Mortgage rates in the United States have climbed back above 6 percent, ending a brief period of relief for home buyers. The average 30-year fixed-rate mortgage reached 6.11 percent this week, according to Freddie Mac, marking the second consecutive week of increases. This reverses a recent decline that had dipped below 6 percent for the first time in years.

The rate surge follows geopolitical tensions after U.S. and Israeli strikes on Iran, which triggered energy market volatility and inflation concerns. The yield on the 10-year Treasury note climbed to 4.25 percent, up from below 4 percent before the conflict began. Rising bond yields directly push mortgage rates higher, as they serve as a benchmark for home loan pricing.

Housing affordability remains strained by high prices, rising insurance costs, and property taxes. Even with rates below the October 2023 peak of 7.8 percent, the recent uptick could deter buyers already struggling to enter the market. Investor activity now accounts for 30.2 percent of home purchases, nearly double pre-pandemic levels, as traditional buyers face affordability barriers.