U.S. mortgage rates rose this week, with the average 30-year fixed rate increasing to 6.11%, according to Freddie Mac.
The jump follows rising bond yields as investors worry about the economic effects of the conflict between the U.S., Israel, and Iran.
The yield on the 10-year U.S. Treasury note climbed to 4.25%, pushing mortgage rates higher and threatening recent improvements in housing affordability.
Donald Trump urged Jerome Powell and the Federal Reserve to cut interest rates, though the Fed does not directly control mortgage rates, CNN has reported.
Analysts warn that if the Middle East conflict drives oil prices and inflation higher, mortgage rates could keep rising and slow the spring homebuying season.
