Mortgage rates fly to last summer highs as Iran optimism dissolves 📈🔥😭

Flash Market Update

May 20, 2026

The song remains the same for mortgage rates since the Iran conflict first started on the last day of February.

Although there were moments of peace for both the Middle East and bond markets, hope for a long-term resolution seems all but gone as mortgage rates have ripped higher in recent days, back to levels not seen since last July.

The above chart is from the LendZen Index, which tracks rates across a variety of time series and is posted daily on Substack at LendZenIndex.com

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On a positive note, things do seem slightly oversold in the context of how higher bond yields eventually drag on equity markets, resulting in a bid for bonds.

However, that feels more like blind optimism given how far MBS have sold off in the last two weeks.

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Thanks for reading…

If you want to shop real-time mortgage rates and get instant qualification results without providing any contact information visit LendZen.com

The below snapshot is just a glimpse of today’s rates, but the pricing you see is exactly what you get - there are no additional lender fees or origination charges.