economy

March 2, 2026

Mortgage rates jump sharply higher after Iran strikes, reversing last week's decline

Mortgage rates moved decidedly higher Monday, as the U.S. war with Iran pushed oil prices up and Treasury yields followed.

Mortgage rates jump sharply higher after Iran strikes, reversing last week's decline

TL;DR

  • Mortgage rates reversed course Monday, rising to their highest level in two weeks after falling below 6%.
  • The average 30-year fixed loan rate increased 13 basis points to 6.12%.
  • Mortgage rates follow the yield on the U.S. 10-year Treasury, which rose back above 4%.
  • Analysts suggest 'new month' positioning in the bond market, rather than oil price volatility, is driving the yield increase.
  • This move could make it harder for rates to decrease without significant economic data.

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