Trending Now - Mortgage Rates Surge Past 6% Amid Rising Inflation Concerns

WHO:

Jimmy Vercellino, mortgage loan originator in Phoenix

Mortgage News Daily, source of mortgage rate data

Zillow, source of current mortgage rates

WHAT:

Average 30-year mortgage rate increased by 13 basis points to 6.12% on March 2, 2026.

Mortgage rates had previously fallen to a low of 5.99% on February 23, 2026.

Oil prices surged nearly 6% to $71 per barrel on March 2, 2026.

Yield on the 10-year Treasury rose more than 11 basis points to 4.05%.

Current mortgage rates as of March 2, 2026:

30-year fixed: 5.81%

20-year fixed: 5.76%

15-year fixed: 5.32%

5/1 ARM: 5.82%

7/1 ARM: 5.88%

30-year VA: 5.41%

15-year VA: 5.04%

5/1 VA: 5.01%

Current mortgage refinance rates as of March 2, 2026:

30-year fixed: 5.85%

20-year fixed: 5.68%

15-year fixed: 5.42%

5/1 ARM: 5.89%

7/1 ARM: 5.80%

30-year VA: 5.40%

15-year VA: 5.08%

5/1 VA: 4.75%

WHERE:

United States

Phoenix, Arizona (location of Jimmy Vercellino)

WHEN:

March 2, 2026: Mortgage rates increased to 6.12%.

February 23, 2026: Mortgage rates fell to 5.99%.

WHY:

The increase in mortgage rates was attributed to rising oil prices due to the US-Israeli strikes on Iran, which raised inflation concerns.

The conflict in Iran has historically influenced mortgage rates, causing initial spikes followed by potential reductions.

HOW:

Mortgage rates are influenced by expectations about the health of the US economy, inflation trends, and investor demand for mortgage-backed securities.

The yield on the 10-year Treasury, which mortgage rates closely track, rose due to investor behavior amid geopolitical turmoil.

On March 2, 2026, the average 30-year mortgage rate increased by 13 basis points to 6.12%, following a recent low of 5.99% just a week earlier. This rise in rates coincided with a nearly 6% surge in oil prices, driven by inflation concerns stemming from the US-Israeli strikes on Iran, which have historically impacted mortgage rates. Current mortgage rates in the U.S. include a 30-year fixed rate at 5.81% and a 15-year fixed rate at 5.32%, as reported by Mortgage News Daily and Zillow.