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Mortgage Rates Seem Crude

Average Mortgage Rates: As the Iran conflict continues, oil prices resume their rise, forcing mortgage rates up in kind. *Conv - 30Yr FRM – 6.00% Rising *Conv – 15Yr FRM – 5.43% Rising *Note includes 20% down and discount points Mortgage Rates Seem Crude The conflict in Iran continues, and we are starting to see the effects here at home. In some parts of California, it is not uncommon to see $5+ per gallon at the pump. Iran supplies 20% of the world's oil, and they control the direct shipping passage dubbed the “Strait of Hormuz”. Tuesday saw some reports of some oil leaving the straight, but those rumors were quickly debunked. The G7 nations also agreed to release about 300-400 million barrels of oil into the world’s supply. It sounds phenomenology large, but it is only about a 15-day supply. That may not be enough time to install a new regime, start oil production, and start shipping again. This inflation causing conflict directly impacts our rate environment for the worse. We are currently in a position where the rate market will continue to see rising until there is some relief to this war. Even so, we have not seen the far-reaching fingers of inflation impact the nation yet. What does this mean? Waiting will now be a net negative for buyers and those wanting to Refi. Once the cost of oil spreads to the rest of the economy, we do expect rates to move upwards. The time to act is now.