Mortgage rates have increased, with some outlets reporting a surge to a 7-month high, potentially due to various factors including a conflict involving Iran. The rise in rates has led to higher costs for borrowers, with some new mortgages costing significantly more than they did just two weeks prior. The shift in rates has also altered the relative costs of different types of mortgages, with five-year fixed mortgages now reportedly cheaper than two-year deals in some cases.