Mortgage Rates Rise Further as Iran War Sends Oil Back Above $100

Mortgage rates continued their ascent this week, climbing to a new 11-month high as the escalating conflict with Iran puts upward pressure on oil prices. The average rate on 30-year fixed home loans reached 6.58% for the week ending July 23, up 3 basis points from 6.55% the previous week and the highest since early August 2025, according to Freddie Mac. For perspective, rates averaged 6.74% during the same period in 2025."The 30-year fixed-rate mortgage averaged 6.58% this week," says Sam Khater, Freddie Mac's chief economist. "As market conditions continue to evolve, borrowers should remember that shopping around for a mortgage rate can make a meaningful difference, potentially saving them thousands over the loan’s lifetime."Although last week’s cooler-than-anticipated inflation report showed headline inflation retreating to 3.5% in June, the intensifying U.S.-Iran war is threatening to erase those gains as the price of oil topped $100 a barrel on Thursday.Brent crude, the top global benchmark, crossed into the triple digits after the Houthis, Yemen's militant group backed by Iran, claimed to have attacked two oil tankers in the Red Sea. Rising oil price are sparking renewed infla...