U.S. mortgage rates surged on Wednesday. The 30-year fixed-rate mortgage rose to 6.74%, up 15 basis points from yesterday; the 15-year fixed-rate mortgage climbed to 6.16%, an increase of 16 basis points; and the 5/1 ARM reached 6.46%, up 24 basis points from Tuesday. This rate hike comes amidst the ongoing escalation of tensions in the Middle East.