Mortgage rates jump as Iran conflict lifts yields

The average 30-year fixed mortgage rose to 6.12% (up 13 basis points) as the 10-year Treasury yield moved above 4%, reversing last week’s decline just as the spring housing market begins. Analysts say the move may be a technical bounce rather than a long-term trend, with future rate direction hinging on upcoming economic data, including Friday’s jobs report, and broader geopolitical developments, notably Iran tensions and oil prices.