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Iran announced last week that it will restart its nuclear research program after agreeing to freeze all activity as of November 2004.  The freeze had been part of an economic and political incentive program for Iran.

This abridged timeline of the situation is courtesy of Iran Mania:

Aug 26, 2003: UN report reveals Iran has developed two kinds of enriched uranium not needed for peaceful energy production.

Nov 10, 2003: An International Atomic Energy Agency report states: "At the moment, there is no proof that Iran is creating nuclear weapons."

July 31, 2004: Iran admits to having resumed production of parts for centrifuges used for enriching uranium, but insists it has not resumed enrichment.

Nov 14, 2004: Iran accepts complete suspension of uranium enrichment activities, including the precursor process of conversion.

Jan 3, 2006: Iran announces the resumption of nuclear research activities that were suspended for two years.

Jan 10, 2006: Iran removes seals placed by the UN nuclear watchdog on uranium-enrichment related equipment.

The fear about an Iranian nuclear program is that the nation will blackmail, threaten, and/or use brute force on other nations.  Public remarks by Iranian officials have done nothing to quell those fears. 

The thought of nuclear knowledge in Iran is causing jitters in the financial markets and when financial markets get jittery, investors tend to move money from risky investments like stocks and into safer investments, including mortgage bonds. 

More demand for mortgage bonds pushes prices up, and pushes mortgage rates down.

Stories like this one from Iran -- and how it impacts mortgage rates -- should serve as a reminder about the countless influences on mortgage rates.  Just when you think you have the domestic news figured out, something happens internationally that messes up the plan.

(Image courtesy: U.S. Department of State)

Dan Green is an active loan officer. Email or call 513-443-2020. Dan is on Twitter at @mortgagereports.