Mortgage rates surge to the highest since June 2025 as new Middle East attacks push oil prices up

JUST IN: US 30-year fixed mortgage rate jumps to 6.87%, its highest since June 2025, as renewed Middle East attacks push oil prices higher and upend expectations for rate cuts this year.

The 30-year mortgage just hit 6.87 percent, the highest in over a year.

It jumped six basis points today alone, and here's the tape. Oil surged again on the new attacks in the Iran war, bond yields followed, and mortgage rates chased them straight up. Twelve basis points since Thursday, more than thirty in two months.

Rewind to the end of February, the day before this war started, and the same loan was 5.99 percent. On a median home, around 450 thousand with twenty percent down, that gap costs you 207 dollars a month, every month, for thirty years. And that's just the payment. Higher rates knock buyers out of qualifying entirely, while sellers sitting on their old cheap loans refuse to move, which is exactly why prices keep climbing anyway.

Everyone spent this year waiting for rate cuts. A war in the Gulf just quietly repriced the American house.

This is Sara White, reporting for HIT.