30-year fixed mortgage rates top 7% for first time since May 2025 amid rising oil prices and inflation.

The average rate on the 30-year fixed mortgage rose to 7.07%, the highest since May 2025, driven by a surge in oil prices and rising U.S. Treasury yields. This increase followed the start of the Iran war, with rates climbing from a low of 5.99% before the conflict began. Higher mortgage rates mean monthly payments for a typical $430,000 home have increased by $244 since February. Meanwhile, U.S. homebuilder stocks fell as existing home sales declined and prices rose despite increased supply, signaling challenges in the housing market.