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Mortgage Rates Hit 5-Month High Amid Iran Conflict

3/28/2026

48 6 Full Breakdown

Summary

Story summary

Mortgage rates have risen to 6.62%, the highest in five months, driven by the ongoing conflict in Iran.
The escalation has led to increased oil prices, affecting affordability for buyers during the spring selling season.
Mortgage applications fell by 10.5%.
Refinance requests declined 15%.
Economic uncertainty and a softening job market are causing potential buyers to hesitate.

History

Historical Context

The 1973 oil crisis began when the Organization of Arab Petroleum Exporting Countries (OAPEC) imposed an embargo against nations supporting Israel during the Yom Kippur War, leading to a 400% increase in oil prices. This crisis triggered inflation rates above 12% in the U.S. and reshaped global economies, with lasting impacts on energy policies and consumer behavior, echoing today's rising mortgage rates.

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Story summary

Mortgage rates have risen to 6.62%, the highest in five months, driven by the ongoing conflict in Iran.
The escalation has led to increased oil prices, affecting affordability for buyers during the spring selling season.
Mortgage applications fell by 10.5%.
Refinance requests declined 15%.
Economic uncertainty and a softening job market are causing potential buyers to hesitate.

1 / 2