Rates Snap Back Above 6% as Iran Conflict Rattles Markets
Rates just crossed below 6% for the first time since 2022 — then snapped right back. Here's what happened and what it means for buyers right now.
On February 23, the 30-year fixed hit 5.99% — the first time it started with a '5' since 2022. For buyers who'd been waiting, that felt like the green light.
Then March 2 happened. U.S.-Israeli strikes on Iran sent oil prices spiking, inflation fears flared, and Treasury yields climbed back above 4%. The 30-year fixed jumped 13 basis points in a single day — back to 6.12%. (Source: Mortgage News Daily)
The bigger picture: 6.12% is still well below the 7%–8% range we saw through most of 2023–2024. The Fed meets March 17–18 — a cut isn't expected. Oil prices are the number to watch right now.
Bottom line: that sub-6% window may not stick around. If you've been on the fence, this is a good time to know your numbers. Getting pre-approved costs nothing and puts you in position to move fast when the right home comes along.
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