Iran war hits housing market as mortgage rates rise to 6% on inflation fears
CBSN
Mortgage rates are edging up on Thursday amid renewed inflation fears tied to the war in Iran. Edited by Alain Sherter In:
Mortgage rates are edging up on Thursday amid renewed inflation fears tied to the war in Iran.
The average national rate for a 30-year fixed-rate mortgage rose to 6%, up modestly from 5.98% last week, the lowest since September 2022, according to new data from Freddie Mac. Home loan costs remain far lower than a year ago, when they topped 6.6%.
Still, experts said even an incremental rise to 6% could deter some buyers.
"Two hundredths of a percentage point is not making or breaking anyone's ability to buy a home," said Kate Wood, a lending expert at NerdWallet. "But psychologically… this feels huge."
Mortgage rates tend to move in tandem with the bond market, particularly the 10-year Treasury note. But the Iran war is driving up global oil prices, fanning concerns about rising inflation in the U.S. In turn, that is boosting bond yields as investors demand higher returns.
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Mortgage rates are edging up on Thursday amid renewed inflation fears tied to the war in Iran. Edited by Alain Sherter In: