March 2026 Mortgage Rates Near 6%, 15‑Year at 5.50% as Iran War and Job Losses Shake Market — Should You Lock In?

Rates surged 17 basis points in a week as oil hit $100 a barrel for the first time since Russia's 2022 invasion of Ukraine. (Credit: GrokAI)

The answer used to be simple. Bad jobs data meant rate cuts were coming. Not anymore.

As of 8 March, the 30-year fixed mortgage rate stands at 5.98%, with the 15-year fixed at 5.50%, according to Zillow data reported by Yahoo Finance. That's a 17 basis point jump from the 5.75%–5.87% range just one week ago. And the reason has nothing to do with the US economy.