U.S. mortgage rates climb sharply as oil surge pressures bond yields

The short version

• Mortgage News Daily reported that the average 30-year fixed mortgage rate reached 7.07%, exceeding 7% for the first time since May 2025.[CNBC]
• A separate weekly tracker from Freddie Mac showed the benchmark 30-year fixed rate rising to 6.76% from 6.71%.[ABC News]
• Borrowing costs have moved higher alongside climbing oil prices spurred by the war with Iran, alongside reactions to Treasury announcements and producer price data.[ABC News · CNBC]

Key facts

• Mortgage News Daily reported that the average 30-year fixed mortgage rate reached 7.07% on Thursday, crossing 7% for the first time since May 2025.[CNBC]
• Freddie Mac reported that its benchmark 30-year fixed-rate mortgage increased to 6.76% from 6.71% the previous week.[ABC News]
• Mortgage rates have trended upward following the outbreak of the war with Iran, which drove sharp increases in oil prices.[ABC News · CNBC]
• Market analysts attributed recent pressure on bonds to an overnight spike in oil prices, market reaction to a Treasury buyback notice, and the Producer Price Index.[CNBC]

Sources

Outlet counts describe coverage, not independent confirmation. Reports may share a wire service or original source.

• 30-year fixed mortgage rate tops 7% for the first time in over a yearCNBC
• Mortgage rates climb: Average rate on 30-year home loan hits highest level in monthsABC News - Business