Average mortgage rates rose according to Bankrate data. The average rates for 30-year fixed, 5/1 ARMs and jumbo loans moved higher.

Increased inflation sparked by the war in Iran is a top concern heading into the next Fed Meeting. While current data will likely keep the Fed on the sidelines for this meeting, mortgage rates are already heading higher. The conflict with Iran has constricted the oil supply and sent 10-year Treasury bond yields climbing. Since fixed-rate mortgage rates are tied to these bond yields, they’re moving up, too.

“Energy concerns will continue as long as the conflict with Iran continues and the price of oil remains in [flux],” says James Sahnger, mortgage planner for C2 Financial. “Oil has risen to $89 a barrel from a low of $56 on January 7th — or 59%. A 5% rise in oil prices can lead to a 0.1% rise in inflation, and we know the enemy to bonds and mortgage rates is inflation.”

 

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