Mortgage rates climbed back to 6% this week as Middle East tensions pushed oil prices higher and fueled inflation concerns. The 30-year fixed rate rose two basis points to 6.00% while the 15-year rate fell slightly to 5.44%, according to Freddie Mac. Daily averages reached 6.13% on Tuesday, wiping out recent declines.

Despite the weekly average hitting 6%, lenders are still offering rates below that threshold. Zillow's Lender Marketplace shows 30-year fixed rates at 5.85% and 15-year rates at 5.40%. The 10-year Treasury yield, which influences mortgage rates, jumped from 3.96% to 4.13% in recent weeks. Sam Khater, Freddie Mac's chief economist, noted rates remain near their lowest since 2022.

While rates have risen, they're still down nearly a full percentage point from this time last year, spurring increased refinance activity and purchase applications. The market remains volatile as geopolitical events continue to impact borrowing costs. Buyers and refinancers should shop multiple lenders as rates can vary significantly between institutions.