Mortgage rates surge to highest level since July

Key points

• Growing concern over the trajectory of the Iran war has bond yields rising and mortgage rates following suit.
• The average rate on the 30-year fixed loan rose 7 basis points Tuesday to 6.75%, according to Mortgage News Daily.
• That is the highest level since July 31. Rates are now up 33 basis points in just the past 10 days and are 46 basis points higher than their recent April low of 6.29%.
• That April drop came after a sharp spike in rates at the start of the war, when the rate jumped from 5.99% at the start of March to 6.64% by the end of the month.
• "Bonds are telling politicians to get serious about ending the war or face increasingly dire consequences," wrote Matthew Graham, chief operating officer at Mortgage News Daily.