UGH: Is 8% next? Why mortgage rates have surged, and may stay higher for longer.

Apart from oil prices themselves, general uncertainty about the situation in Iran is also pushing rates higher, as investors want more compensation for unknown risks, said Jake Krimmel, senior economist at Realtor.com.

“The geopolitical uncertainty is a huge part of it,” Krimmel said. “We’re talking about supply shock. That doesn’t just touch oil, but probably everything else with trade.”

Meanwhile, Treasury Secretary Scott Bessent, who has tried to lower bond yields via buybacks to little effect, has blamed much of the rise in bond yields and mortgage rates on energy prices.

It sure would help if Congress weren’t putting $2,000,000,000,000 on the national MasterCard every year.