Mortgage Rates Tick Up Amid Middle East Tensions

0:00It's March 19th, here's your Durham news in two minutes. Mortgage rates ticked up again this week amid ongoing tensions in the Middle East. The average 30-year fixed rate hit 6.22%, according to Freddie Mac. That's up 11 basis points from last week and marks the third straight week of gains after dipping below 6% three weeks ago. The 15-year fixed rate also rose 4 basis points to 5.54%. Meanwhile, experts point to the conflict as the main driver, with volatile oil prices playing a big role. Brent Crew jumped from $72.50 a barrel before late February strikes to over $103 recently. Higher energy costs are rippling through the economy and pushing bond yields higher, which in turn lifts mortgage rates. Home buyers are feeling the pinch as affordability takes another hit, but some pros suggest looking at adjustable rate mortgages as an option. Things often start lower than fixed rates, like 5.5% for a 7.6A arm compared to 5.75% for

1:0330-year. Fixed at some lenders, they hold steady for years before adjusting, which could work if you plan to sell soon. That said, today's adjustable rates come with safeguards like caps on increases, making them less risky than in the past. Still, there's always a chance payments could rise later if rates stay high. The good news is, these levels are still down from a year ago by about 45 basis points for 30-year loans and below 52-week and historical averages dating back to 1971. So while short-term trends are up, the bigger picture might still favor buyers or refinancers. Support for this episode comes from our sponsor, see the description. Your bedtime ritual just got better. Wilton Sound, built-in comfort, S-O-L-I, solelypillow.com