Mortgage rates jump as Iran conflict hits housing market
Mortgage rates in the US have increased due to the ongoing conflict in Iran, with the average rate on a 30-year fixed mortgage rising to 6.38%. The housing market is showing gradual improvements despite recent rate volatility, with purchase and refinance applications up year-over-year.
Mortgage rates have spiked due to the Iran conflict. The average 30-year fixed mortgage rate rose to 6.38% from 6.22% last week. The 15-year fixed mortgage rate climbed to 5.75% from 5.54%. Mortgage rates are affected by factors like the Federal Reserve and geopolitics. The 10-year Treasury yield hovered around 4.38%. Miami has become the world's riskiest housing market for bubble risk, overtaking Los Angeles and New York.
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