Houston may avoid the rising mortgage rates caused by the Iran war
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Mortgage rates in the US have risen to their highest level in three months due to inflation fears and the conflict in Iran. The 30-year fixed mortgage rate increased to 6.22% in the week ending March 19, affecting the US housing market as the spring buying season begins.
Mortgage rates in the US jumped to 6.22% in the week ending March 19. This increase is attributed to inflation fears and the conflict in Iran, which has tightened global energy supplies and raised oil prices. The 10-year Treasury yield, influencing mortgage rates, rose to 4.26%. As a result, mortgage applications fell nearly 11% last week, and sales of new single-family homes dropped 18% in January. The Federal Reserve has decided to hold interest rates steady, assessing the impact of the Iran war. The rise in mortgage rates may discourage house hunters as the spring buying season kicks off.
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