The impact of the Iran war is hurting Trump's plan to boost the US housing market
The Iran war is affecting the US housing market, causing mortgage rates to climb and mortgage applications to tumble. This development is hurting President Trump's plan to boost affordability in the housing market, with mortgage rates rising to their highest level since September.
The Iran war is impacting the US housing market. Mortgage rates have increased, and mortgage applications have dropped 10% in a week. The 30-year fixed mortgage rate rose to 6.38%, the highest since September. Higher oil prices are stoking inflation fears, leading to higher interest rates. The increase in mortgage rates is estimated to add $22,000 to lifetime mortgage costs for a median single-family home. The housing market is now less likely to see a boost in affordability as initially planned by the White House.
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