Federal Reserve officials will likely hold rates until the economic effects of the Iran war are clearer, and the CME Group's FedWatch gauge implies almost no chance of a near-term rate cut.
Brent crude futures briefly hit $100 a barrel and the national average gasoline price rose to $3.59 a gallon, up 22% from a month earlier, according to AAA.
Federal Reserve officials will meet next week to announce a decision on interest rates, and experts warned the conflict could cloud the spring homebuying season after existing-home sales rose 1.7% in February.
Analysis
Center-leaning sources frame the story as a growing affordability crisis that the Fed cannot quickly solve, using urgent language (e.g., "caught in the crosshairs"), selective expert voices, and prominent inflation and fuel-price metrics. Editorial choices—placing economists' warnings and pump-price data up front while omitting policymakers' counterpoints—tilt coverage toward concern.
FAQ
The average 30-year fixed mortgage rate rose to 6.11% for the week ending March 12, up from 5.98% the previous week, marking the first time above 6% since 2022.
Mortgage rates rose due to the war with Iran driving up oil prices and inflation fears, which increased the 10-year Treasury yield to about 4.25%.
Brent crude futures hit $100 a barrel, and the national average gasoline price rose to $3.59 a gallon, up 22% from a month earlier.
Federal Reserve officials are likely to hold rates steady until the economic effects of the Iran war are clearer, with almost no chance of a near-term rate cut according to the CME FedWatch gauge.
The rate increase could deter some buyers psychologically and cloud the spring homebuying season, despite recent gains in affordability and existing-home sales up 1.7% in February.
