Mortgage rates are climbing as investors flee to safety amid escalating military tensions in Iran, sending Treasury yields higher. The average 30-year fixed mortgage rate reached 5.91% Tuesday morning, up 11 basis points from the previous day, according to Zillow data. The benchmark 10-year Treasury yield, which influences mortgage pricing, rose again as global markets reacted to the geopolitical uncertainty.

Current mortgage rates show the 30-year fixed at 5.91% for purchases and 6.00% for refinances, with 15-year terms offering lower rates at 5.39% and 5.51% respectively. VA loans present slightly better terms, with 30-year fixed rates at 5.47% for purchases and 5.39% for refinances. Adjustable-rate mortgages (ARMs) remain competitive, with 5/1 ARMs at 5.86% for purchases and 5.95% for refinances.

The rate environment reflects broader economic uncertainty, with experts forecasting 30-year mortgages to hover near 6% through 2026 and into 2027. While 15-year mortgages typically offer lower rates and substantial interest savings over time, the higher monthly payments may deter some buyers. Borrowers can use tools like the Yahoo Finance mortgage calculator to compare scenarios and understand how factors like property taxes and insurance affect total monthly payments beyond just principal and interest.