Mortgage Rates Climb to Over a Year High Amidst Global Economic Uncertainty
Mortgage rates have reached their highest level in over a year, with the 30-year fixed rate averaging 6.85%. This increase is attributed to the ongoing conflict with Iran, which has driven up oil prices and created economic uncertainty. The situation…
Salt Lake City, UT, July 23, 2026 —
Mortgage rates have surged to their highest point in more than a year, with the average rate for a 30-year fixed mortgage now standing at 6.85%.
This notable increase is largely attributed to the ongoing conflict with Iran. The geopolitical tensions have led to a rise in global oil prices, contributing to broader economic uncertainty. This uncertainty has a ripple effect on various financial markets, including the U.S. Treasury bond market, which plays a crucial role in determining mortgage rate levels.
The U.S. Treasury bond market’s performance is closely watched by mortgage lenders. Fluctuations in bond yields, often influenced by factors such as inflation expectations and international events, directly impact the cost of originating mortgages. The current economic climate, marked by the conflict and its influence on oil prices, has created a less stable environment for these bonds, pushing mortgage rates upward.
Despite the current rates being at a yearly high, experts note that they are not historically unprecedented. For prospective homebuyers, this period of elevated rates underscores the importance of careful financial planning and diligent shopping for mortgage products. Exploring various lenders and loan options is advised to secure the most favorable terms available in the current market.
Story summarized from the original created by Lisa Riley Roche on www.deseret.com, see more information here.
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